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WorksheetsLUTCF Glossary - Course One
Total questions: 84
Worksheet time: 42mins
Which insurance rider provides additional coverage if the policyholder dies or is seriously injured in an accident, offering extra financial protection for such events?
Minor injury rider
Accidental death and dismemberment rider (AD&D)
Cash value enhancement rider
Natural death rider
Select the term that best fits the following definition:
An essential component of a marketing plan. It involves using various media platforms to promote a product, service, or brand to a target audience.
Market Research
Advertising
Financial Strategy
Manufacturing
Select the term that refers to the person who will receive the account benefits when the insured person dies. Beneficiaries can include spouses, children, other family members, other people, trusts, and charities.
Insurance Company
Beneficiary
Insurance Agent
Insurance Regulator
Select the term that refers to the principles guiding the conduct of the members of a profession.
Online marketing
Business ethics
Profit maximization
Financial audits
Select the term that is defined as: "Provides a comprehensive overview of your operations and future plans, and it is used to document your vision."
Legal contract
Business plan
Employee list
Sales summary
Select the term that refers to the option in a life insurance policy where the policy owner can receive the cash value of the policy by surrendering it to the insurance company. The cash value is the amount of money that the policy has accumulated over time, less any applicable surrender charges or fees.
Policy transfer option
Cash surrender option
Death benefit increase option
Policy loan option
Select the term that refers to a component of certain types of permanent life insurance policies that accumulates over time as the policyholder pays premiums.
Checking account
Cash value account
Government bond
High-yield savings account
Select the term that refers to a form of permanent life insurance that lasts for the lifetime of the holder.
Government-issued savings bond
Cash value life insurance
Short-term investment plan
Health insurance policy for seniors
Select the term that refers to a rider that permits the policyholder to add their children to their life insurance policy, allowing the addition without needing to purchase a separate policy.
Children’s health rider
Children’s term rider
Property purchase rider
Education expense rider
Select the term that best fits the following description:
A type of question designed to elicit a specific, limited response. These questions typically require a simple, concise answer such as 'yes' or 'no,' a choice from among predefined options, or a specific piece of information. They are often used to gather quantitative data or to confirm facts.
Open-ended questions
Closed-ended questions
Creative writing questions
Rhetorical questions
Select the term that best fits the following description:
Allows you to organize the methods and activities necessary to share your services as a financial advisor.
Client meeting schedule
Communication plan
Personal finance strategy
Investment portfolio
Select the term that is defined as: Financial ratings that attempt to describe the financial stability of an insurance company. It indicates the life insurance company’s ability to pay claims, especially in times of financial strain, such as a struggling economy or a natural disaster.
Advertising effectiveness score
Company ratings
Customer satisfaction
Employee ranking
Select the correct term:
The person entitled to the policy’s proceeds if the primary beneficiary has predeceased the insured or is ineligible to receive the proceeds is called?
Insurer
Contingent beneficiary
Agent
Policyholder
Select the term that refers to the following feature in a term life insurance policy:
A feature that allows the policyholder to convert their policy into a permanent life insurance policy without having to undergo a medical exam or provide proof of insurability. It is designed to provide flexibility and a level of financial security for the policyholder.
Return of Premium
Convertibility
Increasing Coverage
Accidental Death Benefit
Select the term that best fits the following definition:
A sales strategy that encourages a customer to purchase additional, complementary solution or services alongside the primary solution or service they are buying.
Clearance sale
Cross-selling
Single-product focus
Price reduction
Select the term that refers to a strategy and set of practices designed to manage a company's interactions with current and potential customers. It involves using technology to organize, automate, and synchronize sales, marketing, customer service, and technical support. The primary goals are to improve business relationships, enhance customer satisfaction, and drive sales growth.
Lean manufacturing
Customer relationship management (CRM)
Inventory management software
Financial accounting
Select the term that refers to the amount of money paid to the beneficiaries of a life insurance policy when the insured person passes away. It is one of the primary purposes of life insurance and provides financial support to the policyholder's dependents or designated beneficiaries after their death.
Claim fee
Death benefit
Early withdrawal penalty
Survival bonus
Select the term that describes the following:
A special type of life insurance policy where the coverage amount decreases over time, has fixed premiums, provides coverage for a specific period (usually 10 to 30 years), and typically does not accumulate any cash value.
