保险学原理chapter6.pptVIP

Permanent Life Insurance and Endowment Insurance Chapter Outline Permanent Life Insurance a Newer Generation of Permanent Products Endowment Insurance Permanent Life Insurance Traditional whole life insurance modified whole life insurance joint whole life insurance last survivor life insurance family policies monthly debit ordinary pre-need funeral insurance Permanent life Insurance Two characteristics :offer lifetime coverageprovide Insurance coverage and contain a savings element. Whole life insurance life insurance that provides lifetime insurance coverage at a level premium rate that does not increase as insured ages. Cash value the savings element of a permanent life insurance policy, which represents the policyowner’s ownership interest in the policy. Traditional Whole life Insurance Policy loan a loan that an insurer makes to the owner of a permanent life insurance policy and that is secured by the policy’s cash value. Premium Payment Periods Continuous -premium policies limited-payment policies single-premium policies Continuous-premium policies Premium are payable until the death of the insured. Limited-payment policies Is a whole life policy for which premiums are payable only until some stated period expires or until the insured’s death. Examplea 20-payment whole life insurance is a policy for which premiums are payable for 20 years.A paid-up-at-age-65 whole life insurance policy provides that premiums are payable until the insured reaches the policy the anniversary closest to or immediately following her 65th birthday. Limited-payment policies Paid- up policy a policy that requires no further premium payments but continues to provide coverage . Cash value generally build more rapidly under limited payment policies than they do under continuous premium policies. Single-premium Policies Is a type of limited-payment policy that requires only one premium payment. Modified Whole Life Insurance Functions in the same manner as a traditional whole lif