Chapter 8- Policy Rider Flashcards
(24 cards)
If insured becomes totally and permanently disable due to illness or injury prior to a specific age company will waive its right to receive premium. Premiums will be waive for duration of disability or until 65. Does not have to repay premium. Usually after 6 months of disability it will be effective
Waiver of premium
Waiver of cost of insurance rider
Waiver of premium for UL. Will waive cost of insurance and administrative charges.
Waiver of premium for UL. Will waive cost of insurance and administrative charges.
Waiver of premium rider
Waiver of premium
If insured becomes totally and permanently disable due to illness or injury prior to a specific age company will waive its right to receive premium. Premiums will be waive for duration of disability or until 65. Does not have to repay premium. Usually after 6 months of disability it will be effective
Disability income benefit
Waiver of premium and monthly income to totally disable insured
Waiver of premium and monthly income to totally disable insured
Disability income benefit
Pryor benefit (juvenile insurance)
Waives policy premium if owner is totally disabled or death. Waiver until a specified age usually 21 or 25 then payments are picked up without repayments
Waives policy premium if owner is totally disabled or death. Waiver until a specified age usually 21 or 25 then payments are picked up without repayments
Payor benefit (juvenile insurance)
Accelerated (living) benefit rider
In the event of terminal illness insurer agrees to advance payment of death benefit in whole or in part. Rider specifies how. Lowers death benefit.
In the event of terminal illness insurer agrees to advance payment of death benefit in whole or in part. Rider specifies how. Lowers death benefit.
Accelerated (living) benefit rider
Spouse/children insurance rider
Allows addition of insured spouse children to be added to policy and also same goes for spouse. If both spouse and children the family insurance rider is used.
Allows addition of insured spouse children to be added to policy and also same goes for spouse. If both spouse and children the family insurance rider is used.
Spouse/children insurance rider
Accidental death benefit
Additional death benefit if insured dies in an accident. Normally double the face amount. Sometimes more. Must occur before age 70 and death must occur 90 days after accident.
Additional death benefit if insured dies in an accident. Normally double the face amount. Sometimes more. Must occur before age 70 and death must occur 90 days after accident.
Accidental death benefit rider
Guaranteed insurability rider
Owner is guaranteed the ability to purchase insurance at specified ages without underwriting. Amount and when is specified.
Owner is guaranteed the ability to purchase insurance at specified ages without underwriting. Amount and when is specified.
Guaranteed insurability rider
Cost of living rider
Protects owner again events like inflation of face amount by slowing owner to increase death benefit to match the consumer price index. Will increase premium. Do not go through underwritting.
Protects owner again events like inflation of face amount by slowing owner to increase death benefit to match the consumer price index. Will increase premium. Do not go through underwritting.
Cost of living rider
Return of premium rider
Increasing term insurance. Pays additional benefit to beneficiary equal to the sum of premiums paid to date.
Increasing term insurance. Pays additional benefit to beneficiary equal to the sum of premiums paid to date.
Return of premium rider
Return of cash value rider
Increasing term insurance. Pays additional benefit equal to cash value of the base whole life policy at time of death.
Increasing term insurance. Pays additional benefit equal to cash value of the base whole life policy at time of death.
Return of cash value rider
Term rider
Term insurance can be combined with permanent base policy as a rider. Trying to have both. Increase value.
Term insurance can be combined with permanent base policy as a rider. Trying to have both. Increase value.
Term rider