Whole life insurance
Declining term life insurance
Accidental death and dismemberment insurance
Increasing term life insurance
Select the term that refers to a share of the insurance company's profits, usually paid annually.
Late payment penalty
Dividends
Government tax
High-risk policy
Select the term that refers to a brief and concise speech that tells someone about who you are, what you do, and what you want to achieve. It should be short and compelling enough that you can introduce yourself during an elevator ride.
Letter of recommendation
Elevator pitch
Technical report
Detailed business plan
Select the term: This feature can be added to a whole life insurance policy, allowing the policyholder to receive a lump-sum payout at a specific age in the future. The policyholder pays higher premiums, with a portion invested by the insurance company and accumulating over time. At the endowment age (not prior to age 95 under current law), the accumulated amount is paid out as a lump sum. What is this feature called?
Guaranteed insurability rider
Endowment option
Waiver of premium
Accidental death benefit
Select the term: This type of permanent life insurance combines the features of universal life insurance with the opportunity to earn interest based on the performance of a stock market index, such as the S&P 500.
Variable life insurance
Equity-indexed universal life insurance
Term life insurance
Whole life insurance
Select the term that refers to the moral principles that govern a person’s behavior, involving integrity, honor, values, justice, responsibility, and a clear sense of right and wrong. It also refers to the set of standards and rules for behavior and judgement.
Wealth
Ethics
Ambition
Creativity
Select the term: The policy owner may be able to use the cash value to purchase paid-up additions, which are additional amounts of permanent insurance coverage with no further premiums required. What is this option called?
Waiver of premium
Reduced paid-up insurance
Extended term insurance
Automatic premium loan
Select the term that refers to allowing a tax-free return of principal before policy earnings are withdrawn.
Tax Deferral
Tax deferral refers to delaying taxes on earnings until a later date, but does not specifically address the order in which principal and earnings are withdrawn.
FIFO (First In, First Out)
FIFO means that the original principal (the first money put in) is withdrawn first, and since principal is not taxed, this allows a tax-free return of principal before any taxable earnings are withdrawn.
Roth Conversion
A Roth conversion is when you move funds from a traditional IRA to a Roth IRA, which is unrelated to the order of principal and earnings withdrawal.
LIFO (Last In, First Out)
LIFO means that the most recent earnings are withdrawn first, which are usually taxable, so it does not allow a tax-free return of principal before earnings.
Select the term that refers to a comprehensive strategy outlining financial goals and the steps necessary to achieve them, serving as a roadmap for making informed financial decisions and prioritizing spending, saving, and investing.
Credit report
Financial plan
Tax shelter
Budget deficit
Select the term that refers to an ongoing and iterative process requiring regular attention and review to ensure that an individual's financial goals are being met.
Credit scoring
Financial planning
Budget shopping
Tax filing
Select the term:
An organization that promotes awareness of the value of financial planning, provides resources and education for consumers, advocates for policies supporting the financial planning profession, and oversees the professional distinctions of CFP® and Certified Financial Planner™.
Chartered Financial Analyst Institute
Financial Planning Standards Board
National Association of Insurance Commissioners
American Bankers Association
Select the term that is defined as follows: In 1999, this act, also known as the Gramm-Leach-Bliley Act, allowed commercial banks, investment banks, securities firms, and insurance companies to consolidate.
Federal Reserve Act
Financial Services Modernization Act
Investment Bank Regulation Act
Bank Insurance Prohibition Act
Select the term: This type of policy is designed to cover two people, typically spouses or business partners, and pays out the death benefit upon the first death.
Whole life policy
First-to-die policy
Second-to-die policy
Term life policy
Select the term that is also known as the Financial Services Modernization Act and allowed commercial banks, investment banks, securities firms, and insurance companies to consolidate.
Glass-Steagall Act
Gramm-Leach-Bliley Act
Dodd-Frank Act
Sarbanes-Oxley Act
Select the term: This rider provides the policyholder with the ability to purchase additional life insurance coverage at certain intervals without a medical exam or evidence of insurability.
Waiver of premium rider
Guaranteed insurability rider
Child term rider
Accidental death benefit rider
Select the term: A whole life insurance policy that provides a death benefit guaranteed for life is known as a ________.
Annual renewable benefit
Guaranteed level death benefit
Variable death benefit
Decreasing term benefit
Select the term: The type of premium for a whole life insurance policy that remains fixed and does not increase over time, making it easier for policyholders to budget for their insurance costs.
