Sarah owns a life insurance policy with a 50,000 face amount and a 10-year return-of-premium rider. What part of a mortgage reduction policy decreases over time A decreasing term policy (used for mortgage reduction insurance) has a decreasing face amount. C) the policy may be overfunded In the case of universal life, the policyowner is permitted to pay in an amount in excess of the stated premiums (one of the reasons universal life is known as flexible premium life). If you die, your survivors receive the death benefit. Sarah owns a life insurance policy with a 50,000 face amount and a 10-year return-of-premium rider. 1 For example, a 1,000,000 policy bought for 10,000 a year over a 30-year period would result in 300,000 being refunded to the surviving policyholder at the end of. the limit of liability; the death benefit amount payable or coverage provided on a life insurance policy. The Return of Premium Rider is achieved by using increasing term insurance. A return of premium life insurance policy refunds all or part of your life insurance payments if you outlive the policys term, but it comes with some special considerations. Ten year term insurance for a person aged 45 C. Which of the following provisions allows the policyowner to return the policy. Like other term life insurance policies, it is written to cover a specified period of time. All of the following are dividend options on a participating life insurance policy Insured. A type of term insurance in which the insured gets back the premiums paid in at the end of the term if they are still alive. At the end of 20 years, the policy's cash value will equal 100,000. Return of Premium d. The applicantinsured wants a term life insurance policy that will last for 20 years and understands that the premium can be increased to a new premium level prior to the end of the term, so the producer should show himher a(n) A 20 year adjustable premium term life insurance policy B 20 year indeterminate premium term life insurance policy C 20 year increasing premium term life insurance. It is optional on all life insurance policies B. Accidental death C. As the name implies, return of premium (ROP) life insurance is a type of term life insurance policy with a unique feature If you outlive the term of the policy, the premiums youve paid are. , he. Spouse rider D. S dies 5 years later in 2008 and the insurer pays the beneficiary 10,500. Unlike traditional term life insurance, where the premiums are typically not refunded if the insured outlives the term, return of premium. Q dies suddenly and the beneficiary is paid 500,000. High life cover at affordable premiums. mortgage reduction. a provision that allows the insured to cancel the policy in the first two years and have premiums refunded C. These are put in place by insurance companies to reduce the risk of losses due. A Family Income Policy is a combination of Whole Life and A. coverage written on the life of a child or minor. Return-of-premium life insurance is a term life policy designed to give you money back after the term life ends. this personal use of life insurance is known as. The value of the business is 1,000,000. Whole Life Insurance. nonparticipating life insurance policy B. With a return of premium policy, any money you paid for the insurance. Waiver of Premium b. C) the policy may be overfunded In the case of universal life, the policyowner is permitted to pay in an amount in excess of the stated premiums (one of the reasons universal life is known as flexible premium life). Are income taxabke immediately. Renewable Term D. The correct answer is Whole. This transaction is called a (n) A 1035 tax free Exchange is the IRS tax code that allows for the rollover of a non-qualified annuity (or transfer of a life insurance policy) to a new annuity or life policy of equal or greater value. The policy premiums will remain level for 20 years. Renewable Term D. S buys a 50,000 whole life policy with a 50,000 accidental death and dismemberment rider. Unlike traditional term life insurance, where the premiums are typically not refunded if the insured outlives the term, return of premium. 0 (1 review) All of the following are true regarding the "double indemnity" rider available as a rider to a life insurance policy Click the card to flip . The policy was issued on January 31. Click the card to flip . The death benefit increases during the early policy years and then levels off. The flexible premium feature allows the owner to pay premiums on their own schedule. protection is until age 100, payment of premiums until age. Which of the following statements pertaining to reinstatement of a life insurance policy is CORRECT. D Payor benefit. So if you were to make all of your premium payments and live through the entire term of the policy, the life insurance company would refund you the amount you paid in premiums. The correct answer is Whole. The type of life policy best suited to cover a husband and wife for mortgage protection would be. The Return of Premium Rider is achieved by using increasing term insurance. protection is until age 100, payment of premiums is for 20 years. Four years later, on the eve of trial, the widow settled for 23,000, and also had to pay substantial legal costs. D) Period of time after the premium is due but the policy remains in force. Joint Life. As the name implies, return of premium (ROP) life insurance is a type of term life insurance policy with a unique feature If you outlive the term of the policy, the premiums you've paid are returned to you. Decreasing Term Policies that provide a face amount that decreases to zero over the policy period. The mortality rate it expects among its policyholders. Term life drawbacks. What kind of rider did S include on the policy a. While return-of-premium is an uncommon product, it&x27;s a good idea to compare life insurance quotes from at least two companies before making a decision. under a graded premium policy the premiums. 