C.23 Life insurance (individual and group) Flashcards

A life insurance policy that provides coverage for a specified period, typically 10, 20, or 30 years, with no cash value accumulation.

A permanent life insurance policy with fixed premiums, lifelong coverage, and a cash value component that grows over time.

A flexible permanent life insurance policy that allows adjustments to premiums and death benefits, with a cash value that earns interest.

A type of permanent life insurance where the cash value is invested in sub-accounts, similar to mutual funds, and fluctuates based on market performance.

Life insurance coverage provided by an employer or organization, typically offered at lower rates and sometimes without medical underwriting.

The amount paid to beneficiaries upon the insured’s death, typically income-tax-free.

The amount a policyholder receives if they cancel a permanent life insurance policy before death, based on accumulated cash value minus fees.

A loan taken against the cash value of a permanent life insurance policy, usually with interest but without credit checks.

A provision that allows the policyholder to access a portion of the death benefit if diagnosed with a terminal illness.

A term life insurance policy that allows the policyholder to convert it into a permanent policy without new medical underwriting.