Which type of life insurance policy pays the face amount at the end of the specified period of the insured is still alive?

What is policy face amount?

². The face value of life insurance is the dollar amount equated to the worth of your policy. It can also be referred to as the death benefit or the face amount of life insurance. In all cases, life insurance face value is the amount of money given to the beneficiary when the policy expires.

What is the face amount?

Legal Definition of face amount

: the amount of money payable under an insurance policy at the time of a loss.

What type of life policy covers 2 lives and pays?

A survivorship life policy insures two individuals and is designed to pay a benefit upon the second death.

What type of life policy covers 2 people and pays upon?

Variable survivorship life insurance is a type of variable life insurance policy that covers two individuals and pays a death benefit to a beneficiary only after both people have died.

What is face amount in Sun life insurance?

In short, your face value is the amount of money your beneficiaries will receive from your insurance company at the time of your death. You might hear it called your death benefit, coverage amount or face amount. So when you buy life insurance, this is what you're paying for.

What does a face amount plus cash value policy pay upon the insured's death?

What does a Face Amount Plus Cash Value Policy supposed to pay at the insured's death? ... $20,000 death benefit". If the insured dies before the endowment's maturity, the policy's face value — also known as the "death benefit" — is paid in a lump sum to any beneficiaries. You just studied 42 terms!

What is the payment of a life insurance policy called?

Premium -- The payment, or one of the regular periodic payments, that a policyholder makes to own an insurance policy.

What is the face amount of a $50000 graded death benefit life insurance policy when the policy is issued?

At what point are death proceeds paid in a joint life insurance policy? Which statement regarding universal life insurance is correct? What is the face amount of $50,000 graded death benefit life insurance policy when the policy is issued? Under $50,000 initially, but increases over time.

What happens to the face amount of a whole life policy of the insured reaches the age of 100?

Premiums on whole life policies are designed as if the insured will live until age 100. Usually a whole life policy will be cashed in for its surrender value or the face amount will be paid out as a death benefit prior to maturity since statistics show that most of us won't live to age 100.

What is the maximum face amount on an industrial life policy?

Cal Ins Code § 1685 defines Industrial life insurance as life insurance with an aggregate face amount sold to any one insured and in force at any one time in an amount not exceeding ten thousand dollars ($10,000); premiums are payable at least monthly; premiums are collected in person and not by mail or otherwise by ...

Which of the following policies has a level face amount with level premiums?

Which of the following policies has a level face amount with level premiums? Level premium term, also called level premium level term, has a level face amount and level premiums. Premiums tend to be higher than annual renewable term because they are level throughout the policy period.

What does a face amount plus cash value?

Face amount plus the policy's cash value. Is a contract that promises to pay at the insured's death in face amount of the policy plus a sum equal to the policy's cash value.

What kind of life insurance policy pays a specified monthly income to a beneficiary for 30 years?

A term life insurance policy is the simplest, purest form of life insurance: You pay a premium for a period of time – typically between 10 and 30 years – and if you die during that time a cash benefit is paid to your family (or anyone else you name as your beneficiary).

What is a joint policy?

What is a joint life insurance policy? It's a life insurance policy for two people – typically spouses or domestic partners – but it only pays a benefit when one of them dies. Some policies are term life insurance policies, but most are permanent whole life insurance or universal life insurance.

What are the 3 types of life insurance?

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

What are the 3 main types of insurance?

What are the 4 types of life insurance?

What is face value in insurance class 11?

Face value is a financial term used to describe the nominal or dollar value of a security, as stated by its issuer. ... The face value for bonds is often referred to as "par value" or simply "par."

What is the face amount of a whole life policy paid quizlet?

At policy maturity (age 120 for policies issued since 2009) the policy face amount is paid to the policyowner since it equals the cash value and there is no more pure insurance protection. Ordinary whole life policy owners pay the same (level) premium over the life of the policy.

How was the face amount determined in life insurance?

Face value is calculated by adding the death benefit with any rider benefits, and subtracting any loans you've taken on the policy.