Across
- 3. A 31-day _____ _____ is provided after the premium due date to allow a Policy Owner to make payment without a lapse in coverage
- 7. A cash value product that is characterized by flexible premiums, flexible face value amount and flexible death benefit
- 10. Once a policy lapses, a Policy Owner can apply for ______ by completing an application and prove insurability
- 15. A provision that provides for a Policy Owner to review and cancel their policy for a full refund
- 17. The privilege that allows a Policy Owner to purchase a cash value life insurance policy without evidence of insurability
- 18. Covers the Insured for a specified period of time
- 20. _______ Death Benefit (ACDB) is a benefit/rider that provides the opportunity for an advance payment of death benefit proceeds if the Insured has 24 months or less to live
- 21. Guaranteed ______ Benefit (GIB) provides an opportunity for an Insured to purchase additional insurance at specific ages/events without proving insurability
- 23. Provides life insurance coverage for the Insured’s entire lifetime
- 24. An exclusion that states if the Insured dies from _____ within 2 years of policy issue, the company is not required to pay a death benefit
Down
- 1. ______ Death Benefit (ADB) provides an additional death benefit payable if the Insured dies as a result of an accident
- 2. The cash value of a life insurance policy is typically less in the early years because a ______ _____ is assessed to account for the Insurers incurred expenses
- 4. ______ ______ is required at the time a policy is purchased
- 5. An assignment that transfers SOME rights of a policy to another individual/entity is considered a ________ Assignment
- 6. An amount to be paid for an insurance policy
- 8. Waiver of Premium for _____ benefit provides that the company will waive the premiums on a life insurance policy if the Insured becomes totally disabled
- 9. The individual second in line to receive death benefit proceeds is referred to as the _______ beneficiary
- 11. A _____ misrepresentation is false or misleading information that may have impacted an Insurers underwriting decision if the information provided had been accurate
- 12. Insured age as of nearest birthday
- 13. Reduced Paid Up Insurance, Extended Term Insurance and Automatic Premium Loan are all examples of ___-_______ options
- 14. Higher likelihood of individuals in poor health to seek insurance at a greater degree
- 16. A Whole Life Pay to 65 policy is considered a _____ ___ whole life policy
- 19. On a life insurance policy, ______ are an excess of an Insurer’s surplus that is payable on all participating policies
- 22. A cash value policy has a _____ provision available; this provision allows the Policy Owner to access the policy values by using the value of the policy as collateral