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Kentucky Life Insurance Exam Study Guide with complete solutions | Latest 2025/2026 Update, Exams of Insurance law

University of Kentucky (UK)Insurance law

Kentucky Life Insurance Exam Study Guide with complete solutions | Latest 2025/2026 Update.

Typology: Exams

2024/2025

Available from 07/02/2025

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Kentuckyi,-Lifei,-Insurancei,-Exami,-Studyi,-

Guidei,-withi,-completei,-solutionsi,-|i,-Latesti,-

2025/2026i,-Update.

Aleatoryi,-Contracti,-i,- i,-ai,-contracti,-wherei,-thei,-valuesi,-exchangedi,-

mayi,-noti,-bei,-equali,-buti,-dependi,-oni,-ani,-uncertaini,-event

Contractsi,-ofi,-Adhesioni,-i,- i,-One-sidedi,-ini,-regardsi,-toi,-preparationi,-

(preparedi,-byi,-thei,-insurer)

Contracti,-ofi,-Utmosti,-Goodi,-Faithi,-i,- i,-Bothi,-partiesi,-bargaini,-ini,-goodi,-

faithi,-wheni,-formingi,-andi,-enteringi,-intoi,-thei,-contract.i,-Thei,-twoi,-

partiesi,-relyi,-uponi,-thei,-statementsi,-andi,-promisesi,-ofi,-thei,-otheri,-andi,-

assumei,-noi,-attempti,-toi,-conceali,-ori,-deceivei,-hasi,-beeni,-made.

Executoryi,-Contracti,-i,- i,-Ai,-contracti,-thati,-hasi,-noti,-yeti,-beeni,-fullyi,-

performed.

Mortalityi,-Ratei,-i,- i,-Determinedi,-byi,-dividingi,-thei,-averagei,-numberi,-

ofi,-peoplei,-whoi,-willi,-diei,-eachi,-yeari,-ati,-eachi,-agei,-byi,-thei,-entirei,-

populationi,-ofi,-peoplei,-thati,-agei,-(1980i,-CSOi,-table)

Partial preview of the text

Download Kentucky Life Insurance Exam Study Guide with complete solutions | Latest 2025/2026 Update and more Exams Insurance law in PDF only on Docsity!

Kentuckyi,-Lifei,-Insurancei,-Exami,-Studyi,-

Guidei,-withi,-completei,-solutionsi,-|i,-Latesti,-

2025/2026i,-Update.

Aleatoryi,-Contracti,-i,- i,-ai,-contracti,-wherei,-thei,-valuesi,-exchangedi,-

mayi,-noti,-bei,-equali,-buti,-dependi,-oni,-ani,-uncertaini,-event

Contractsi,-ofi,-Adhesioni,-i,- i,-One-sidedi,-ini,-regardsi,-toi,-preparationi,-

(preparedi,-byi,-thei,-insurer)

Contracti,-ofi,-Utmosti,-Goodi,-Faithi,-i,- i,-Bothi,-partiesi,-bargaini,-ini,-goodi,-

faithi,-wheni,-formingi,-andi,-enteringi,-intoi,-thei,-contract.i,-Thei,-twoi,-

partiesi,-relyi,-uponi,-thei,-statementsi,-andi,-promisesi,-ofi,-thei,-otheri,-andi,-

assumei,-noi,-attempti,-toi,-conceali,-ori,-deceivei,-hasi,-beeni,-made.

Executoryi,-Contracti,-i,- i,-Ai,-contracti,-thati,-hasi,-noti,-yeti,-beeni,-fullyi,-

performed.

Mortalityi,-Ratei,-i,- i,-Determinedi,-byi,-dividingi,-thei,-averagei,-numberi,-

ofi,-peoplei,-whoi,-willi,-diei,-eachi,-yeari,-ati,-eachi,-agei,-byi,-thei,-entirei,-

populationi,-ofi,-peoplei,-thati,-agei,-(1980i,-CSOi,-table)

