保险学原理chapter6

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Last survivor life insurance
Also known as second-to-die life insurance is a variation of joint whole life insurance under which the policy benefit is paid only after both people insured by the policy have died.
Unbundled Pricing Factors
Mortality Charges the insurer periodically deducts a mortality charge from the universal life policy’s cash value to cover the mortality risk the insurer has assumed.
Pre-need Funeral Insurance
A Newer Generation of Permanent Products
Universal life insurance adjustable life insurance indeterminate premium life insurance interest-sensitive whole life insurance variable life insurance variable universal life insurance
Modified Whole Life Insurance
The chief advantage to the policyowner of buying a modified premium whole life insurance is that he is able to purchase a larger amount of whole life insurance than he would otherwise be able to afford. The chief disadvantage is that the cash value builds more slowly .
Limited-payment policies
Is a whole life policy for which premiums are payable only until some stated period expires or until the insured’s death.
Example
Policy loan a loan that an insurer makes to the owner of a permanent life insurance policy and that is secured by the policy’s cash value.
Premium Payment Periods
Joint Whole Life Insurance
Has the same features and benefits as individual whole life insurance,except that it insures two lives under the same policy. First-to-die life insurance
Single-premium Policies
Is a type of limited-payment policy that requires only one premium payment.
Modified Whole Life Insurance
Functions in the same manner as a traditional whole life policy except that the policy’s annual premium changes after a specified initial period, such as 5, 10, 15 or 20 years. The face amount of a modified-premium whole life policy remains level throughout the life of the policy.
Limited-payment policies
Paid- up policy a policy that requires no further premium payments but continues to provide coverage . Cash value generally build more rapidly under limited payment policies than they do under continuous premium policies.
Family Policies
Which is a whole life insurance that includes term life insurance coverage on the insured’s spouse and children. The amount of term insurance coverage is generally one-fourth or one-fifth of the amount of the insured’s whole life insurance coverage.
Flexibility Features
Face amount and amount of death benefit flexible premiums
How a Universal Life Policy Operates
Effects of Regulation on Universal Life Products
Modified Coverage
A modified coverage policy provides that the amount of insurance will decrease by specific percentage or amount either when the insured reaches certain stated ages or at the end of stated periods. For example the face amount of a modified coverage whole life insurance policy may begin at $100,000,decrease to $75,000 when the insured reaches age60, decrease further to $50,000 at age 70, and remain level for the rest of the insured’s lifetime.
Monthlly Debit Ordinary
Is a whole life insurance policy that is marketing under the home service distribution system and is paid for by monthly premium payment.
Cash value the savings element of a permanent life insurance policy, which represents the policyowner’s ownership interest in the policy.
Traditional Whole life Insurance
保险学原理chapter6
2021/7/10
Chapter Outline
Permanent Life Insurance a Newer Generation of Permanent Products Endowment Insurance
Permanent Life Insurance
Traditional whole life insurance modified whole life insurance joint whole life insurance last survivor life insurance family policies monthly debit ordinary pre-need funeral insurance
Universal Life insurance
Is a form of permanent life insurance that is characterized by its flexible premiums, its flexible face amount and death benefit amounts, and its unbundling of the pricing factors.
a 20-payment whole life insurance is a policy for which premiums are payable for 20 years. A paid-up-at-age-65 whole life insurance policy provides that premiums are payable until the insured reaches the policy the anniversary closest to or immediately following her 65th birthday.
Permanent life Insurance
Two characteristics : offer lifetime coverage provide Insurance coverage and contain a savings element.
Whole life insurance life insurance that provides lifetime insurance coverage at a level premium rate that does not increase as insured awk.baidu.comes.
Unbundled Pricing Factors
Interest the policy guarantees that the insurer will pay at least a stated minimum interest rate on the policy’s cash value each year.
Continuous -premium policies limited-payment policies single-premium policies
Continuous-premium policies
Premium are payable until the death of the insured.
Expenses
The following expenses charges may be imposed: a flat charge the first policy year to cover sales and policy issue costs a percentage of each annual premium to cover expense a monthly administration fee specific service for coverage changes, cash withdrawals, and policy surrenders.
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