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Chap 12-22
Section 22
15
Finance
Undergraduate 4
10/28/2011

Additional Finance Flashcards

 


 

Cards

Term
under this provision, if the insured becomes totally disabled from bodily injury or disease before some stated age, all premiums coming due during the period of disability are waived
Definition
waiver-of-premium provision
Term
w/ the waiver-of-premium provision, death benefits, cash values, and dividends continue as if the premiums
Definition
had been paid
Term
w/ the waiver of premium provision, before any premiums are waived, the insured must become disabled before
Definition
some stated age
Term
w/ the waiver of premium provision, before any premiums are waived, the insured must be disabled for
Definition
six months
Term
w/ the waiver of premium provision, before any premiums are waived, the insured must satisfy the definition of
Definition
total disability
Term
w/ the waiver of premium provision, before any premiums are waived, the insured must furnish proof of what satisfactory to the insurer?
Definition
disability
Term
in many waiver-of-premium provisions, means that b/c of disease or bodily injury, the insured cannot do any of the essential duties of his or her job, or of any job for which he or she is suited based on schooling, training, or experience
Definition
total disability
Term
if the insured can perform some but not all of these acts and duties, the disability is not considered total, and the premiums are
Definition
not waived
Term
if the insured is a minor and is going to school, premiums are waived if the minor is unable to
Definition
attend school
Term
a second definition of total disability found in some policies is more
Definition
liberal
Term
more liberally defined, for the first two years means the insured cannot work in the occupation that he or she had at the time the disability occurred
Definition
total disability
Term
after the two years expires, means he or she cannot work in an occupation for which he or she is qualified by education, training, and experience
Definition
total disability
Term
total disability can also be defined in terms of the loss of used of
Definition
bodily members
Term
the insurer may also require continuing proof of disability once each
Definition
year
Term
many insurers recommend adding the waiver-of-premium provision to a life insurance policy, especially if the face amt of life insurance is
Definition
large
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