Functionsi,-ofi,-Lifei,-Insurancei,-i,- i,-Createi,-ani,-immediatei,-estate,i,-

requiresi,-noi,-managementi,-ori,-physicali,-upkeep,i,-paidi,-ini,-installments,i,-

cani,-bei,-usedi,-asi,-collateral

Finali,-Expensesi,-i,- i,-Medicali,-andi,-funerali,-expenses,i,-outstandingi,-

debts

Elementsi,-ofi,-ai,-Contracti,-i,- i,-Competenti,-parties,i,-legali,-purpose,i,-

offeri,-andi,-acceptance,i,-consideration

Waiveri,-i,- i,-Voluntaryi,-givingi,-upi,-ofi,-ai,-knowni,-righti,-ori,-privilege,i,-cani,-

bei,-expressi,-ori,-implied

Estoppeli,-i,- i,-Ai,-personi,-isi,-prohibitedi,-byi,-virtuei,-ofi,-hisi,-owni,-pasti,-

actionsi,-fromi,-claimingi,-ai,-righti,-thati,-wouldi,-worki,-toi,-thei,-detrimenti,-ofi,-

anotheri,-whoi,-reliedi,-oni,-thei,-pasti,-conduct

Totali,-Needsi,-Approachi,-i,- i,-Totalingi,-thei,-amounti,-requiredi,-toi,-payi,-

fori,-currenti,-andi,-futurei,-expenses

Livingi,-Benefitsi,-ofi,-Lifei,-Insurancei,-i,- i,-Loani,-valuei,-(cani,-bei,-usedi,-asi,-

collateral,)i,-retirementi,-benefits

Singlei,-Premiumi,-Wholei,-Lifei,-i,- i,-Policyi,-isi,-completelyi,-paidi,-upi,-afteri,-

onei,-premium,i,-policyholderi,-paysi,-lessi,-thani,-ifi,-premiumsi,-stretchedi,-

outi,-overi,-severali,-years

Modifiedi,-Endowmenti,-Contracti,-(MEC)i,-i,- i,-TAMRA:i,-Alli,-singlei,-

premiumi,-policies,i,-anyi,-policyi,-thati,-doesi,-noti,-satisfyi,-thei,- 7 - payi,-testi,-

//i,-moneyi,-takeni,-fromi,-thei,-policyi,-isi,-taxedi,-asi,-ordinaryi,-incomei,-//i,-ifi,-

policyi,-owneri,-isi,-youngeri,-thani,- 59 i,-1/2i,-andi,-noti,-disabledi,-10%i,-

penaltyi,-isi,-assigned

Jointi,-Lifei,-Policiesi,-i,- i,-First-to-die,i,-contracti,-comesi,-toi,-ani,-endi,-ati,-

thei,-firsti,-death,i,-noi,-furtheri,-insurancei,-protectioni,-fori,-thei,-otheri,-

personi,-ori,-personsi,-coveredi,-byi,-thei,-policy

Survivorshipi,-Policiesi,-i,- i,-Second-to-die,i,-coversi,- 2 i,-livesi,-andi,-

guaranteesi,-paymenti,-onlyi,-wheni,-secondi,-insuredi,-dies

Adjustablei,-Lifei,-Policiesi,-i,- i,-Policyholderi,-cani,-adjusti,-facei,-amounti,-

ofi,-policy,i,-amount/frequencyi,-ofi,-premiumi,-payments,i,-periodi,-ofi,-

insurancei,-protection

Universali,-Lifei,-Insurancei,-i,- i,-Flexiblei,-premium,i,-adjustablei,-deathi,-

benefits,i,-accumulatesi,-cashi,-values:i,-earlieri,-modelsi,-havei,-front-endi,-

load,i,-lateri,-modelsi,-havei,-backi,-endi,-load.i,-Insurancei,-costsi,-arei,-

debitedi,-andi,-guaranteedi,-andi,-excessi,-interesti,-arei,-credited.

Universali,-Lifei,-Deathi,-Benefiti,-Optioni,-Ai,-i,- i,-Leveli,-deathi,-benefiti,-

throughouti,-lifei,-ofi,-policyi,-(cani,-bei,-increasedi,-withi,-proofi,-ofi,-

insurability,i,-cani,-alsoi,-bei,-reduced.)

Universali,-Lifei,-Deathi,-Benefiti,-Optioni,-Bi,-i,- i,-Increasingi,-deathi,-

benefiti,-madei,-upi,-ofi,-thei,-policyi,-facei,-valuei,-plusi,-cashi,-valuei,-account

Riski,-Corridori,-i,- i,-Thei,-minimumi,-separationi,-betweeni,-thei,-cashi,-

valuei,-andi,-deathi,-benefit.

