LC 2 Variable/interest sensitive Life Products (5 of 7)

Variable products differ from non variable policies. Non variable products place the cash value money in a __________________ account.

general account

Variable products differ from non variable policies. Non variable products place the cash value money in a general account. Variable products place the cash value in a _________________ account.

separate account

This policy is a FLEXIBLE premium policy that puts the cash value in a separate account.

Universal Variable Life Policy

The Universal life policy puts money in a ________________ account. When the name changes to Universal Variable life Policy the money goes into a separate account.

general

Separate accounts __________ the money in the cash value. General accounts SAVE the money like a bank account.

invest

The variable life insurance policy is a level ______________ premium policy which invests its cash value in a separate amount

fixed

Does the Variable life policy have a guaranteed minimum death benefit?

Yes

Does the Variable life policy have a guaranteed cash value?

No

In essence a Variable Life Policy is a _______________ term and investment fund. Guaranteed minimum face amount non-guaranteed cash value pays the greater of the two

decreasing

The Variable Life Policy has (1 of 3 ) features; a ___________________ minimum face amount

guaranteed

The Variable Life Policy has (2 of 3 ) features; a guaranteed minimum face amount, non-guaranteed ____________ __________.

cash value

The Variable Life Policy has (3 of 3 ) features; a guaranteed minimum face amount, non-guaranteed cash value and the death benefit is the _____________ of the face amount and the cash value.

greater

Variable insurance products are considered investments. So they are regulated by two industries, securities and insurance. The securities side is regulated by ____________ and _______________

FINRA and SEC

Variable insurance products are considered investments. So they are regulated by two industries, securities and insurance. The insurance side is regulated by your state's department of ________________

insurance

An interest Sensitive Whole Life has these features ( 1 of 5 ) policy places the cash value in the _____________ account ( Variable not in the name)

general

A Interest Sensitive Whole Life policy places the cash value in the general account that ( 2 of 5 ) ______________ conservative investments like money market accounts But DOES NOT actually invest.

mirrors

Interest sensitive whole life policies has a ( 3 of 5 ) _____________ premium.

fixed

Interest sensitive whole life policies has a fixed premium, (4 of 5 ) a guaranteed ______________ _____________.

death benefit

Interest sensitive whole life policies has a ( 5 of 5 ) fixed premium, guaranteed death benefit but not a guaranteed ______________ rate.

interest rate

This Life Insurance policy places the cash value in a general account but does so by mirroring an index like S & P 500. ( not actually investing )

Equity Index

Although an Equity Indexed Policy can provide a hedge against inflation with the possibility of higher returns it still offers a guaranteed minimum ____________ ________, a fixed premium and guaranteed ____________ ____________.

cash value and death benefit