3-5, 5-year, guaranteed renewable term life policies in various amounts adding up to 700,000. Interest sensitive whole life. A life insurance policy provided to an employee under a Section 162 plan is usually structured to allow the employer to recover its costs in much the same way as with a split dollar plan. C) insured has had policy in force for a specified number of years. This exchange of unequal values reflects. level fixed premium, investment based. Yearly renewable term insurance for a person aged 55 D. The type of life policy best suited to cover a husband and wife for mortgage protection would be. ) The entire 250,000 is taxable as ordinary income c. Which provision of his life insurance policy will pay a stated benefit amount, What does the ownership clause in a life insurance policy state, M had an annual life insurance premium payment due January 1. accelerated death benefit rider b. insures two individuals and will pay the death benefit when the last insured dies. The policy owner of an adjustable life policy wants to. 3 years following policy issue. The simplest form of term life insurance is for a term of one year. The Return of Premium Rider is achieved by using increasing term insurance. Our picks for the best return-of-premium life insurance companies in December 2023. If you die, your survivors receive the death benefit. Return of premium life insurance is a type of term life insurance where, if the policy is kept active and premiums are paid consistently, the policyholder will receive. Paid-Up Additional Insurance. Term to age 100, Jacob owns a policy. Payor Benefit Rider. P receives the policy and pays the premium. Policy premium in reinstated policy will be set according to the insured's original age. Contract b. if the daughter for any length of time2. The policy owner of a Universal Life insurance policy can skip the premium and the policy will not lapse as long as. The type of life policy best suited to cover a husband and wife for mortgage protection would be. most basic type of insurance policy that, for a fixed premium, promises to pay the beneficiary a specified amount if the insured dies during the term of the policy. waive the premium payments in the event the insured becomes financially insolvent. The death benefit and cash values are guaranteed. So if you were to make all of your premium payments and live through the entire term of the policy, the life insurance company would refund you the amount you paid in premiums. The Insured died of an accidental drug overdose. BWhole Life policy with two premiums target and minimum. Limited payment whole life policies provide life insurance protection for the insured&39;s entire life, but premiums are paid for a limited period of time, such as 20 or 25 years. Study with Quizlet and memorize flashcards containing terms like A whole life insurance policy accumulates cash value that becomes, Which of the following is a. On Jan 8, an applicant filled out an application for a life insurance policy but did not include the. If you outlive the policy, the coverage ends and you dont get any money. Variable life insurance is based on what kind of premium level fixed premium, investment based. There are three basic types of life insurance 1) Whole Life, 2) Term and 3) Endowment. Adjustable Life policy. Return of Premium d. Study with Quizlet and memorize flashcards containing terms like A young employee is buying individual life insurance and is worried about the impact inflation will have on his life insurance coverage. J applied for a life insurance policy on January 10. 100 B. Most Terms Available AAA. A provision in a life insurance policy that pays the policyowner an amount that does not surpass the guaranteed cash value is called the. The face amount of her policy may increase. If a life insurance policy develops cash value faster than a seven-pay whole life contract, it is. Which of the following statements pertaining to reinstatement of a life insurance policy is CORRECT. What part of a mortgage reduction policy decreases over time A decreasing term policy (used for mortgage reduction insurance) has a decreasing face amount. Pay estate taxes. Policyholder d. Ad and Cookie. The applicantinsured wants a term life insurance policy that will last for 20 years and understands that the premium can be increased to a new premium level prior to the end of the term, so the producer should show himher a(n) A - 20 year indeterminate premium term life insurance policy B - 20 year adjustable premium term life insurance policy C - 20 year non-guaranteed level premium term. Study with Quizlet and memorize flashcards containing terms like Another name for temporary life insurance is Whole life insurance. a provision that states the. when a life insurance policy is surrendered for its cash value, only the. Since a single premium life insurance policy clearly does not pass the 7-pay test, it will automatically be deemed a MEC. No Medical Exam. Premiums paid into the policy will be refunded to the insured if they outlive. Term to age 100, Jacob owns a policy that. With the exception of nonpayment of premium, a group life insurance