Partiali,-Withdrawali,-i,- i,-Permanenti,-deductioni,-ofi,-thei,-cashi,-valuei,-

andi,-cannoti,-bei,-reversed,i,-noi,-interesti,-creditedi,-ori,-paid,i,-repaymenti,-

treatedi,-asi,-premiumi,-payment

Cashi,-Valuei,-ofi,-ULPi,-$0i,-i,- i,-Contracti,-expires,i,-policyi,-goesi,-intoi,-gracei,-

period,

Variablei,-Lifei,-i,- i,-Securitiesi,-based,i,-wholei,-life,i,-NASDi,-registrationi,-

required,i,-separatei,-accounti,-holdsi,-assets,i,-fluctuatingi,-deathi,-benefiti,-

buti,-neveri,-belowi,-ai,-guaranteedi,-minimumi,-(facei,-amounti,-ofi,-policy,)i,-

buti,-noi,-guaranteedi,-CV,i,-traditionallyi,-ai,-fixedi,-premium

Renewablei,-Termi,-i,- i,-Insurancei,-whichi,-can,i,-ati,-thei,-electioni,-ofi,-thei,-

policyowner,i,-bei,-renewedi,-ati,-thei,-endi,-ofi,-ai,-termi,-attainedi,-agei,-

withouti,-evidencei,-ofi,-insurabilityi,-withini,-ai,-timei,-limiti,-(commonlyi,- 30 i,-

days)

Interimi,-Termi,-i,- i,-Interimi,-termi,-coveragei,-providesi,-instantaneousi,-

coveragei,-andi,-isi,-intendedi,-fori,-peoplei,-whoi,-plani,-oni,-purchasingi,-

permanenti,-lifei,-insurancei,-coveragei,-withini,-onei,-year,i,-noi,-proofi,-ofi,-

insurability,i,-ati,-attainedi,-age,i,-builti,-ini,-timei,-limit

Familyi,-Incomei,-Policiesi,-i,- i,-Incomei,-isi,-paidi,-uponi,-deathi,-ofi,-familyi,-

breadwinner,i,-combinationi,-ofi,-permanenti,-andi,-decreasingi,-termi,-

coverage,i,-childreni,-arei,-addedi,-withouti,-additionali,-premiumi,-andi,-

cani,-converti,-ati,-specifiedi,-agei,-withouti,-proofi,-ofi,-insurability.i,-Benefiti,-

durationi,-lastsi,-noti,-startingi,-fromi,-deathi,-buti,-fromi,-wheni,-policyi,-wasi,-

purchased.

Familyi,-Maintenancei,-Policiesi,-i,- i,-Combinationi,-ofi,-leveli,-termi,-andi,-

permanenti,-policies,i,-incomei,-providedi,-startingi,-fromi,-insured'si,-

death

Jumpingi,-Juvenilei,-Policyi,-i,- i,-Purchasedi,-byi,-parent,i,-thei,-childi,-

reachesi,-agei,-21,i,-coveragei,-increasesi,-toi,-fivei,-timesi,-thei,-facei,-amount,i,-

premiumsi,-remaini,-thei,-samei,-andi,-noi,-evidencei,-ofi,-insurabilityi,-isi,-

required.

Industriali,-Lifei,-Insurancei,-i,- i,-Ai,-typei,-ofi,-insurancei,-ini,-whichi,-thei,-

policiesi,-arei,-soldi,-ini,-smalli,-amountsi,-andi,-ani,-agenti,-ofi,-thei,-companyi,-

collectsi,-thei,-premiumsi,-ati,-thei,-insured'si,-homei,-usuallyi,-monthlyi,-ori,-

weeklyi,-(byi,-homei,-servicei,-companies)

Monthlyi,-Debiti,-Ordinaryi,-Policyi,-i,- i,-Higheri,-premiumi,-amountsi,-buti,-

paidi,-monthlyi,-andi,-collectedi,-ati,-policyowner'si,-homei,-ori,-byi,-maili,-ori,-

banki,-account

Annuitiesi,-i,- i,-Ai,-fixedi,-sumi,-ofi,-moneyi,-paidi,-toi,-someonei,-eachi,-year,i,-

typicallyi,-fori,-thei,-resti,-ofi,-theiri,-life.

