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Cash Value vs. What action will an insurer take if an interest payment on a policy loan is not made on time? 1035 exchange Premiums are payable throughout the insureds lifetime/ coverage lasts until death of the insured, Which type of policy is considered to be overfunded, as stated by IRS guidelines? to learn more about how we can help you get the best life insurance Canada has to offer and help you decide if term life or an alternative like permanent life insurance is right for you. Because actuaries must account for the increasing costs of insurance over the life of the policy's effectiveness, the premium is comparatively higher than yearly renewable term life insurance. B. Other factors to consider include: Convertible term life insuranceis a term life policy that includes a conversion rider. C. Term Thus, when you cancel your term insurance, there is no refund of premiums. Final Exam Questions Flashcards by Benjamin Palmer - Brainscape It is payable periodically, generally on a monthly or annual basis. B. an insurance product only There are several types of term life insurance. With this type of plan, you'll want to figure out your future timeline to the best of . She has worked in multiple cities covering breaking news, politics, education, and more. A. What kind of policy is needed? The insurance company may also inquire about your driving record, current medications, smoking status, occupation, hobbies, and family history. Diffusion Let us complete them for you. Decreasing term policies are often used in concert with a mortgage, with the policyholder matching the payout of the insurance with the declining principal of the home loan. Travel medical versus interruption insurance. D. The death benefit can vary but the policyowner has no say in the premium amount paid, A. Policyowner controls where the investment will go and selects the amount of the premium payment, When is the face amount of a Whole Life policy paid? Choose the book you like when you register 4.Chapter 21: Haircoloring Cosmetologists should study and have a good understanding of haircoloring because knowledge of excellent haircolor services provide stylists with an opportunity for creative expression, they allow stylists to cover grey and enhance haircuts and hide facial imperfections, and . A. This content is not intended and should not be construed to constitute financial or legal advice. Though many people think it does, the short answer is "no," term life insurance does not expire. All of these statements about the Waiver of Premium provision are correct EXCEPT, Insured must be eligible for Social Security disability for claim to be accepted, All of these Settlement options involve the systematic liquidation of the death proceeds in the event of the insured's death EXCEPT. Youre leading a busy life advancing your career, buying a home, or raising children.