policy is incontestable after 2 years. "3 years Explanation Lapsed life insurance policies can be reinstated at any time within 3 years from the date of premium default. A return of premium life insurance policy is Whole life and increasing term. The mortality rate it expects among its policyholders. equal the net single premium for the same face amount at the insured&x27;s attained age. The face amount of her policy may increase. Return of Cash Value c. A life insurance policy's waiver of premium rider has the ability to. It commences when the application is assigned D. Adjustable Life policy. Whole Life Insurance. An existing term life insurance policy may be exchanged typically one time for a new term life policy on the re-entry date. The annual premium of 200 was due on February 1; however, the insured failed to pay the premium. Return of premium life insurance explained. Return of Premium. Renewable Term D. The return on its investments. Increasing D. The type of life policy best suited to cover a husband and wife for mortgage protection would be. J applied for a life insurance policy on January 10. Return of Premium. - lifetime coverage. This describes a 20-year endowment plan where the policyowner can get the face amount by the end of 20 years if he outlives the plan. The policy requires that you. relieve the insured of premium payments following an initial waiting period after the insured becomes totally disabled. ) A life insurance contract that is exchanged for an annuity. Avoiding the sunk cost of outliving a. You pay a fixed annual premium. A life insurance policy that includes a return of premium rider will pay the beneficiary how much upon the insured's death a. A Return of Premium life insurance policy is a Nonforfeiture option Whole life and Increasing term interest-sensitive Variable life whole life and increasing term In a Life insurance contract, an insurance company&39;s promise to pay stated benefits is called the Insuring clause Consideration clause Entire Contract Owner&39;s rights. Study with Quizlet and memorize flashcards containing terms like T took out a 50,000 life insurance policy with an Accidental Death and Dismemberment rider. Variable universal life. Which of the following provisions allows the policyowner to return the policy. Study with Quizlet and memorize flashcards containing terms like INCORRECT ANSWER the correct answer is D. Click the card to flip 1 28 Flashcards Learn Test Match Q-Chat. A ROP policy costs two to three times more than regular term life policy. Policyholder d. Return of premium (ROP) life insurance is a type of term life insurance policy that returns a portion of the cumulative premiums paid if the insured outlives the policy's. Click the card to flip 1 28 Flashcards Learn Test Match Q-Chat. Whole Life. How much will the insurer pay, The owner of an adjustable. The primary structure remains the same It offers coverage for a specific term, usually 20 or 30 years. relieve the insured of premium payments following an initial waiting period after the insured becomes totally disabled. A The death benefit will increase. Like other term life insurance policies, it is written to cover a specified period of time. With a return of premium policy, any money you paid for the insurance. Study with Quizlet and memorize flashcards containing terms like Another name for temporary life insurance is Whole life insurance. Study with Quizlet and memorize flashcards containing terms like Life insurance, Final expenses, Social security survivor's benefits and more. Which of the following provisions allows the policyowner to return the policy. Premium cost for insurance above 50,000 is taxable as income to the employee. Since it costs many times more than term life insurance for the same death benefit, the face amount of the policy will be limited. The insurer requires a medical exam, and it is completed on January 15. Convertible Term Policy. A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. Waiver of Premium b. With return of premium, the policyholder is entitled to get back all or a portion of premiums paid if certain circumstances are met, such as dying before the policy terms ends, at the end of a policy if no claims have been. Return of premium, or ROP, term life insurance policies give you a refund on premiums you paid for the policy if you outlive the term and they pay a death benefit to your beneficiaries if you die during the life of your policy. K purchased a Life insurance policy in 1986 which paid 10 interest in the early years of the policy. Terms in this set (24) (2 yrs) the insurer no lonoger has the right to contest the validity of the insurance policy. A life insurance policy that includes a return of premium rider will pay the beneficiary how much up on the insureds death A. A 35-year-old client purchases a variable life insurance policy. K purchase a 10,000 Life Policy that will pay the face amount to her if she lives to age 65, or her beneficiary if she dies before age 65. S buys a 50,000 whole life policy with a 50,000 accidental death and dismemberment rider. Study with Quizlet and memorize flashcards containing terms like A contract between one party who will buy the death benefit of a life insurance policy from the policyholder is called, All individual life insurance policies must contain a provision permitting the policyholder to return the policy within how many days to receive a full refund of premiums, With Respect to life insurance policy. This life insurance policy provides death protection for the insured's entire