Annuitanti,-i,- i,-Thei,-personi,-whoi,-receivesi,-thei,-paymentsi,-fromi,-ani,-

annuity

Beneficiaryi,-i,- i,-Receivesi,-anyi,-survivori,-benefitsi,-payablei,-underi,-thei,-

annuityi,-oni,-thei,-deathi,-ofi,-thei,-annuitant

Fixedi,-Annuityi,-i,- i,-Specifiesi,-ai,-fixed,i,-guaranteedi,-minimumi,-ratei,-ofi,-

interesti,-paidi,-oni,-thei,-principlei,-amounti,-investedi,-ini,-thei,-annuity,i,-

taxesi,-arei,-deferredi,-duringi,-accumulationi,-period

Deferredi,-Annuitiesi,-i,- i,--i,-Cani,-bei,-fundedi,-throughi,-eitheri,-thei,-singlei,-

premiumi,-paymenti,-ori,-throughi,-periodici,-premiumi,-payments

i,-Begini,-payouti,-ati,-sometimei,-ini,-thei,-future

Singlei,-Premiumi,-Annuityi,-i,- i,-Ani,-Annuityi,-purchasedi,-withi,-onei,-

lump-sumi,-payment,i,-generallyi,-withi,-afteri,-taxi,-dollars,i,-annuityi,-isi,-

paidi,-ini,-ai,-seti,-amounti,-ini,-period

Leveli,-Premiumi,-Annuityi,-i,- i,-Annuitanti,-agreesi,-toi,-makei,-monthlyi,-

paymentsi,-ini,-leveli,-amountsi,-intoi,-thei,-annuityi,-duringi,-thei,-

accumulationi,-period.

Flexiblei,-Premiumi,-i,- i,-Ai,-policyi,-featurei,-thati,-allowsi,-thei,-

policyholderi,-toi,-varyi,-premiumi,-paymentsi,-ini,-thei,-amounti,-and/ori,-

timing.

Premiumi,-Determinationi,-i,- i,-Annuitant'si,-age

Annuitant'si,-sex

Assumedi,-interesti,-rate

Incomei,-amounti,-andi,-paymenti,-guarantee

Loadingi,-fori,-companyi,-expenses

Accumulationi,-Unitsi,-i,- i,-Ai,-variablei,-annuityi,-contracti,-owner'si,-

interesti,-ini,-thei,-separatei,-accounti,-priori,-toi,-annuitization,i,-boughti,-byi,-

thei,-neti,-purchasei,-payment

Annuityi,-Uniti,-i,- i,-Thei,-numberi,-ofi,-annuityi,-unitsi,-denotesi,-thei,-sharei,-

ofi,-thei,-fundsi,-ani,-annuitanti,-willi,-receivei,-fromi,-ai,-variablei,-annuityi,-

accounti,-afteri,-thei,-accumulationi,-periodi,-endsi,-andi,-benefitsi,-begin.i,-Ai,-

formulai,-isi,-usedi,-toi,-converti,-accumulationi,-unitsi,-toi,-annuityi,-units.i,-

Fixedi,-numberi,-ini,-amount,i,-buti,-paymenti,-varies.

Lifei,-Annuityi,-(noi,-refund)i,-i,- i,-Providesi,-ai,-lifei,-incomei,-toi,-thei,-

annuitanti,-onlyi,-whilei,-thei,-annuitanti,-remainsi,-alive

Refundi,-Lifei,-Annuityi,-i,- i,-Lifei,-annuityi,-payouti,-optioni,-ini,-whichi,-thei,-

annuitanti,-receivesi,-incomei,-fori,-lifei,-andi,-thei,-beneficiaryi,-willi,-receivei,-

thei,-balancei,-ofi,-premiumsi,-plusi,-interesti,-minusi,-benefitsi,-alreadyi,-

paidi,-wheni,-thei,-annuitanti,-dies.i,-Twoi,-types:i,-cashi,-refundi,-andi,-

installmenti,-refund.

Lifei,-Annuityi,-withi,-Periodi,-Certaini,-i,- i,-Ai,-Lifei,-Annuityi,-thati,-

guaranteesi,-toi,-providei,-incomei,-paymentsi,-fori,-ai,-minimumi,-periodi,-ofi,-

timei,-ori,-life.i,-Paymentsi,-willi,-continuei,-toi,-ai,-beneficiaryi,-shouldi,-thei,-

annuitanti,-diei,-duringi,-thei,-specifiedi,-period.

