Life Insurance Policies
What does it mean for a limited payment whole life policy to be paid up?
Answer and explanation
Answer: B. Paid-up describes a policy fully funded by the premiums already made, so protection and cash value growth continue without further payment. Maturity, surrender and the payment of a claim are different events.Source: PSI — New York DFS Insurance Candidate Information Bulletin — Outline, paid-up status
More life insurance policies questions
- What does the owner of a level term policy receive if the policy reaches the end of its term without a claim?
- What does the survivor purchase option in a joint life policy commonly provide?
- What evidence of health must a member give to exercise the group conversion privilege?
- What external measure is commonly used to determine interest credits in indexed universal life?
- What form of insurance is group life cover usually written as?
- What forms of individual policy may a converting member obtain under section 3220?
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