Life Insurance Policies for Continuing Education
Life Insurance Policies examines the features, benefits and provisions of various types of life insurance. Following a general discussion of the personal and business uses of life insurance in Chapter 1, the course continues in Chapter 2 with a consideration of the traditional whole life insurance policy. It looks at the lifetime level premium concept and the attendant creation of policy reserves that policyowners may access through cash value loans and surrenders. After a consideration of ordinary whole life insurance, the chapter focus turns to other types of whole life insurance, including adjustable life, current-assumption life, modified premium whole life and various types of limited payment whole life plans.
In Chapter 3, Life Insurance Policies looks at term insurance and examines level, decreasing and increasing term plans from the perspective of coverage duration, premiums, renewability and convertibility. Term insurance advantages and disadvantages are considered. Chapter 3 concludes with a discussion of combination life insurance plans containing elements of both term insurance and permanent insurance.
Chapter 4 considers the shortest limited-payment life insurance policy available: single premium life insurance. It looks at single premium life insurance policies structured as whole life insurance, variable life insurance and current-assumption life insurance. The chapter addresses such important issues as surrender charges, policy loans, the crediting of interest and the mechanics of a single premium life insurance plan.
Universal life insurance is the subject of Chapter 5. In this chapter, the fundamental characteristics of universal life insurance are examined, including its flexible premiums and adjustable coverage. The chapter addresses the concept of net amount at risk and the death benefit options normally available in universal life insurance products. It examines expense charges, mortality charges and interest crediting. In addition to its discussion of declared-rate universal life insurance, it also introduces the agent to equity-indexed universal life insurance contracts and how cash values are determined under them. The concept of index call options and equity-indexed product participation rates are discussed along with the various interest-crediting methods used in equity-indexed products.
Variable life insurance and variable universal life insurance products are examined in Chapter 6. The chapter includes a discussion of variable life insurance in the United States and considers the social, investment and other factors that affected its development and introduction. It offers an in-depth look at the separate account and the various tools that the policyowner may use to manage the volatility of variable product cash values, such as interest sweep, dollar cost averaging and automatic asset re-balancing.
Chapter 7 examines survivorship life insurance; it considers survivorship universal life insurance and survivorship whole life insurance on both a level premium and step-rate basis. It discusses the use of survivorship life insurance in estate and business insurance planning and examines the various features and benefits associated with the product, including the policy split option, substitute insured provisions and guaranteed death benefits.
Chapter 8 of Life Insurance Policies examines the tax treatment to which life insurance is subject. It discusses IRC §7702, modified endowment contracts, transfers for value and the special tax treatment given to split dollar plans and life insurance purchased in qualified retirement plans.
Upon successful completion of this course, the agent should be able to:
Explain the development and principal benefits of life insurance
Discuss the relationship of the premium, death benefit and cash value in a permanent life insurance policy
Compare the various types of whole life insurance, including ordinary life, limited payment life, adjustable life and current-assumption life policies
Demonstrate the advantages and disadvantages of whole life insurance
Explain the tax treatment given to life insurance policies
Discuss the uses and benefits of term life insurance
Compare and contrast the features of single premium whole life insurance, single premium variable life insurance and single premium current assumption life insurance
Explain how universal life insurance operates
Discuss the ways that interest may be credited under equity-indexed universal life insurance policies
Explain how cash values and death benefits of variable life insurance policies are affected by the performance of the separate account
Demonstrate the uses and features of survivorship life insurance
Independent Insurance Broker
Life Agent CE Credits
3 comments:
Viatical Life Settlements
Overall insurance is a wide term which is very difficult to study on whole. Of all types of insurance life insurance is very complex to understand as different people have different needs and opinion about it. Some may find it a way to save tax and some think its an investment made to secure life.
commercial insurance
Overall insurance is a wide term which is very difficult to study on whole. Of all types of insurance life insurance is very complex to understand as different people have different needs and opinion about it. Some may find it a way to save tax and some think its an investment made to secure life.
commercial insurance
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