LC 2 Flexible premium adjustable life policy (3 of 7)
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10 Terms
In an adjustable life policy the policy owner has 4 options that can be adjusted. Two deal with premium (1 of 4) increase or decrease the ____________.
premium
They are the 2 types of flexible premium policies ( 1 of 2) ____________ life and _____________________ life
adjustable and universal
In an adjustable life policy the policy owner has 4 options that can be adjusted. Two deal with premium (2 of 4) change the premium's paying ____________
period
In an adjustable life policy the policy owner has 4 options that can be adjusted. Two deals with the face amount. (3 of 4) as the premium changes you can adjust the ____________ ____________
face amount
In an adjustable life policy the policy owner has 4 options that can be adjusted. Two deals with the face amount. (4 of 4) as the premium changes you can change ________________of ____________
period of protection
Since the premium can be adjusted in a flexible premium policy, the insured can chose to pay either of these two types of premium which are ______________ premium or ____________________ premium
minimum or target premium
The _______________ premium is the amount of premium that is recommended to keep the policy in force throughout it's lifetime in an adjustable or universal life policy
target
The ________________ premium is the amount needed to keep the policy in force for the current year.
minimum
The adjustable life policy can covert from ___________ term to whole life and vice versa.
level
Although an adjustable life policy is a cash value policy, the cash value is ____ _______________. insured must pay enough premium to pay for the insurance and the cash value.
not guaranteed