Which of the following is not a feature of a whole life policy?

• Universal. Universal life insurance often is considered the most flexible of all of the whole life varieties that are available. ...
• Current Assumption. ...
• Excess Interest. ...
• Single Premium.

Which of the following is not included in a life insurance illustration quizlet?

Which of the following is NOT included in a life insurance illustration? Company's mortality table. A life insurance illustration is NOT required to include the company's mortality table.

What kind of premium does a whole life policy have quizlet?

A Whole Life insurance policy has a level premium.

Which of the following is not a feature on a term insurance policy?

All of the following are characteristics of term insurance, EXCEPT: Term policies do not accrue cash value. They only provide death protection. Premiums increase as the policy is renewed, and the death benefit is only paid out if the insured dies during the policy term.

Which of the following is not a true characteristic of permanent protection whole life?

Which of the following is not a true characteristic of permanent protection Whole Life? Flexible premiums are not a characteristic of a Whole Life Insurance Policy. A decreasing term policy has a death benefit that reduces over a defined number of years, but the premium remains the same in all years.

Which one of these is not a characteristic of insurance?

The functions of insurance are risk sharing, assisting in capital formation, economic progress, etc. Lending of funds is not a function of insurance.

Which of the following is not a type of life insurance?

From the given alternatives term isurance is not a type of life insurance product. Term life insurance, often known as term assurance, is a type of life insurance that offers coverage for a set period of time (the applicable term).

Which of the following is a type of whole life policy?

The different types of whole life insurance include: Indexed whole life insurance. Guaranteed issue whole life insurance. Limited payment whole life insurance.

What policy is considered a whole life policy?

What is whole life insurance? Whole life insurance is a type of permanent life insurance, which means the insured person is covered for the duration of their life as long as premiums are paid on time.

Which of the following is not a component of an insurance policy premium?

Which of the following is NOT a component of determining policy premiums? Dividends are not a component when determining policy premiums.

What are some of the benefits of whole life insurance policy?

A key benefit of whole life is that it's considered a permanent life insurance policy. It's meant to provide you with a lifetime of coverage protection with premiums that won't increase, won't expire after a specific number of years, and can't be cancelled due to health or illness.

What are the cons of whole life insurance?

What is true about permanent life insurance quizlet?

Because permanent (whole) life insurance protects the insured for their entire life, premiums are due each year until the insured dies. This may prove to be expensive when the insured is retired, and does not earn an income. The correct answer is: The premium-paying period may extend beyond the income-earning years.

Which policy feature makes a universal life policy different from a whole life policy?

The policy feature that makes universal life different from whole life insurance policies is its flexible premium schedule. A Modified Endowment Contract (MEC) can be described as a life insurance contract that has accumulated cash values higher than the IRS allows.

What is true about permanent life insurance?

Permanent life insurance is a type of life insurance policy that doesn't expire as long as you continue to pay the premiums. It's designed to last for your entire life, so you have a guaranteed way to leave behind financial support for those you choose.

What is whole life insurance What benefit does it provide that term insurance does not quizlet?

What benefits does it provide that term life insurance does not? Whole life insurance (permanent insurance) that continues to provide insurance as long as premiums are paid and builds cash value.

What is the difference in term life and whole life insurance?

Two of the most common types of life insurance are term life vs. whole life. Both term life and whole life provide a death benefit for the beneficiaries you choose, but whole life is a type of permanent policy with a savings component, while term life is only in force for the period of time that you choose.

What's the difference between term life insurance and whole life insurance?

Term life is “pure” insurance, whereas whole life adds a cash value component that you can tap during your lifetime. Term coverage only protects you for a limited number of years, while whole life provides lifelong protection—if you can keep up with the premium payments.

Which of these provisions is not required in life insurance policies quizlet?

Which provision is NOT a requirement in a group life policy? Accidental". An AD&D provision is not required in a group life policy.

Which of the following is an advantage of whole life insurance over term life insurance?

Is whole life better than term life insurance? Whole life provides many benefits compared to a term life policy: it is permanent, it has a cash value investment component, and it provides more ways to protect your family's finances over the long term.

What is the difference between term and whole life insurance quizlet?

Whole life insurance is permanent insurance, as it is certain to pay the face amount either as an endowment at age 100 or upon death of the insured. In contrast, term insurance is temporary insurance, as it provides protection for only a specified term.