Life Insurance and Health Insurance Terms and Definitions, Quizzes of Mathematics

Download Life Insurance and Health Insurance Terms and Definitions and more Quizzes Mathematics in PDF only on Docsity! TERM 1 period 1-2 yrs after breadwinner's death DEFINITION 1 readjustment period TERM 2 T/F: Human life value considers all sources of income family receives DEFINITION 2 FALSE- only pie family receives and present value TERM 3 variable life has fixed/flexible premiums? DEFINITION 3 fixed TERM 4 limited payment whole life DEFINITION 4 whole life paid up to certain period (ex. 20 yrs) then receive full beneifts TERM 5 3 types of nonforftere options DEFINITION 5 Cash Value: cash value Reduced Paid Up Insurance: net single premium to purchase aid up policy Extended term insurance: net single premium to extend the full face amount of the policy TERM 6 waiver of premium rider vs. accelerated death rider DEFINITION 6 wpr protects against disabiliity acr protects if health coant cover experiment to save ou on death bed TERM 7 life insurance provision to secure a loan DEFINITION 7 collateral assignment TERM 8 5 settlement options on life DEFINITION 8 cash interest option fixed-period option fixed amount option life income option TERM 9 which nonforfeiture option will permanent life insurance coverage be in force after the nonforfeiture option is exercised? DEFINITION 9 reduced paid up insurance TERM 10 3 sources of annuity payments DEFINITION 10 premium payments interest earnings unliquidated principal of annuitants who die early