Term
| under what nonforfeiture option is the net cash-surrender value used as a net single premium to extend the full face amt of the policy (less and indebtedness) into the future as term insurance for a certain number of years and days |
|
Definition
| extended term insurance option |
|
|
Term
| w/ the extended term insurance nonforfeiture option, the cash value is used to purchase a paid-up term insurance policy equal to the original face amt (less any indebtedness) for a |
|
Definition
|
|
Term
| w/ the extended term insurance option, what is determined by the insured's attained age when the option is exercised, the net cash-surrender value, and the premium rates for extended term insurance |
|
Definition
| the length of the term insurance protection |
|
|
Term
| w/ the extended term insurance nonforfeiture option, if the policy lapses for nonpmt, and the policy owner has not elected another option, the extended term option automatically goes |
|
Definition
|
|
Term
| w/ the extended term insurance nonforfeiture option, if the policy lapses for nonpmt, and the automatic premium loan provision has been added to the policy, it has priority over the |
|
Definition
|
|
Term
| refer to the various ways that the policy proceeds can be paid |
|
Definition
|
|
Term
| the policy owner can elect the settlement options prior to the insured's |
|
Definition
|
|
Term
| can also be given the right to elect the settlement options prior to the insured's death |
|
Definition
|
|
Term
| most policies permit the cash-surrender value to be paid under the settlement options if the policy is |
|
Definition
|
|
Term
| a settlement option where a lump-sum can be paid to a designated beneficiary or beneficiaries |
|
Definition
|
|
Term
| w/ the cash settlement option, interest is paid on the policy proceeds from the date of death to the date of |
|
Definition
|
|
Term
| w/ the cash settlement option, the pmt of interest is especially important in those cases where the life insurance proceeds are what? |
|
Definition
| large or paid several weeks or months after the insured's death |
|
|
Term
| as a practical matter, most policy proceeds w/ the cash settlement option are paid in a lump sum w/in weeks following the |
|
Definition
|
|
