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Level 3 Concepts

Whole Life Insurance Concepts

  • What is whole life insurance?
  • What is permanent life insurance?
  • What is a policy?
  • What is coverage?
  • What is an insured?
  • What is a premium?
  • What is a death benefit?
  • What is a guaranteed death benefit?
  • What is a beneficiary?
  • What is a policyholder?
  • What is a level premium?
  • What is cash value?
  • What is tax-deferred?
  • What is term life insurance?
  • What is a dividend?
  • What is a mutual insurance company?
  • What is a protection tool?
  • What is a savings vehicle?
  • What is an exclusion?
  • What is underwriting?
  • What is base premium?
  • What is paid up life insurance?
  • What is a flexible paid-up rider (FPUR)?
  • What is a paid up addition (fully paid-up additional insurance)?
  • What is base death benefit?
  • What is a term?
  • What is a participating policy?
  • What is a covered loss?
  • What is convertible term life insurance?
  • What is a same payor discount?
  • What is an illustration?
  • What is guaranteed cash value?
  • What are living benefits?
  • What is an accelerated death benefit?
  • What is a critical illness?
  • What is a chronic illness?
  • What is a terminal illness?
  • What is a premium class?
  • What is a premium mode?
  • What is a non-guaranteed dividend?
  • What is a policy loan?
  • What is a fixed loan?
  • What is a variable loan?
  • What is the Moody's Corporate Bond Yield Average?
  • What is cash value withdrawal?
  • What is a withdrawal beyond basis?
  • What is a dividend option?
  • What is a modified endowment contract (MEC)?
  • What is the 7-pay test?
  • What is a dividend scale?
  • What is a midpoint dividend scale?
  • What is a current dividend scale?
  • What is a reduced dividend scale?
  • What is an annual report?
  • What is a reduced paid up (RPU) election?
  • What is a life insurance buyer's guide?
  • What is an endowed policy?
  • What is human life value?
  • What is an insurable interest?