Across
- 2. Many whole life insurance policies are “participating,” which means they may receive _____. These can be used toward premium payments, to add to the cash value, or to increase the size of the death benefit of the insurance policy. These are not guaranteed, and their payment typically depends on the operating results of the insurance carrier. (MassMutual has paid _____ on qualifying policies since 1869.)
- 4. For Whole Life insurance, law requires that due to permanent life insurance policies building cash value, the owner must be vested in this value and the value must be available to the Owner, in the event the policy lapses before the policy is paid-up. A Policy lapses to its _____ at the end of the grace period due to non-payment of premiums if the policy does not have an Automatic Premium Loan (APL) provision, enough value to APL, or if the client requests to do so.
- 8. At time of lapse, net policy value, as of the paid-to date, is used to purchase a paid-up policy of the same type as the original policy with a reduced face amount or reduced income at maturity. _____ is a level amount of insurance for the lifetime of the insured, but for a reduced face amount, and with no additional premiums due.
- 10. The _____ allows the policyowner to purchase additional participating paid-up life insurance on the policy date of the base policy and on each policy anniversary without evidence of insurability, provided this rider is in effect.
- 13. The Technical and Miscellaneous Revenue Act of 1988 (TAMRA) created a category of life insurance policies referred to as _____. The purpose of this classification was to distinguish between policies purchased primarily for death benefit protection versus those that were purchased for federal income tax advantages. In other words, a _____ is a policy that was funded too rapidly. Once a policy is classified as one, it receives less advantageous federal income tax treatment than non-_____ life insurance policies.
- 15. The _____ Rider, available at no additional cost, allows the policyowner to receive an advance of policy death benefits when MassMutual receives satisfactory proof that the insured has a terminal illness, expected to result in death within a stated time frame, typically 12 or 24 months. The funds may be used for any purpose, but typically will be used to pay medical and living expenses of the insured.
- 16. With _____ insurance, you’re guaranteed a death benefit, and you’re able to build cash value over time. Your cash value grows tax deferred so it’s there when you need it. In addition, you have the opportunity to earn dividends, which are not guaranteed.
- 18. A _____ is an amendment to an insurance policy that becomes a part of the insurance contract and expands or limits the benefits payable.
Down
- 1. A _____ policy from MassMutual can help protect your loved ones in the event of your passing. There are two main types of life insurance: term and permanent.
- 3. ____ life provides you affordable, convenient coverage for a certain amount of time –– the _____ during which you pay your premiums –– and it is often convertible to a permanent policy.
- 5. The _____ guarantees policy owners the right to purchase a specified amount of insurance without evidence of insurability on election option dates. Regular Option Dates occur on the policy anniversaries nearest insured’s ages 25, 28, 31, 34, 37, 40, 43 and 46, if they are subsequent to the attachment date of the rider.
- 6. Annual dividend earned remains in the policy to accumulate at interest.
- 7. If this provision is enabled on a policy, an _____ will be automatically initiated when premium payment is unpaid for 62+ days and the total cash value on the policy is greater than or equal to two months premiums.
- 9. _____ are payments paid towards a life insurance policy to keep the policy in force in exchange for life insurance coverage.
- 11. Annual dividend used to purchase paid-up additional insurance.
- 12. A client can request a _____ to borrow against the cash value in a whole life insurance policy at any time and for any reason. Borrowing against the cash value of a life insurance policy reduces its value and death benefit.
- 14. The _____ Rider provides that premiums for the base policy and riders will be waived if the insured becomes totally disabled, as described in the rider.
- 17. At time of lapse, net policy value, as of paid-to date, is used to carry basic death benefit for as long as amount will purchase on term basis. Loans cannot remain outstanding if lapsing to _____. _____ is a level amount of insurance for a limited period of time. The amount of insurance is the policy's face amount, plus any dividend accumulations and paid-up additions, less any policy debt. The cash surrender value on the date of lapse determines the period of time _____ insurance will be provided. The insurance terminates at the end of this period.