DOC PREVIEW
UIUC FIN 230 - Sample Whole Life Insurance Policy

This preview shows page 1-2-3 out of 10 pages.

Save
View full document
View full document
Premium Document
Do you want full access? Go Premium and unlock all 10 pages.
Access to all documents
Download any document
Ad free experience
View full document
Premium Document
Do you want full access? Go Premium and unlock all 10 pages.
Access to all documents
Download any document
Ad free experience
View full document
Premium Document
Do you want full access? Go Premium and unlock all 10 pages.
Access to all documents
Download any document
Ad free experience
Premium Document
Do you want full access? Go Premium and unlock all 10 pages.
Access to all documents
Download any document
Ad free experience

Unformatted text preview:

Today’s Lecture - #17 Sample Whole Life Insurance PolicySection 8 - Beneficiaries (Page 745)Life Insurance – Example 1Beneficiary ProvisionsLife Insurance – Example 2Section 9 - Payment of Policy Proceeds (Page 746)Slide 7Life Insurance – Example 3Life Insurance – Example 4Life Insurance RidersToday’s Lecture - #17Sample Whole Life Insurance PolicyBeneficiariesPayment of Policy ProceedsLife Insurance RidersSection 8 - Beneficiaries(Page 745) Succession in Interest of BeneficiariesDirect BeneficiariesContingent BeneficiariesFurther PayeesOwner or his EstateLife Insurance – Example 1John Doe names his wife Jane as a direct beneficiary and his children Jack and Jill as contingent beneficiaries. If John dies while all his beneficiaries are still alive, how are the policy proceeds split? A) Jane gets it allB) They split equallyC) Jane gets 50%, Jack and Jill each get 25%D) Jack and Jill each get 50%E) None of the aboveBeneficiary ProvisionsRevocable or IrrevocableUniform Simultaneous Death ActApplies when order of death is unknownCommon disaster provisionRequires beneficiary to survive the insured by a specified timeIs not included in this policyLife Insurance – Example 2John Doe names his wife Jane as a direct beneficiary and there are no contingent beneficiaries or further payees listed in the policy. John and Jane are involved in car accident that kills them both. John is dead when the paramedics arrive. Jane dies on the way to the hospital. The policy proceeds are paid to: A) John’s estateB) Jane’s estateC) The insurance company keeps the proceedsD) John’s parentsE) None of the aboveSection 9 - Payment of Policy Proceeds (Page 746)Payment of ProceedsDeath ProceedsSurrender ProceedsPayment PlansInterest Income Installment Income Specified PeriodSpecified AmountSection 9 - Payment of Policy Proceeds (Page 746)Life Income PlansSingle Life IncomeChosen periodsJoint and Survivor Life IncomeLife Insurance – Example 3John Doe dies on October 30, 2030. Jane has an adjusted age of 70 then. What is the minimum monthly benefit she will receive if she elects to receive payments for twenty years and then for the rest of her life?A 0B $501C $504D $523E None of the aboveLife Insurance – Example 4John Doe dies on July 12, 2040. Jane, with an adjusted age of 80, elects to receive joint and survivor life income benefits with her son, who has an adjusted age of 55. What is the minimum monthly benefit they will receive? A 0B $379C $405D $435E None of the aboveLife Insurance RidersNote - These riders are not includedwith John Doe’s policy.Waiver of PremiumDisability IncomeAccidental Death Benefit (Double Indemnity)Guaranteed Insurability OptionAccelerated Death BenefitsCatastrophic IllnessTerminal


View Full Document

UIUC FIN 230 - Sample Whole Life Insurance Policy

Download Sample Whole Life Insurance Policy
Our administrator received your request to download this document. We will send you the file to your email shortly.
Loading Unlocking...
Login

Join to view Sample Whole Life Insurance Policy and access 3M+ class-specific study document.

or
We will never post anything without your permission.
Don't have an account?
Sign Up

Join to view Sample Whole Life Insurance Policy 2 2 and access 3M+ class-specific study document.

or

By creating an account you agree to our Privacy Policy and Terms Of Use

Already a member?