human value approach looks at what?
just the amount of income loss only from death of breadwinner
need based approach looks at what?
looks at everything:
death costs
income replacement
education for children
continuing income for spouse
max days to pay a claim in life insurance?
- should be paid when?
60 days max to pay claim
- should be paid immediately
Universal life (flexible policies) - cash value hits 0$ grace period?
30 - 60 days
variable life insurance free look period
45 days
variable life insurance policy conversion time window to original policy?
within 2 year
variable life insurance grace period for premiums?
31 days
can withdraw or loan up to how much cash value in a variable life account?
75%
family income poilcies combine what two types?
- starts from when?
whole life and decreasing term
decreasing term starts FROM policy issue date
family maintenance policy combines what two types?
starts when?
whole life(permanent) and level term
starts from TIME OF DEATH
family policies combines what?
- amounts for others?
permanent plan for insured
term for insurance of dependents
spouse= 1/4 amount children = 1/5 amount until stated age and then can covert WITHOUT showing insurability
junenville policies for minors under what age?
15 years old
jumping juvenile policies increase by what amount and at what age?
insurability and premiums?
5x the amount at age 21
no insurability and no premium increase
modified premium plan vs graded premium plan?
modified = cheap early, ONE premium increase and remains that forever
graded= increasing premiums each year for 5-10 years and then remains that forever
index linked life insurance is linked to what?
protect against inflation
linked to CPI
accident death (double indemnity) rider …. and dismemberment
- provides what?
- how many days for accident to count?
- double death benefit (face value times 2) IF DEATH BY ACCIDENT or for the dismemberment = TWO limbs or blindness
- death/ dismember at time of accident or within 90 days
waiver of premium does what?
- waiting period to be eligible?
what about universal flexible premiums?
- no premium payments needed during time when totally and permanently disabled
- 3 - 6 months
- waves ONLY the amount of annual minimum premium
guaranteed insurability rider
- days to elect coverage option?
- every how many years?
- insurbailtiy?
- age limits?
- amounts?
90 days every 3 years no proof of insurability 25-40 up to original face amount
policy loan provision says cash value must be in policy after minimum how many years?
3 years
life lawsuits against insurer must be filed within how long?
1 year
annuity penalty for withdrawing early?
- amount?
- age you must be before being able to withdraw without penalty?
10%
59.5 years old
group life conversion time frame after termination?
31 days
federal group employee life insurance
- amount?
1 year salary
Social security life benefits; Retired worker
- worker gets - at 65?, at earliest age?
- spouse caring for child?
- spouse for themselves?
- children themselves?
100% pia, 62 gets 80%
- 50% to spouse caring for child under 18 or disabled before 22
- 100% for themselves
- unmarried child gets 50% until 18 or disabled before 22
