Life Insurance Practice Flashcards

Vocabulary flashcards identifying different types of life insurance policies and their key identifying characteristics as described in the lecture notes.

Term Life Insurance

A type of life insurance that only lasts for a specific amount of time.

Whole Life Insurance

A type of life insurance that lasts your entire life and builds cash value.

Universal Life Insurance

A policy that lets you change premiums and death benefits.

Variable Life Insurance

A policy where the cash value depends on stock market investments.

Variable Universal Life Insurance (VUL)

A policy that combines flexible premiums with investment options.

Final Expense Insurance

A type of policy mainly used to pay funeral costs.

Group Life Insurance

A type of life insurance commonly offered by employers.

Credit Life Insurance

Insurance that pays off someone’s loan if they die.

Decreasing Term Insurance

A form of term insurance that decreases in value over time.

Renewable Term Insurance

A term policy that can be renewed without another medical exam.

Convertible Term Insurance

A term policy that can be changed into permanent insurance.

Joint Life Insurance

Insurance that covers two people under one policy.

Survivorship Life Insurance

A policy that pays after the second person dies.

Juvenile Life Insurance

A type of policy that is written on children.