Preferred vs. standard policy risk varies among companies and affects product pricing
Article Abstract:
Practitioners responsible for assembling information about a candidate for life insurance may need to request a great deal of personal data if they want to predict costs with some accuracy. Since about 1990, some of the major insurance companies such as Metropolitan Life, Manufacturers Life and Transamerica have been underwriting life insurance policies as either preferred or standard, with substantial pricing differences, and any number of factors such as driving history, weight, smoking habits, cholesterol levels and family history can demote an individual to the standard level.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1992
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Product guarantees for universal life bring this policy form closer to whole life
Article Abstract:
Life insurance customers find whole life insurance attractive because of its guarantees of cash value, premiums, and death benefits. However, whole life policies offer competitive disadvantage to the issuing company. To remedy this, companies have made changes, which have made whole and universal life policies similar. Originally, companies offered blended plans with term premiums and dividends without guarantees. The most important change is the universal life policy with a guaranteed death benefit for 40 (to age 95 or 100) or sometimes 20 years.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1997
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The importance of a prepayment for insurance and the terms of conditional receipts are often ignored
Article Abstract:
The importance of prepayment for life insurance policies and the receipts given as recognition of prepayment is not understood by many purchasers. The act of prepayment officially signals insured status, but not at the level of the actual policy. The subtleties of the prepayment receipt are discussed.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1995
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