Arizona Life Insurance Exam - Life Insurance Policies Questions Well Answered.
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Course
Arizona Life and Health Insurance
Institution
Arizona Life And Health Insurance
Accumulate - Answer Build Up
Attained Age - Answer The insured's age at the time the policy is renewed or replaces
Cash Value - Answer A policy's savings element or living benefit
Deferred - Answer Withheld or postponed until a specified time or event in the future
Endow - Answe...
Arizona Life Insurance Exam - Life
Insurance Policies Questions Well
Answered.
Accumulate - Answer Build Up
Attained Age - Answer The insured's age at the time the policy is renewed or replaces
Cash Value - Answer A policy's savings element or living benefit
Deferred - Answer Withheld or postponed until a specified time or event in the future
Endow - Answer To have the cash value of a whole life policy reach the contractual face amount
Face Amount - Answer The amount of benefit stated in the life insurance policy
Fixed Life Insurance Products - Answer Contracts that offer guaranteed minimum or fixed benefits
Lapse - Answer Policy termination due to nonpayment of premium
Level Premium - Answer The premium that does not change throughout the life of a policy
Nonforfeiture Values - Answer Benefits in a life insurance policy that the policyowner cannot lose even
if the policy is surrendered or lapses
Policy Maturity - Answer In life policies, the time when the face value is paid out
Securities - Answer Financial instruments that may trade for value (like stocks, bonds)
, Variable Life Insurance Products - Answer Contracts in which the cash values accumulate based upon a
specific portfolio of stocks without guarantees of performance
Term Insurance - Answer Temporary protection that provides coverage for a specific period of time (also
known as pure life insurance)
Pure Death Protection - Answer -If the insured dies during the term, the policy pays the death benefit
to the beneficiary
-If the policy is canceled or expires prior to the insured's death, nothing is payable at the end of the term
-There is no cash value or other living benefits
Level Term - Answer Most common type of temporary protection purchased, this term insurance has a
death benefit that does not change throughout the term
Level Premium Term - Answer This term life insurance provides a level death benefit and a level
premium during the policy term
Annually Renewable Term - Answer This is the purest form of term insurance. The death benefit
remains level and the policy may be guaranteed to be renewable each year without proof of insurability,
but the premium increases annually according to the attained age
Re-entry Option - Answer The insured, upon the end of a term policy with a guaranteed renewable
option, may qualify for a discount premium rate with proof of insurability is known as ______________
Decreasing Term - Answer This term insurance features a level premium and death benefit that
decreases each year. It is primarily used when the amount of needed protection is time sensitive, such as
paying off a mortgage
Increasing Term - Answer This term insurance features a level premium and the death benefit increases
each year. It is primarily used to account for inflation and increasing cost of living
LID - Answer *L*evel Term
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