life, but premiums are not paid for the insured's entire life. It has a steadily increasing cash value. The Return of Premium Rider is achieved by using increasing term insurance. Exam 2 -- Life Provisions Learn with flashcards, games, and more for free. C) The policy remains active for some time after the policyholder opts for cash surrender. Study with Quizlet and memorize flashcards containing terms like A nonparticipating company is sometimes called a(n) A. Which of the following annuity riders ensures investors will receive a set amount of. Under the other insured term rider, a person can buy a term life insurance rider to cover the life of a spouse (or other adult). A decreasing term life policy would be the most appropriate for a 41 year old lawyer who wants a policy to pay his mortgage if he dies. There are two major types of life insurance permanent (whole) and temporary (term). An Annually Renewable Term policy with a cash value account. Whole Life policy with two premiums target and minimum C. -credit life. Find out how to get a quizlet for this topic. The value of nonforfeiture options may decrease. pays double the face amount of the policy. Premiums remain level for the life of the insured, the face amount of whole life insurance is level (in most cases). Guaranteed Insurability. The death benefit and cash values are guaranteed. All of these affect the price. reinsurer D. A life insurance product that covers children under their parent policy. A free-look period gives you more time to look over your policy and decide if it is right for you. Study with Quizlet and memorize flashcards containing terms like Which of the following is NOT part of an insurance contract, Life insurance policies will normally pay for losses arising from, If an insured&39;s age on a life insurance policy has been misstated, what is the insurer&39;s liability if the insured dies and more. What type of term coverage is a return of premium term life policy Return of premium life insurance is a type of term life insurance that offers a refund of premiums paid. a provision that states the. Study with Quizlet and memorize flashcards containing terms like When an insured under a life insurance policy died, the designate beneficiary received the face amount of the policy as well as a refund of all the premiums paid. Policy riders allow life insurance applicants to customize policies to their specific needs. Study with Quizlet and memorize flashcards containing terms like which of the following is considered to be an alternative to a life settlement, the double indemnity provision in a life insurance policy pertains to an insured's death caused by, In what part of an insurance policy are policy benefits found and more. A spendthrift clause in a life insurance policy. You should buy. Study with Quizlet and memorize flashcards containing terms like Which of these statements is NOT true regarding cash value loan against a life insurance policy, Tim is confined to a nursing home but does not have a terminal illness. A free-look period gives you more time to look over your policy and decide if it is right for you. Click the card to flip . In-person delivery of a whole life insurance policy gives the producer the opportunity to do all of the following, EXCEPT review coverage to determine if the policyowner wants to increase the policy's face amount explain policy benefits, terms, and riders get any required delivery forms, discuss any exclusions, and explain any substandard ratings. Which settlement option should the Policyowner choose, The two types of assignments. -provides lifetime protection and includes a savings element known as cash value-policies endow at the age 100, which means the cash value created by the payment of premiums is scheduled to equal the face amount of the policy at age 100. No Medical Exam. Key Takeaways A traditional term life insurance policy may give you an option of 15, 20 or 30 years with a fixed annual premium but you can outlive the policy and do not get any money. A life insurance contract is an example of a valued contract. A Universal Life Insurance policy is best described as. It will also depend if the policy is returning 100 of the premium paid or 50 What does the renewability feature guarantee That the policy will renew or extend at the end of its terms. Which provision of his life insurance policy will pay a stated benefit amount, What does the ownership clause in a life insurance policy state, M had an annual life insurance premium payment due January 1. A Universal Life Insurance policy is best described as aan. C) insured has had policy in force for a specified number of years. Guaranteed Insurability. He immediately contacted his insurer, explained the situation, and expressed his willingness to reinstate the policy. Terms in this set (54) For families with children the bulk of their life insurance need relates to their. The correct answer is The death benefit. The insurance component (or the death protection) of a universal life policy is always annual renewable term insurance. houses for rent in twinsburg ohio, damaged motorbikes for sale nz
In a Life insurance contract, an insurance company&39;s promise to pay stated benefits is called the Study with Quizlet and memorize flashcards containing terms like Contest a claim during the contestable period, Exclusion, Whole life and Increasing term and more. . A return of premium life insurance policy is quizlet
