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6 Cards in this Set
- Front
- Back
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Interest Sensitive Whole Life
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Whole life plan written by stock insurance companies; int rates react to current MMR and effect CValue and Premiums
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Adjustable whole life
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Combo of term and whole life
Premium and face adjustable at any moment in the policy Policy can change from term to whole life and vice versaindetermine |
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Indeterminate premium policy
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Whole or term
Max guaranteed premium rates stated in the contract Current rates reflect current investment and mortality rates |
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Viatical Agreement
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Contract to sell an insurance policy
Between insured and 3rd party Sold for px estimate of pv of future death benefit, backing out pv est pv of premiums paid btw now and then |
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Cash value
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Surrender value / loan value
No of dollars per 1000 dollars of insurance the policy owner would obtain if they were to surrender/borrow against it |
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Reduced paid-up insurance
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Amount of insurance per 1000 dollars of the policy face amt, that the cash/loan value would purchase if the owner wanted to keep the policy in force but stop paying premiums
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