Changei,-ofi,-Policyi,-i,- i,-Ani,-agenti,-isi,-NEVERi,-permittedi,-toi,-makei,-ai,-

changei,-ini,-ai,-policy,i,-whetheri,-ati,-thei,-requesti,-ofi,-thei,-policyi,-owneri,-ori,-

fori,-somei,-otheri,-reason.i,-Onlyi,-authorizedi,-companyi,-officersi,-cani,-

makei,-changesi,-ori,-amendmentsi,-ini,-lifei,-insurancei,-policies,i,-andi,-suchi,-

changesi,-musti,-havei,-thei,-policyi,-owner'si,-acceptancei,-beforei,-theyi,-

takei,-effect.

Ten-Dayi,-Freei,-Looki,-i,- i,-Examinationi,-period,i,-commonlyi,- 10 i,-daysi,-

(30i,-daysi,-concerningi,-policyi,-replacement,)i,-beginningi,-thei,-dayi,-thei,-

policyowneri,-receivesi,-thei,-policy.i,-Ifi,-returnedi,-duringi,-thisi,-period,i,-thei,-

POi,-receivesi,-fulli,-refundi,-ofi,-alli,-premiumsi,-paid.i,-Ifi,-insuredi,-dies,i,-

beneficiaryi,-receivesi,-policyi,-proceeds.

Policyowner'si,-Rightsi,-i,- i,-incidencei,-ofi,-ownership

1.i,-namei,-thei,-beneficiary

2.i,-selecti,-ai,-settlementi,-option

3.i,-assigni,-thei,-policy

4.i,-utilizei,-cashi,-valuei,-toi,-obtaini,-ai,-loani,-ori,-cash

5.i,-entitledi,-toi,-cashi,-surrenderi,-value

6.i,-establishi,-premiumi,-schedule

7.i,-decidei,-howi,-toi,-usei,-dividendsi,-paidi,-byi,-thei,-company

8.i,-Withi,-convertiblei,-term,i,-cani,-converti,-thei,-policyi,-fromi,-termi,-toi,-

permanent

Note:i,-payingi,-premiumi,-ori,-beingi,-insuredi,-arei,-noti,-incidentsi,-ofi,-

ownership

Primaryi,-Beneficiaryi,-i,- i,-Thei,-personi,-whoi,-isi,-namedi,-asi,-firsti,-toi,-

receivei,-benefitsi,-fromi,-ai,-policy.

Contingenti,-Beneficiaryi,-i,- i,-Ani,-alternatei,-beneficiaryi,-designatedi,-toi,-

receivei,-thei,-policyi,-proceedsi,-ini,-thei,-eventi,-thati,-thei,-primaryi,-

beneficiaryi,-diesi,-beforei,-thei,-insured.

Revocablei,-Beneficiaryi,-i,- i,-thei,-policyholderi,-reservesi,-thei,-righti,-toi,-

changei,-thei,-beneficiaryi,-designationi,-withouti,-thei,-beneficiary'si,-

consent

Irrevocablei,-Beneficiaryi,-i,- i,-beneficiaryi,-cannoti,-bei,-changedi,-

i,-usedi,-byi,-banksi,-ori,-ini,-divorces
i,-ifi,-beneficiaryi,-wantsi,-thei,-contract,i,-hei,-cani,-geti,-it

thati,-thei,-insuredi,-asi,-welli,-asi,-thei,-originali,-beneficiaryi,-diesi,-asi,-thei,-

resulti,-ofi,-ai,-commoni,-accident.

Uniformi,-Simultaneousi,-Deathi,-Acti,-i,- i,-Iti,-directsi,-thati,-ini,-lifei,-

insurancei,-ifi,-thei,-insuredi,-andi,-thei,-primaryi,-beneficiaryi,-diei,-ati,-thei,-

samei,-timei,-thei,-policyi,-benefitsi,-arei,-payablei,-asi,-ifi,-thei,-insuredi,-

outlivedi,-thei,-beneficiary.

Spendthrifti,-Beneficiaryi,-i,- i,--Proceedsi,-paidi,-otheri,-thani,-ini,-ai,-lumpi,-

sum

Protectedi,-fromi,-creditorsi,-whilei,-heldi,-byi,-insurancei,-company
i,-Noi,-transferi,-ofi,-proceeds
i,-Noi,-continuationi,-ofi,-proceeds
i,-Noi,-encumberingi,-thei,-proceedsi,-(borrowingi,-oni,-strengthi,-ofi,-thei,-

Kentucky Life Insurance Exam Study Guide with complete solutions | Latest 2025/2026 Update, Exams of Insurance law

Related documents

Partial preview of the text

Download Kentucky Life Insurance Exam Study Guide with complete solutions | Latest 2025/2026 Update and more Exams Insurance law in PDF only on Docsity!

