Life Insurance Definitions II

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Across
  1. 3. with term, this is the factor that converts annual premiums to smaller, more frequent payments
  2. 6. how much the insurance company charges for the cost of insurance and other related fees
  3. 7. the agreed amount the policy owner pays for the life insurance policy
  4. 8. age last birthday
  5. 10. How much the insurance agent gets paid – on a full pay policy, very close to the first year of premium paid
  6. 11. The individual who receives proceeds from a life insurance policy at the death of the insured
  7. 12. The return that some policyholders will receive as part of the distribution of a portion of an insurance company’s profits
  8. 13. An arrangement in which an insured pays a premium to an insurer and passes risk and obligations to said insurer
Down
  1. 1. the amount of money paid out at death
  2. 2. the difference between how much you pay in premiums versus how much the company charges gets placed into an interest-bearing account generating cash value
  3. 4. a life insurance policy that stays in force for a limited amount of time, then lapses
  4. 5. Someone who is at peak health – for example someone who runs every day, eats healthy, never sees the doctor
  5. 9. Early in the policy (about 10 to 20 years), companies will charge you for canceling the policy early