Life Insurance Policies Overview
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These flashcards cover key concepts related to life insurance policies, including types of policies, benefits, renewals, and cash value.
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9 Terms
Level Term Policy
A life insurance policy that provides coverage at a fixed premium for a specific term, such as 10 years.
Death Benefit
The amount paid to beneficiaries upon the death of the insured.
Renewal of Life Insurance
The process of extending a temporary life insurance policy, which will result in a higher premium.
Attained Age Method
A method of conversion that assumes the insured's current age for determining premiums when converting a policy.
Whole Life Insurance
A type of permanent life insurance that provides coverage for the insured's entire life and accumulates cash value.
Cash Value
The savings component of a whole life insurance policy that builds up over time, influenced by factors like face amount and premium payments.
Return of Cash Value Rider
An optional benefit rider in a whole life policy that allows for the return of accumulated cash value.
Face Amount
The amount of money that will be paid out to beneficiaries upon the death of the insured.
Note 
Flashcards (75)