《风险管理与保险原理 课后题答案part16》由会员分享，可在线阅读，更多相关《风险管理与保险原理 课后题答案part16（4页珍藏版）》请在金锄头文库上搜索。
1、54CHAPTER 16Loss of LifeTYPES OF LIFE INSURANCETerm InsuranceDuration of Term CoverageCoverage Options and GuaranteesFace Amount VariabilityWhole Life InsuranceUniversal Life InsuranceOther Types of Life InsuranceVariable LifeVariable Universal LifeModified LifeEndowmentIndustrial LifeCredit LifeINC
2、OME TAX TREATMENT OF LIFE INSURANCEPremiumsDeath BenefitsCash ValuesLIFE INSURANCE CONTRACT PROVISIONSIncontestability ClauseSuicide ClauseMisstatement of Age or SexEntire Contract ClauseAssignmentsDividend OptionsCash or Payment of PremiumAccumulation at InterestPaid-Up AdditionsOne-Year Term Optio
3、nNonforfeiture OptionsCash Value OptionPaid-Up Insurance OptionExtended-Term OptionPolicy LoansBeneficiary DesignationExcluded Causes of DeathSettlement OptionsLump-Sum OptionFixed-Period OptionFixed-Amount OptionInterest OptionLife Income OptionsCoverage Extension OptionsWaiver of Premium BenefitAc
4、cidental Death BenefitAccelerated Death BenefitChapter 16: Loss of Life 55Spendthrift Trust ClauseGrace Period and Reinstatement ClausesKEY TERMS AND CONCEPTS Accelerated death benefitAccidental death benefitAssignAutomatic premium loan provisionAviation hazard exclusionBeneficiaryCash valueCash val
5、ue optionCommon disaster clauseContingent beneficiariesConvertibleCost-of-living riderCredit life insuranceDebit insuranceDecreasing termEndowment insuranceEntire contract clauseExtended-term optionFace amountFixed-amount optionFixed-period optionGrace period clauseGuaranteed insurability riderHome
6、service lifeIncontestability clauseIncreasing termIndustrial lifeInside buildupInterest optionIrrevocable beneficiaryLevel termLife insuranceLimited-pay lifeLiving benefit optionLong-term care riderLump-sum optionMisstatement-of-age clauseMisstatement-of-sex clauseModified endowment contractsModifie
7、d lifeNonforfeiture optionsOne-year term optionPaid-up additions optionPaid-up insurance optionParticipatingReinstatement clauseRenewable termRevocable beneficiarySettlement optionsSeven-pay testSingle-premium lifeSpendthrift trust clauseStraight lifeStraight termSuicide clauseTen-year certain perio
8、dTerm insuranceTwenty-pay lifeType A universal lifeType B universal lifeUniversal lifeVariable life insuranceVariable universal lifeWaiver of premium benefitWar hazard exclusionWhole life insuranceANSWERS TO QUESTIONS FOR REVIEW AND DISCUSSION1. The three major types of life insurance sold are term,
9、 whole life, and universal. Term insurance is designed to provide protection if an insured dies within a stated period of time. Whole life insurance is designed to be kept in force throughout the life of the insured and includes a cash value element. Universal life insurance is similar to whole life
10、 in that it is designed to be kept in force throughout the life of the insured and includes a cash value element, but universal life also includes flexibility in the amount of the premiums paid and sometimes in the amount of the death benefits.2. Renewable term is a type of term insurance that guara
11、ntees renewability without regard to the health of the insured. This form of insurance can be desirable for an individual who needs a large amount of coverage over a period of several years because a large face amount is relatively inexpensive when compared to other forms of insurance. Another impor
12、tant feature is its renewability. The insured can renew the policy at the end of each policy period until the need no longer exists for the coverage.3. Convertible term insurance can be converted at the policyholders option into a permanent form of coverage. This form of insurance may be desirable f
13、or a person who has a need for a large amount of insurance now and is concerned that his or her health may decline in the future. In this case, the individual could purchase a large amount of coverage at a relatively low price but retain the option to convert the policy to a more permanent form at a
14、 later time.Chapter 16: Loss of Life564. Level term is a form of term insurance in which the face amount does not change over time.5. The cash value is a savings element contained in some forms of life insurance contracts. It is composed of a portion of each premium payment and the investment earnin
15、gs on these funds. Cash values are refunded to the insured if the policy is terminated prior to death. The insured can generally borrow an amount equal to the cash value from the insurer.6. a. People who experience health problems that might prevent them from obtaining other insurance at a comparabl
16、e price are more likely to renew their policies.b. People who experience health problems that might prevent them from obtaining other insurance at a comparable price are more likely to exercise their right to increase the amount of coverage.c. People who experience health problems that might prevent them from obtaining other insurance at a comparable price are more likely to exercise their right to increase the amount of coverage using a term policy with a cost-of-living r
