Financial Services _Çô Client Services RFC121 Lecture Notes - Lecture 9: Mortality Rate, Hire Purchase, Life Insurance
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5 Jun 2018
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Life Insurance Contract Provisions
▪ Incontestability clause stipulates that after the policy has been in effect
for a period of time the company cannot dispute its validity
▪ Suicide clause during first two years
▪ Death benefit equals amount of premium paid
▪ Automatic Premium loan uses the cash value to pay the premium if you
do not pay it
▪ Misstatement of age provision
▪ Will pay benefits premium would have bought if age were correct
Life Insurance Contract Provisions
▪ Policy loan provision to borrow against cash value.
▪ A rider to a policy modifies it coverage by adding or excluding
conditions or altering benefits;
▪ Waiver of premium disability benefit
▪ Accidental death benefit - double indemnity
▪ Guaranteed insurability option
▪ Critical Illness
▪ Joint, Last to die
Learning Objective # 5
Create a plan to buy life insurance.
Buying Life Insurance
▪ Look at your present and future sources of income, savings, group life
insurance, group annuities and government benefits
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