This transaction is called a (n) A 1035 tax free Exchange is the IRS tax code that allows for the rollover of a non-qualified annuity (or transfer of a life insurance policy) to a new annuity or life policy of equal or greater value. If A dies B gets 100 ownership of the business and A&39;s heirs receive 500,000. Who has all the rights in the insurance policy. After providing proof of his financial responsibility and paying the missed premium along with an additional fee, John successfully reinstated. provides flexible premium payments B. A decreasing term life policy would be the most appropriate for A 41 year old lawyer who wants a policy to pay his mortgage if he dies. A modified endowment contract. As an insured ages, the premiums remain the same. Study with Quizlet and memorize flashcards containing terms like Life insurance, Final expenses, Social security survivor's benefits and more. No Medical Exam. , Which of the following is a true characteristic of a Variable Universal Life policy, All of the following are TRUE regarding a Waiver of Premium. Find out how to get a quizlet for this topic. Return of Premium d. Group term life insurance would be especially beneficial for persons who. D The policy will automatically be surrendered. What is the total premium. Study with Quizlet and memorize flashcards containing terms like A key feature of variable life insurance is the dividends are guaranteed there is no guaranteed minimum cash value death benefit claims are always paid in shares of company stock rather than in cash it can be sold only by registered traders on the New York exchange, Variable Life and Variable Universal Life are especially suited. Any insurance agent who engages in the insurance business and violates the Code with respect to insurance replacement shall on the first violation. Study with Quizlet and memorize flashcards containing terms like The. A Return of Premium life insurance policy is a Nonforfeiture option Whole life and Increasing term interest-sensitive Variable life whole life and increasing term In a Life insurance contract, an insurance company's promise to pay stated benefits is called the Insuring clause Consideration clause Entire Contract Owner's rights. Examples 1. Interest only. D) insured has become terminally ill. Pay estate taxes. 3 Learn with flashcards, games, and more for free. Family term rider, A lucky individual won the state. 20-Pay Life accumulate cash value faster than straight life. Return of Premium Life Insurance - An Increasing Term insurance policy that pays an additional death benefit to the beneficiary equal to the amount of the premiums paid. P completes an application for a 10,000 life policy, but does not give the producer the initial premium. Acceleration of Endowment. A life insurance policy that fails to pass the 7-pay test is called a Modified Endowment Contract (MEC). handle inflation and the increasing cost of living. Step 2. The return on its investments. A) Period of time after the initial premium is paid and before the policy is issued. Study with Quizlet and memorize flashcards containing terms like The. Study with Quizlet and memorize flashcards containing terms like A whole life insurance policy accumulates cash value that becomes, Which of the following is a. Avoiding the sunk cost of outliving a term life insurance policy might sound like a good thing. Without an ROP life insurance rider, if you're still living when the policy's term ends, your policy will expire without paying a benefit. C) This is a form of other insureds rider. the face amount is based on the outstanding loan balance, Which is an. C The death benefit amount will stay the same. Some insurance companies offer a partial return of premium if the policy is canceled by the. This life insurance policy provides death protection for the insured&39;s entire life, but premiums are not paid for the insured&39;s entire life. juvenile policies. The insurer requires a medical exam, and it is completed on January 15. Which of the following riders would allow her to receive. Study with Quizlet and memorize flashcards containing terms like Beneficiary will be paid the Death Benefit; The incontestable clause prevents the insurer from canceling the contract even for a material misrepresentation. 5 of total premiums over the life of the plan. A free-look period gives you more time to look over your policy and decide if it is right for you. The policy will expire at the end of the 20-year period. BWhole Life policy with two premiums target and minimum. Study with Quizlet and memorize flashcards containing terms like Brady is worried about his policy becoming a MEC, if it does it will be taxed on all of the following EXCEPT, Continuous premium, limited premium and single premium are types of whole life policies. A Return of Premium life insurance policy is. Nonforfeiture Provision. He died on February 28. Return of premium life insurance is a type of term life insurance where, if the policy is kept active and premiums are paid consistently, the policyholder will receive a payout should they. cash value is not taxable as long as it stays in the policy d. Grace Period (The grace period allows an insured&39;s life insurance policy to remain in force even if the premium was not paid on the due date. Regular Income Start getting a guaranteed monthly income from the age of 60 till the end of the policy term with Income Benefit plan option. J applied for a life insurance policy on January 10. premiums are tax deductible c. It is optional on all life insurance policies B. All of these affect the price. -Premiums for whole life policies are usually higher than those for term life