What is correct about a whole life policy?
A whole life policy is the simplest form of permanent life insurance, so named because it provides coverage that lasts your entire life as long as premiums are paid. Unlike term, it's not a pure life insurance product because it includes a cash value component.
What are the main features of whole life insurance?
Whole life insurance\n\n Compared to other forms of permanent coverage, a whole life policy has three defining characteristics: The level premium remains the same for life. The death benefit is guaranteed as long as the guaranteed premiums are paid. The policy includes guaranteed cash values that grow at a guaranteed rate.
Which of the following is not a feature of a whole life policy?
Which of the following is NOT a feature of whole life insurance? The policy will return all premiums if you survive to the end of the policy.
What are 4 types of whole life policies?
Whole life insurance has several variations, including limited payment, modified, single-premium, and variable whole life. Different types offer alternative payment options or investment methods.
What is whole life insurance?
Explanation: Whole life insurance is a contract between the insured and insurer of the life insurance policy in which the insurer will pay the death benefit of the policy to the policy's beneficiaries when the insured dies.
Does the whole life policyowner wish to continue making premium payments?
Life Income A whole life insurance policyowner does not wish to continue making premium payments. Which of the following enables the policyowner to sell the policy for more than its cash value?
What is a current assumption whole life policy?
An insured has a current assumption whole life policy that guarantees a competitive interest rate on the cash value of his account what is the longest number of years that the insured can expect this competitive rate to remain? Which of the following best represents what is meant by life insurance creates an immediate estate?