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Universal Life > Products > Flashcards

Products Flashcards

1
Q

What type of product is FlexLife?

A

Indexed Universal Life

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2
Q

What is our bread and butter product?

A

FlexLife

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3
Q

What is the focus of FlexLife?

A

Building cash value of the policy for retirement

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4
Q

When do bonuses begin for FlexLife?

A

Year 6

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5
Q

Which universal life product is for high net worth individuals?

A

PeakLife

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6
Q

What type of product is PeakLife?

A

Indexed Universal Life

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7
Q

What is the focus of PeakLife?

A

Building cash value of the policy for retirement for high net worth people

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8
Q

What is the Benefit Distribution Option Rider?

A

Allows death benefit to be spread over a duration of 10-30 years

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9
Q

What is the Death Benefit Protection Rider?

A

Guaranteed death benefit protection for a limited period - up to 30 years

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10
Q

What is the Overloan Protection Rider?

A

Offers protection against policy lapse

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11
Q

What is the systematic Allocation Rider?

A

It is for large annual premiums to balance interest rate fluctuations

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12
Q

What are the 6 crediting strategies on FlexLife?

A

1.Fixed, 2. SP PtP with cap, 3. SP PtP with par, 4. SP PtP with cap and 1% floor, 4. Hang Seng with cap, 5. Credit Suisse Ptp no cap

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13
Q

What are the ages and max money brackets for EZ Underwriting on FlexLife?

A

18-50 up to 2M, 51-60 up to 1M, 61-65 up to 250k

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14
Q

Issue ages for FlexLife

A

0-85

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15
Q

On flexLife how many rate classifications are there and what are the main features?

A

9, Elite, Preferred, Select, Standard, Express, Tobacco, Smoker

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16
Q

What is the face amount?

A

The guaranteed death benefit

17
Q

What is the gap between the account value and the death benefit called?

A

the corridor factor

18
Q

What is the death benefit that is paid equal to?

A

To the max of the calculated death benefit and the face amount

19
Q

What is basis refer to?

A

The portion of the cash surrender that consists of premium paid into the policy

20
Q

What are amounts above the basis called?

A

Gains

21
Q

What are the 2 Insurance Premium Tests called?

A
  1. Guideline Premium Test (GPT)

2. Cash Value Accumulation Test (CVAT)

22
Q

On FlexLife what % is the Percent of Premium Expense Charge?

A

6%

23
Q

On FlexLife what 5 things make up the Monthly Deduction?

A

The monthly cost of insurance, the expense charge, the policy fee, the percent of accumulated value charge, plus any fees for additional benefit riders

24
Q

On FlexLife how much is the monthly policy fee?

A

$6 per month

25
Q

What is the monthly expense charge?

A

This is a charge on the face amount and additional protection benefit sum insured.

26
Q

How much is the monthly percent of accumulated value charge and for how long?

A

3 bps of accumulated value per month for the first 25 years on a current basis, all years on a guaranteed basis

27
Q

How do you calculate the monthly cost of insurancec?

A

Equal to the applicable Monthly Cost of Insurance Rate multiplied by the Net Amount of Risk.

28
Q

What is the net amount at risk?

A

Is the death benefit plus any debt to the company minus the accumulated value

29
Q

The Terminal Illness accelereated payment can be made if the insured is suffering from a terminal illness that will result in death within how many months?

A

24 months

30
Q

The Option A death benefit is what?

A

Level

31
Q

The Option B death benefit is what?

A

Increasing

32
Q

Under Option A, the death benefit is equal to?

A

The greater of the face amount, or the accumulated value multiplied by the applicable corridor factor

33
Q

Under Option B, the death benefit is equal to?

A

The greater of the face amount plus the accumulated value or the accumulated value multiplied by the corridor factor

34
Q

What is an incontestability clause?

A

Is a clause that prevents the life insurance company from voiding coverage due to a misstatement by the insured after a specific amount of time has passed.

35
Q

What forms can charges be in?

A

Dollar per unit
Flat Fee
% of AV

Universal Life (2 decks)

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