保险学原理chapter6

,单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,Permanent Life Insurance and Endowment Insurance,1,Chapter Outline,Permanent Life Insurance,a Newer Generation of Permanent Products,Endowment Insurance,2,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,3,Permanent life Insurance,Two characteristics :offer lifetime coverageprovide Insurance coverage and contain a savings element.,4,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 policyowners ownership interest in the policy.,5,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 policys cash value.,6,Premium Payment Periods,Continuous -premium policies,limited-payment policies,single-premium policies,7,Continuous-premium policies,Premium are payable until the death of the insured.,8,Limited-payment policies,Is a whole life policy for which premiums are payable only until some stated period expires or until the insureds death.,Example,a 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.,9,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.,10,Single-premium Policies,Is a type of limited-payment policy that requires only one premium payment.,11,Modified Whole Life Insurance,Functions in the same manner as a traditional whole life policy except that the policys annual premium changes after a specified initial period, such as 5, 10, 15 or 20 years.,The face amount of a modified-premium whole life policy remains level throughout the life of the policy.,12,Modified Whole Life Insurance,The chief advantage to the policyowner of buying a modified premium whole life insurance is that he is able to purchase a larger amount of whole life insurance than he would otherwise be able to afford.,The chief disadvantage is that the cash value builds more slowly .,13,Modified Coverage,A modified coverage policy,provides that the amount of insurance will decrease by specific percentage or amount either when the insured reaches certain stated ages or at the end of stated periods.,For example,the face amount of a modified coverage whole life insurance policy may begin at $100,000,decrease to $75,000 when the insured reaches age60, decrease further to $50,000 at age 70, and remain level for the rest of the insureds lifetime.,14,Joint Whole Life Insurance,Has the same features and benefits as individual whole life insurance,except that it insures two lives under the same policy.,First-to-die life insurance,15,Last survivor life insurance,Also known as,second-to-die life insurance,is a variation of joint whole life insurance under which the policy benefit is paid only after both people insured by the policy have died.,16,Family Policies,Which is a whole life insurance that includes term life insurance coverage on the insureds spouse and children.,The amount of term insurance coverage is generally one-fourth or one-fifth of the amount of the insureds whole life insurance coverage.,17,Monthlly Debit Ordinary,Is a whole life insurance policy that is marketing under the home service distribution system and is paid for by monthly premium payment.,18,Pre-need Funeral Insurance,19,A Newer Generation of Permanent Products,Universal life insurance,adjustable life insurance,indeterminate premium life insurance,interest-sensitive whole life insurance,variable life insurance,variable universal life insurance,20,Universal Life insurance,Is a form of permanent life insurance that is characterized by its flexible premiums, its flexible face amount and death benefit amounts, and its unbundling of the pricing factors.,21,Unbundled Pricing Factors,Mortality Chargesthe insurer periodically deducts a mortality charge from the universal life policys cash value to cover the mortality risk the insurer has assumed.,22,Unbundled Pricing Factors,Interestthe policy guarantees that the insurer will pay at least a stated minimum interest rate on the policys cash value each year.,23,Expenses,The following expenses charges may be imposed:a flat charge the first policy year to cover sales and policy issue costsa percentage of each annual premium to cover expensea monthly administration feespecific service for coverage changes, cash withdrawals, and policy surrenders.,24,Flexibility Features,Face amount and amount of death benefit,flexible premiums,25,How a Universal Life Policy Operates,26,Effects of Regulation on Universal Life Products,Insurance product or investment product,tax treatment,policys cash value and the face amount,surrender charges,27,Periodic reports,Sample annual report or a universal life insurance policy,28,Indeterminate Premium Life Insurance,Is a type of nonparticipating whole life insurance that specifies two premium rates-both a maximum guaranteed premium rate and a lower premium rate.,29,Interest -sensitive Whole Life Insurance,A type of indeterminate premium life insurance which provides that the policys cash value can be greater than that guaranteed I changing assumptions regarding mortality, investment, and expense factors warrants such an increase.,30,Variable Life Insurance,Is a form of whole life insurance under which the death benefit and the cash value of the policy fluctuate according to investment performance of a special investment.,Separate account.,31,Variable Universal Life Insurance,32,Endowment Insurance,Provides a specified benefit amount whether the insured lives to the end of the term of coverage or dies during that term.,Maturity date.,33,questions,Identify the features of whole life insurance, modified whole life insurance, and joint whole life insurance and recognize how these plans of insurance differ from one another.,Identify the characteristics of Universal Life Insurance,distinguish between universal, variable,and variable universal life insurance,describe the characteristics of endowment insurance,34,