Flexible premium
Guaranteed level premium
Variable premium
Increasing premium
Select the term that refers to any situation or circumstance that has the potential to cause harm, injury, damage, or loss, and can be classified as moral or morale.
Privilege
Hazard
Benefit
Advantage
Select the term that describes a life insurance policy where the death benefit increases over time as the cash value of the policy grows.
Conditional death benefit
Increasing death benefit
Level death benefit
Decreasing death benefit
Select the term: This is when a policy owner cannot change the beneficiary, withdraw funds, or surrender the policy without the beneficiary's consent.
Primary beneficiary
Irrevocable beneficiary
Contingent beneficiary
Revocable beneficiary
Select the term: This type of insurance may be desirable to cover two people with the same policy, and these policies can be either whole life or universal life insurance products.
Credit life insurance
Joint life insurance
Group health insurance
Term life insurance
Select the term that best fits the following definition:
A directory of contact information used to reach out to potential clients.
Sales record
Leads list
Expense summary
Meeting schedule
Select the term that best fits the following definition:
The policy pays a fixed death benefit to the beneficiary when the insured person passes away. The amount of the death benefit is determined when the policy is purchased and remains constant throughout the life of the policy. The death benefit could possibly increase in the future if the cash value gets too close to the value of the death benefit which would disqualify it as insurance according to the regulations.
Variable death benefit
Level death benefit
Decreasing death benefit
Survivorship benefit
Select the term that describes the following situation in the context of a modified endowment contract: Any withdrawals are considered to come first from the policy’s earnings (interest or investment gains) and are subject to income tax. Once all earnings have been withdrawn, subsequent withdrawals are considered to come from the premiums paid into the policy and are tax-free.
Loan Repayment Priority
LIFO (Last In, First Out)
Tax-Free Withdrawals
FIFO (First In, First Out)
Select the term that describes the following feature in whole life policies:
The policyholder pays higher premiums over a limited period of time. After this period, no further premium payments are required, but the policy remains in force for the policyholder’s lifetime, with the death benefit and cash value continuing to grow.
Flexible premium option
Limited pay option
Explanation: The limited pay option allows the policyholder to pay premiums for a set number of years or until a certain age. After this period, no further premiums are due, but the policy remains in force for life, with the death benefit and cash value continuing to grow. This is different from regular whole life policies, where premiums are paid throughout the insured's lifetime.
Reduced benefit option
Extended pay option
Select the term that refers to a comprehensive document outlining an overall marketing strategy and the tactics used to achieve marketing goals in the context of insurance. It serves as a roadmap for implementing marketing activities, aligning marketing efforts with business objectives, and monitoring progress.
Profit and loss statement
Marketing plan
Insurance policy
Product catalogue
Select the term that refers to the 1945 Act passed by Congress which declared that states should control the insurance industry and continue to have oversight today.
Federal Reserve Act
McCarran-Ferguson Act
Insurance Deregulation Act
Federal Insurance Ownership Act
Which term refers to a life insurance policy that is subject to different tax rules if the premiums paid in the first seven years exceed certain federal limits, and whose cash value grows tax-deferred but is taxed differently than standard life insurance policies?
Roth IRA
Modified endowment contract (MEC)
Long-term care insurance
Fixed annuity
Select the term that best fits the following definition: A situation where an individual or entity is more likely to take risks or act recklessly because they are protected from the negative consequences of their actions.
Principal-agent problem
Moral hazard
Systemic risk
Adverse selection
Select the term that describes the following: A situation where an individual's behavior or attitude changes because they are insured against a certain risk.
Deductible
Morale hazard
Underwriting
Adverse selection
Select the term that matches the following definition: Provides coverage for a specified period, usually ranging from 5 to 30 years. The premiums are fixed throughout the coverage period, and the death benefit is guaranteed if the insured passes away during the coverage period. Most of these policies are renewable and convertible.
Universal life insurance
Multi-year term life insurance
Endowment policy
Whole life insurance
Select the term that best fits the following definition: A group made up of people with whom you share common ground, such as life experiences, cultural preference, values, or other interests.
Target audience
Natural market
General public
Cold market
Select the term that best fits the following definition: The process of building and maintaining relationships with individuals and organizations that can help achieve sales goals. It involves connecting with potential customers, industry peers, influencers, and other stakeholders to create opportunities for selling products or services.
