Call my Bluff on Life Insurance
How well do you understand life insurance? There are no prizes in this just for fun, spot the correct definition, quiz about insurance.
Beneficiary: A really good Italian seafood outlet or the person(s) named in the policy to receive the life insurance proceeds upon the death of the insured.
Surrender Value: The amount that is available in cash for loans and that may be available for withdrawals. Accessing cash surrender value may reduce the death benefit and may increase the risk of lapse or how much your virginity is worth to you
Convertible Term Insurance: Insurance sold door to door by earnest young Americans in black suits and ties or term insurance that can be exchanged (converted), at the option of the policy owner and without evidence of insurability, for a permanent insurance policy.
Dividend: The final part of a divid or a return of part of the premium on participating insurance that is based on the insurer's investment, mortality and expense experience. Dividends are not guaranteed.
Face Amount: Standing up to a very tall horse or the amount stated on the face of the policy that will be paid in case of death. It does not include additional amounts payable under accidental death or other special provisions, or acquired through the application of policy dividends.
Insurability: Over confidence in ones own longevity or the acceptability to the company of an applicant for insurance.
A Level Premium (Life Insurance): Parental bribe for teenage exam performance or life insurance for which the premium remains the same from year to year. The premium is normally more than the actual cost of protection during the earlier years of the policy and less than the actual cost in the later years. The building of a reserve is a natural result of level premiums. The payments in the early years, together with the interest that is to be earned, serves to balance out the underpayment of the later years.
Policy Loan: A special constable on temporary assignment or a loan made by a life insurance company from its general funds to a policy owner on the security of the cash value of a policy. Generally, loans may reduce the policy's death benefit and cash value.
Paid-up Insurance: Giving your life company their cards or insurance that will remain in force with no need to pay additional premiums.
Universal Life Insurance: The certainty of life on other planets or a flexible premium life insurance policy under which the policy owner may change the death benefit from time to time (with satisfactory evidence of insurability for increases) and vary the amount or timing of premium payments. Premiums (less expense charges) are credited to a policy account from which mortality charges are deducted and to which interest is credited at rates, which may change from time to time.
Whole Life Insurance: A low fat organic and nutritious kind of financial product or a basic type of permanent life insurance, which can provide lifetime protection at a level premium. Premiums must generally be paid for as long as the policy is in force.
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