insurance. They have nonforfeiture values and options are offered. Study with Quizlet and memorize flashcards containing terms like The. It is a standard term policy, with a death benefit and term length (typically 10 to 30-years). Premiums returned to the insured tax-free as the premium is paid with after-tax dollars. Study with Quizlet and memorize flashcards containing terms like Which of the following statements describe the differences between variable universal life insurance products and traditional participating products I. Payor Benefit Rider. Interest sensitive whole life. Limited payment whole life policies provide life insurance protection for the insured's entire life, but premiums are paid for a limited period of time, such as 20 or 25 years. BWhole Life policy with two premiums target and minimum. To illustrate, a healthy 25-year-old female in Illinois would pay 49. How much will the insurer pay, What benefit does the Payor clause on a Juvenile Life policy provide, Variable Whole Life Insurance can be described as and. Chapter 4 Life Insurance Policy Provisions, Options, and Riders. Things that are built into the policy, sometimes required by state law. Study with Quizlet and memorize flashcards containing terms like M had an annual life insurance premium payment due January 1. Study with Quizlet and memorize flashcards containing terms like Beneficiary will be paid the Death Benefit; The incontestable clause prevents the insurer from canceling the contract even for a material misrepresentation. it has a face value that becomes a death benefit in the event loss. Learn the definition and features of a return of premium policy, a type of term insurance that pays back the premiums at the end of the term if the insured is still alive. insures two individuals and will pay the death benefit when the last insured dies. The policy owner of a Universal Life insurance policy can skip the premium and the policy will not lapse as long as. Study with Quizlet and memorize flashcards containing terms like The accelerated benefits provision will provide for an early payment of the death benefit when the insured, Which of the following named beneficiaries would NOT be able to receive the death benefit directly from the insurer in the event of the insureds' death, A rider attached to a life insurance. What action will the insurer take, All of these statements concerning Settlement Options are true, EXCEPT -Increased proceeds can be provided through. A whole life insurance policy would not provide her with flexibility. A life insurance premium is the amount of money paid to your life insurance company in exchange for your life insurance coverage. Although she can also use dividends to buy 1-year term insurance, her need for increased coverage in the coming years will remain unsatisfied. Which of the following provisions allows the policyowner to return the policy. Premiums increase at the beginning of each renewal period. participating life insurance policy C. S dies 1 year later of natural causes. the limit of liability; the death benefit amount payable or coverage provided on a life insurance policy. Whole Life Insurance. "3 years Explanation Lapsed life insurance policies can be reinstated at any time within 3 years from the date of premium default. Study with Quizlet and memorize flashcards containing terms like One of the features of an index annuity is the ability for the principal value to increase based on the performance of the specified index. What is the premium for a Return of Premium Term The premium will be higher than a regular term insurance policy. Study with Quizlet and memorize flashcards containing terms like Brady is worried about his policy becoming a MEC, if it does it will be taxed on all of the following EXCEPT, Continuous premium, limited premium and single premium are types of whole life policies. Study with Quizlet and memorize flashcards containing terms like cash value, All of the following statements regarding tax treatment of individual life insurance policies are correct EXCEPT a. If you die, your survivors receive the death benefit. Mortgage C. Study with Quizlet and memorize flashcards containing terms like Which rider, when attached to a permanent life insurance policy, provides an amount of insurance on every family member A. S buys a 10,000 Whole Life policy in 2003 and pays an annual premium of 100. Five years later, T commits suicide. The Return of Premium Rider is achieved by using increasing term insurance. Return of premium C. J applied for a life insurance policy on January 10. P's coverage becomes effective when. Nonforfeiture Clause A nonforfeiture clause is a clause in an insurance policy that allows for the insured to receive all or a portion of the benefits or a partial refund on the premiums paid if. Return of Premium. Return of premium, or ROP, term life insurance policies give you a refund on premiums you paid for the policy if you outlive the term and they pay a death benefit to your beneficiaries if you die during the life of your policy. He died on February 28. an increasing amount of term insurance that always equals the total of premiums paid up to the current point. Current assumption. The time period in which premiums will be paid B. The single premium life insurance policy would be classified as a modified endowment contract so she may be taxed and penalized on any withdrawals from the cash value above basis. a provision that allows the insured to cancel the policy in the first two years and have premiums refunded C. . oahu escorts