Market Segmentation
Branding
Networking
Cold Calling
What is the term for the following definition? A marketing strategy focused on targeting a specific segment or niche of a larger market. It involves identifying a particular group of consumers with specific needs, interests, and preferences and developing marketing messages and products or services that cater to those needs and interests.
Niche marketing
Mass marketing
Product diversification
Brand extension
What is the term for the following definition? A type of life insurance that provides coverage for a period of one year. It is a temporary and short-term policy that is designed to provide financial protection during the policy term. The premiums may increase incrementally each year, but the death benefit remains the same.
One-year term life insurance
Whole life insurance
Universal life insurance
Endowment policy
What is the term for the following definition? A type of question that allows for a wide range of responses and encourages the respondent to provide more detailed, elaborative, and descriptive answers. Unlike closed-ended questions, which typically solicit a specific, concise response (such as "yes" or "no"), open-ended questions invite the respondent to share their thoughts, opinions, feelings, or experiences.
Open-ended questions
Closed-ended questions
Rhetorical questions
Leading questions
What is the term for the following definition? A term used in equity-indexed universal life insurance policies (EIUL) to describe the percentage of an equity index's increase that is credited to the policyholder's account. The participation rate is set by the insurance company and can vary depending on the index, the policy, and the insurer.
Participation rate
Surrender charge
Premium cap
Mortality rate
What is the definition of 'Per capita at each generation distribution'?
A method of distributing assets or benefits that takes into account the number of living beneficiaries at each generational level. Under per capita at each generation distribution, the assets are divided equally at the first generational level, and then the shares of any deceased beneficiaries are distributed equally among their living descendants at the next generational level.
A method of distributing assets where all assets go to the oldest living beneficiary, regardless of generational level.
A method of distributing assets equally among all descendants, regardless of generational level or relationship to the deceased.
A method of distributing assets only to the children of the deceased, excluding grandchildren or further descendants.
What is the definition of 'Per capita distribution'?
A method of distributing assets or benefits where each eligible recipient receives an equal share, regardless of their individual circumstances or relationship to the deceased or benefactor.
A method where assets are distributed based on the age of the recipients.
A process where only the eldest family member receives the entire estate.
A system where assets are distributed according to the wishes of the executor, regardless of legal guidelines.
What is the definition of 'Per stirpes distribution'?
The term 'per stirpes' comes from Latin and means 'by branch' or 'by roots.' Under per stirpes distribution, the assets are divided equally among the living beneficiaries at the first generational level, and the shares of any deceased beneficiaries are then passed down to their descendants, in equal shares. It is the most common designation.
Per stirpes distribution means that assets are distributed only to the surviving spouse, regardless of other heirs.
Per stirpes distribution refers to dividing assets equally among all living relatives, regardless of generational level.
Per stirpes distribution is a method where the executor decides how to distribute assets based on personal judgment.
What is the definition of 'Peril' in insurance?
The cause of loss or damage covered under an insurance policy. It is an event or circumstance that triggers a claim under an insurance policy.
A type of insurance policy that covers only natural disasters.
The amount paid by the insured to the insurer for coverage.
A document that lists all the exclusions in an insurance policy.
What is 'Permanent life insurance'?
Insurance designed to provide protection for an entire lifetime. Some permanent policies are subject to interest rate and mortality changes and require monitoring. This type of policy may also act as a cash accumulation vehicle. As the premiums are paid, the plan accrues a cash value that can be borrowed against or withdrawn. Permanent insurance is the best option if the money will be needed no matter what when the insured person dies.
Insurance that only covers accidental death and dismemberment, with no cash value or lifetime coverage.
A short-term insurance policy that provides coverage for a specific period, usually 10, 20, or 30 years, and does not accumulate cash value.
A type of insurance that only covers medical expenses and does not provide any death benefit.
What is a 'Personal brand'?
The intentional and strategic practice of creating and managing a distinct public image or identity that represents an individual’s values, skills, experiences, and personality. It is communicated through various channels to influence how others perceive and engage with that individual.
A government-issued identification used for official purposes.
A company’s logo and tagline used for marketing products.
A legal document that certifies an individual’s educational qualifications.
Who is the 'Primary beneficiary' in an insurance policy?
The person or entity entitled to the entire death benefit amount if they are alive at the time of the insured's death.
The insurance company that issues the policy.
