LESSON 3: LIFE INSURANCE POLICIES, PROVISIONS, OPTIONS AND RIDERS
The following subjects are contained within Lesson 3:
Categories of Life Insurance - Ordinary Insurance; Industrial Insurance; Group Insurance
Term Life Insurance - Premiums; Level Term; Decreasing Term; Increasing Term
Option To Renew and Option To Convert
Whole Life (Permanent) Insurance - Advantages; Disadvantages
Endowment Policies - Endowment Premiums; Modified Endowment Contracts (MEC); The Technical and Miscellaneous Revenue Act (TAMRA)
Special Use Policies - Family Income; Family Maintenance; Family Plan; Multiple Protection Policies; Joint Life; Last Survivor Policy; Juvenile and Jumping Juvenile Policies; Credit Life
Nontraditional Life Policies - Interest Sensitive Whole Life; Adjustable Life; Variable Insurance Products (Variable Life, Variable Universal Life); Universal Life
Rights of Ownership
Standard Policy Provisions - Entire Contract; Insuring Clause; Free Look; Consideration Clause; Grace Period; Reinstatement Clause; Policy Loan Provision; Incontestable Clause; Assignment Provision (Absolute and Collateral); Accelerated Death Benefits; Suicide; Misstatement of Age or Sex
Exclusions - War or Military Service; Aviation; Hazardous Occupation or Hobby; Felony Commission; Suicide
Nonforfeiture Options - Cash Surrender Value; Reduced Paid-Up; Extended Term
Policy Dividends - Dividend Options (Cash in Hand, Dividends Against Premium Payments, Dividends to Accumulate at Interest, Dividends to Buy Paid-up Additions, Dividends to Purchase One-Year Term Insurance)
Policy Riders - Guaranteed Insurability Rider; Waiver of Premium; Automatic Premium Loan; Payor; Accidental Death Benefit; Return of Premium; Cost of Living; Other Insureds
Lesson Review - Key Concepts; Quiz
The information contained in Lesson 3 can be found in
Units 5 and 6 of the Florida study manual.