Kentuckyi,-Lifei,-Insurancei,-Exami,-Studyi,-

Guidei,-withi,-completei,-solutionsi,-|i,-Latesti,-

2025/2026i,-Update.

Aleatoryi,-Contracti,-i,- i,-ai,-contracti,-wherei,-thei,-valuesi,-exchangedi,-

mayi,-noti,-bei,-equali,-buti,-dependi,-oni,-ani,-uncertaini,-event

Contractsi,-ofi,-Adhesioni,-i,- i,-One-sidedi,-ini,-regardsi,-toi,-preparationi,-

(preparedi,-byi,-thei,-insurer)

Contracti,-ofi,-Utmosti,-Goodi,-Faithi,-i,- i,-Bothi,-partiesi,-bargaini,-ini,-goodi,-

faithi,-wheni,-formingi,-andi,-enteringi,-intoi,-thei,-contract.i,-Thei,-twoi,-

partiesi,-relyi,-uponi,-thei,-statementsi,-andi,-promisesi,-ofi,-thei,-otheri,-andi,-

assumei,-noi,-attempti,-toi,-conceali,-ori,-deceivei,-hasi,-beeni,-made.

Executoryi,-Contracti,-i,- i,-Ai,-contracti,-thati,-hasi,-noti,-yeti,-beeni,-fullyi,-

performed.

Mortalityi,-Ratei,-i,- i,-Determinedi,-byi,-dividingi,-thei,-averagei,-numberi,-

ofi,-peoplei,-whoi,-willi,-diei,-eachi,-yeari,-ati,-eachi,-agei,-byi,-thei,-entirei,-

populationi,-ofi,-peoplei,-thati,-agei,-(1980i,-CSOi,-table)

Functionsi,-ofi,-Lifei,-Insurancei,-i,- i,-Createi,-ani,-immediatei,-estate,i,-

requiresi,-noi,-managementi,-ori,-physicali,-upkeep,i,-paidi,-ini,-installments,i,-

cani,-bei,-usedi,-asi,-collateral

Finali,-Expensesi,-i,- i,-Medicali,-andi,-funerali,-expenses,i,-outstandingi,-

debts

Elementsi,-ofi,-ai,-Contracti,-i,- i,-Competenti,-parties,i,-legali,-purpose,i,-

offeri,-andi,-acceptance,i,-consideration

Waiveri,-i,- i,-Voluntaryi,-givingi,-upi,-ofi,-ai,-knowni,-righti,-ori,-privilege,i,-cani,-

bei,-expressi,-ori,-implied

Estoppeli,-i,- i,-Ai,-personi,-isi,-prohibitedi,-byi,-virtuei,-ofi,-hisi,-owni,-pasti,-

actionsi,-fromi,-claimingi,-ai,-righti,-thati,-wouldi,-worki,-toi,-thei,-detrimenti,-ofi,-

anotheri,-whoi,-reliedi,-oni,-thei,-pasti,-conduct

Totali,-Needsi,-Approachi,-i,- i,-Totalingi,-thei,-amounti,-requiredi,-toi,-payi,-

fori,-currenti,-andi,-futurei,-expenses

Livingi,-Benefitsi,-ofi,-Lifei,-Insurancei,-i,- i,-Loani,-valuei,-(cani,-bei,-usedi,-asi,-

collateral,)i,-retirementi,-benefits

Singlei,-Premiumi,-Wholei,-Lifei,-i,- i,-Policyi,-isi,-completelyi,-paidi,-upi,-afteri,-

onei,-premium,i,-policyholderi,-paysi,-lessi,-thani,-ifi,-premiumsi,-stretchedi,-

outi,-overi,-severali,-years

Modifiedi,-Endowmenti,-Contracti,-(MEC)i,-i,- i,-TAMRA:i,-Alli,-singlei,-

premiumi,-policies,i,-anyi,-policyi,-thati,-doesi,-noti,-satisfyi,-thei,- 7 - payi,-testi,-

