Which of the following types of policies allows for a flexible premium?

Which of the following life insurance policies allows a policyowner to take out a loan?

Automatic Premium Loan (APL) Provision: A permanent life insurance policy non-forfeiture provision that allows an insurer to automatically pay an overdue premium for a policyowner by making a loan against the policy's cash value as long as the cash value equals or exceeds the amount of the premium due.

Which type of life insurance policy allows the policyowner to pay more or less?

Convertible insurance lets the policy owner convert a term policy that only covers the insured individual for a predetermined number of years into a policy that covers that individual indefinitely, as long as the policyholder continues to pay the insurance premium.

What policy is characterized by a flexible premium and death benefit and allows the policy owner control of the investment aspect of the plan?

Universal life insurance gives the policyholder more control over premiums, provides permanent protection for dependents and is more flexible than a whole life policy. It pays a death benefit to the named beneficiary, and allows the ability to accumulate cash value.

What is a flexible premium universal life policy?

Universal life is a flexible way to get a permanent life insurance policy and build cash value. The premiums are flexible: you can raise or lower payments within certain limits set by the insurance company.

What is a flexible premium adjustable universal life policy?

Adjustable life insurance is a hybrid policy that combines characteristics from term life and whole life insurance. ... Also known as flexible premium adjustable life insurance, the policy has a cash value component that grows with the insurer's financial performance but has a guaranteed minimum interest rate.

What are the 4 types of life insurance?

What are 4 types of whole life policies?

What are the 3 types of life insurance?

There are three main types of permanent life insurance: whole, universal, and variable.

What is a variable insurance policy?

A variable life insurance policy is a contract between you and an insurance company. It is intended to meet certain insurance needs, investment goals, and tax planning objectives. It is a policy that pays a specified amount to your family or others (your beneficiaries) upon your death.

Which of the following types of insurance policies is most commonly used in credit life insurance?

Credit life insurance and credit disability insurance are the most commonly offered forms of coverage. They also may go by different names. For example, a credit life insurance policy might be called "credit card payment protection insurance," "mortgage protection insurance" or "auto loan protection insurance."

What is a variable whole life insurance policy?

Like whole life, Variable Life provides life-long protection with death benefits, fixed premiums, and builds up cash value. This policy remains in place for the whole life of the insured individual unless the policy lapses or is cancelled.

What type of premium do both universal life and variable universal life policies have?

Both VUL and universal life insurance have cash value. VUL provides the option to invest cash value in stocks and bonds, while universal life usually does not. Universal life policies usually accumulate cash value through a money market interest rate. Both VUL and universal life have adjustable premium payments.

What type of premium do both universal life and variable universal life policies have quizlet?

Both Universal Life and Variable Universal Life have a? Graded-Premium Whole Life policy premiums are typically lower initially, but gradually increase for a period of 5 to 10 years.

What are the types of multiple protection policies?

survivorship life policy". Under a multiple protective policy, the policy that pays on the death of the last person is called a survivorship life policy.

Which of these types of life insurance allows the policy owner to have level premiums and to also choose from a selection of investment options?

A life insurance policy that has a level premium but allows the policyowner to choose from a selection of investment options is known as Variable Life.

What type of life insurance incorporates flexible premiums and an adjustable death benefit?

Variable universal life incorporates the flexibility of universal life and the investment features of variable life. Like universal life, it offers flexible premium payments, an adjustable death benefit and may offer either a level or an increasing death benefit option.

What type of life policy has a death benefit that adjusts periodically?

A decreasing term policy has a death benefit that adjusts periodically and is written for a specific period of time.

Who is the policyowner in credit life insurance quizlet?

Benefits are paid to the borrower's beneficiary. Which of the following is TRUE about credit life insurance? Creditor is the policyowner. An employee quits his job on May 15 and doesn't convert his Group Life policy to an individual policy for 2 weeks.

Which type of life insurance policy allows the policy owner to pay more or less than the planned premium quizlet?

Adjustable life policies allow for increases or decreases in the face amount or premium, so long as the premium is sufficient to pay for the mortality.

What Nonforfeiture option allows the policyowner to receive the policy's cash value?

What nonforfeiture option allows the policyowner to receive the policy's cash value? The cash surrender value allows the policyowner to receive the policy's cash value.