The agent who sells the insurance policy.
The person who pays the premiums on the policy.
What is 'Prospecting' in sales?
The process of identifying and cultivating potential customers or clients for products or services. It is a crucial part of the sales cycle, aimed at generating new leads and building a pipeline of opportunities that can be converted into actual sales.
The process of closing deals with existing customers only.
The act of providing after-sales support to customers.
The process of setting prices for products or services.
What is the definition of 'Ratings agencies'?
A.M. Best, Moody’s, and Standard & Poor’s are common ratings agencies in the insurance industry.
Ratings agencies are government organizations that regulate insurance premiums.
Ratings agencies are companies that sell insurance policies directly to consumers.
Ratings agencies are financial advisors who help individuals choose insurance plans.
What is the definition of 'Reduced paid-up insurance'?
A surrender option. With this option, the policy owner may be able to convert the cash value of the policy into a reduced paid-up insurance policy, which provides a reduced death benefit with no further premiums required.
A type of insurance that increases the death benefit each year without additional premiums.
A policy that requires higher premiums for a higher death benefit.
A loan option that allows the policyholder to borrow the full face value of the policy.
What is the definition of 'Return of premium rider'?
A rider that provides a refund of all or a portion of the premiums paid if the policyholder outlives the term of the policy.
A rider that increases the death benefit each year.
A rider that waives premium payments if the insured becomes disabled.
A rider that allows the policyholder to borrow against the cash value of the policy.
What is the definition of 'Revocable beneficiary'?
If the beneficiary designation is revocable, the policy owner retains full control over the policy and can make changes.
A revocable beneficiary cannot be changed without the beneficiary's consent.
A revocable beneficiary is entitled to receive policy dividends only.
A revocable beneficiary is the only person who can pay premiums on the policy.
What is the definition of 'Rider'?
An adjustment or an add-on to a life insurance policy. Riders are designed to provide an additional benefit over the stated coverage of the basic policy.
A type of insurance policy that covers only accidental death.
A mandatory clause in every insurance contract.
A beneficiary who receives the policy proceeds.
What is the definition of 'Risk'?
The possibility of loss, damage, or harm that can result from an event or situation.
A guaranteed positive outcome in every situation.
A situation where there is no uncertainty or danger.
The process of eliminating all potential threats.
What is the definition of 'Risk management'?
The process of identifying, assessing, and controlling threats to a person’s capital and earnings. Risks could stem from a wide variety of sources, including financial uncertainties.
A method of maximizing profits by increasing investment in high-risk assets.
The process of creating new financial products for market expansion.
A strategy for ensuring all business operations are automated.
What is the definition of 'Script'?
Provides consistent messaging to prospects. An effective script when repeated verbatim will result in predictable results.
A document outlining the company's annual financial goals.
A list of customer complaints and resolutions.
A summary of the company's marketing strategy.
What is the definition of 'Second-to-die policy'?
A type of life insurance policy that covers two people. The people are typically spouses, and the policy pays a death benefit only after both individuals have died. Second-to-die joint life insurance policies are often used as part of the estate planning process or to provide for the care of dependents after both spouses have died. It can also be used to provide liquidity for estate taxes. Also known as a survivorship policy.
A type of health insurance policy that pays benefits only if the insured survives a critical illness.
A life insurance policy that pays out immediately upon the death of the first insured individual.
A policy that provides coverage for accidental death only, regardless of the number of insured individuals.
What is the definition of 'SMART goals'?
A carefully planned, clear, and trackable goal defined using specific criteria that ensure it is attainable. SMART is an acronym that stands for Specific, Measurable, Achievable, Relevant, and Time-bound. Each element of the acronym guides the goal-setting process to ensure the goal is well-defined and achievable within a certain time frame.
A goal that is vague, open-ended, and not bound by any specific criteria or timeline.
A goal that focuses only on financial outcomes, ignoring other aspects such as relevance or achievability.
A goal that is set without any plan for measurement or tracking progress.
What is the definition of 'Spouse term rider'?
With a spouse term rider, the policyholder can add their spouse to their life insurance policy.
A spouse term rider allows the policyholder to increase the sum assured every year.
A spouse term rider is a type of investment plan for couples.
A spouse term rider provides health insurance benefits to the spouse.
What is the definition of 'Subaccounts'?
A specific investment option available within a variable life insurance policy where cash values can be invested.
A type of savings account offered by commercial banks.