//i,-moneyi,-takeni,-fromi,-thei,-policyi,-isi,-taxedi,-asi,-ordinaryi,-incomei,-//i,-ifi,-

policyi,-owneri,-isi,-youngeri,-thani,- 59 i,-1/2i,-andi,-noti,-disabledi,-10%i,-

penaltyi,-isi,-assigned

Jointi,-Lifei,-Policiesi,-i,- i,-First-to-die,i,-contracti,-comesi,-toi,-ani,-endi,-ati,-

thei,-firsti,-death,i,-noi,-furtheri,-insurancei,-protectioni,-fori,-thei,-otheri,-

personi,-ori,-personsi,-coveredi,-byi,-thei,-policy

Survivorshipi,-Policiesi,-i,- i,-Second-to-die,i,-coversi,- 2 i,-livesi,-andi,-

guaranteesi,-paymenti,-onlyi,-wheni,-secondi,-insuredi,-dies

Adjustablei,-Lifei,-Policiesi,-i,- i,-Policyholderi,-cani,-adjusti,-facei,-amounti,-

ofi,-policy,i,-amount/frequencyi,-ofi,-premiumi,-payments,i,-periodi,-ofi,-

insurancei,-protection

Universali,-Lifei,-Insurancei,-i,- i,-Flexiblei,-premium,i,-adjustablei,-deathi,-

benefits,i,-accumulatesi,-cashi,-values:i,-earlieri,-modelsi,-havei,-front-endi,-

load,i,-lateri,-modelsi,-havei,-backi,-endi,-load.i,-Insurancei,-costsi,-arei,-

debitedi,-andi,-guaranteedi,-andi,-excessi,-interesti,-arei,-credited.

Universali,-Lifei,-Deathi,-Benefiti,-Optioni,-Ai,-i,- i,-Leveli,-deathi,-benefiti,-

throughouti,-lifei,-ofi,-policyi,-(cani,-bei,-increasedi,-withi,-proofi,-ofi,-

insurability,i,-cani,-alsoi,-bei,-reduced.)

Universali,-Lifei,-Deathi,-Benefiti,-Optioni,-Bi,-i,- i,-Increasingi,-deathi,-

benefiti,-madei,-upi,-ofi,-thei,-policyi,-facei,-valuei,-plusi,-cashi,-valuei,-account

Riski,-Corridori,-i,- i,-Thei,-minimumi,-separationi,-betweeni,-thei,-cashi,-

valuei,-andi,-deathi,-benefit.

Partiali,-Withdrawali,-i,- i,-Permanenti,-deductioni,-ofi,-thei,-cashi,-valuei,-

andi,-cannoti,-bei,-reversed,i,-noi,-interesti,-creditedi,-ori,-paid,i,-repaymenti,-

treatedi,-asi,-premiumi,-payment

Cashi,-Valuei,-ofi,-ULPi,-$0i,-i,- i,-Contracti,-expires,i,-policyi,-goesi,-intoi,-gracei,-

period,

Variablei,-Lifei,-i,- i,-Securitiesi,-based,i,-wholei,-life,i,-NASDi,-registrationi,-

required,i,-separatei,-accounti,-holdsi,-assets,i,-fluctuatingi,-deathi,-benefiti,-

buti,-neveri,-belowi,-ai,-guaranteedi,-minimumi,-(facei,-amounti,-ofi,-policy,)i,-

buti,-noi,-guaranteedi,-CV,i,-traditionallyi,-ai,-fixedi,-premium

Renewablei,-Termi,-i,- i,-Insurancei,-whichi,-can,i,-ati,-thei,-electioni,-ofi,-thei,-

policyowner,i,-bei,-renewedi,-ati,-thei,-endi,-ofi,-ai,-termi,-attainedi,-agei,-

withouti,-evidencei,-ofi,-insurabilityi,-withini,-ai,-timei,-limiti,-(commonlyi,- 30 i,-

days)

Interimi,-Termi,-i,- i,-Interimi,-termi,-coveragei,-providesi,-instantaneousi,-

coveragei,-andi,-isi,-intendedi,-fori,-peoplei,-whoi,-plani,-oni,-purchasingi,-

permanenti,-lifei,-insurancei,-coveragei,-withini,-onei,-year,i,-noi,-proofi,-ofi,-

insurability,i,-ati,-attainedi,-age,i,-builti,-ini,-timei,-limit