A separate account used for tracking employee payroll.
A checking account with limited transaction capabilities.
What is the definition of 'Surrender value'?
The actual amount of money one will receive. It represents the cash value of the policy, less administration or penalty fees (also known as a surrender charge) and less outstanding loan balances. It is not the same as the cash value.
The total premiums paid into the policy without any deductions.
The face value of the policy payable on maturity or death.
The bonus amount declared by the insurance company each year.
What is the definition of 'Surrendering a policy'?
Also known as cancelling a life insurance policy. It can be done at any time.
It is the process of increasing the coverage of a policy.
It refers to transferring the policy to another person.
It means renewing the policy for an additional term.
What is the definition of 'Technical and Miscellaneous Revenue Act of 1988 (TAMRA)'?
Under the Technical and Miscellaneous Revenue Act of 1988 (TAMRA), modified endowment contracts (MECs) are subject to different tax rules than non-MEC life insurance policies. TAMRA was passed by Congress in response to certain cash value life insurance products being used as tax shelters. Before TAMRA, all withdrawals from any cash value life insurance policy were taxed on a FIFO (First In, First Out) basis. This FIFO treatment allowed for a tax-free return of principal before policy earnings were withdrawn.
TAMRA is a law that established the Social Security Administration and set guidelines for retirement age.
TAMRA refers to a set of regulations that govern the taxation of corporate dividends and capital gains.
TAMRA is an act that created the Federal Reserve System and established monetary policy in the United States.
What is the definition of 'Term life insurance'?
Provides life insurance coverage with a fixed rate of payments for a limited period of time. Once the policy expires, so does the death benefit. Most term policies have a renewable term after the initial guaranteed level term is up. Very few automatically cancel at the end of the term period and the client is able to retain the policy if they are willing to pay the higher premium.
Provides permanent life insurance coverage with cash value accumulation and flexible premiums.
Offers investment options along with life insurance coverage, allowing policyholders to allocate funds to various accounts.
Covers only accidental death and dismemberment, not natural causes of death.
What is the definition of 'Underwriting'?
The process of evaluating the risk of a particular individual or asset, including the premium or interest rate at which the investment or transaction will be accepted. This process involves analyzing various factors such as the creditworthiness of the individual, the nature of the insurance, the economic and market conditions, and regulatory requirements.
The process of issuing shares to the public for the first time in a stock market.
The process of collecting premiums from policyholders and investing them in various financial instruments.
The process of settling claims and paying out benefits to policyholders.
What is the definition of 'Universal life insurance'?
A type of permanent life insurance. It offers flexible premiums and an adjustable death benefit, along with a savings component that grows on a tax-deferred basis. It is sometimes referred to as unbundled life insurance.
A short-term insurance policy that only covers accidental death.
A government-provided insurance plan for all citizens regardless of age or health.
A type of insurance that only pays out if the insured survives to a certain age.
What is the definition of 'Variable life insurance'?
A type of permanent life insurance with a guaranteed death benefit. The cash value of a variable life insurance policy is invested in separate accounts, commonly referred to as 'subaccounts' that are subject to market risk.
A type of term life insurance that provides coverage for a specific period and does not accumulate cash value.
A type of insurance that only covers accidental death and dismemberment, with no investment component.
A type of group life insurance provided by employers, with no individual investment options.
What is the term for the following definition? A term used in equity-indexed universal life insurance policies (EIUL) to describe the percentage of an equity index's increase that is credited to the policyholder's account. The participation rate is set by the insurance company and can vary depending on the index, the policy, and the insurer. Variable universal life insurance does not have a guaranteed death benefit unless it has a secondary guarantee rider, which would guarantee to a specific age.
Variable universal life insurance
Participation rate
Surrender charge
Cap rate
What is the term for the following definition? If the policy holder becomes disabled, this type of rider allows the policy to stay in force. (Note, normally the disability would have to occur prior to the age of 65.) Premiums are eventually waived, after a period of time passes, assuming other requirements are met.
Waiver of premium rider
Accidental death benefit rider
Guaranteed insurability rider
Return of premium rider
What is the term for the following definition? The purpose of whole life insurance is to provide permanent life insurance coverage throughout the policyholder's lifetime, assuming premiums are paid on time. It also provides accumulating cash value over time.
Whole life insurance
Term life insurance
Universal life insurance
Accidental death insurance
