Lesson 1 Feb 16 2010
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Lesson 1 Feb 16 2010

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Lesson 1 Feb 16 2010 Lesson 1 Feb 16 2010 Presentation Transcript

  • Life Insurance
  • Life Insurance Association or Group Individual Fully portable and transferable Usually not portable and  not transferable Provisions can be changed at policy anniversary and by the employer Contracts can be cancelled by insurer Contract cannot be cancelled Limited selection of optional benefits available Large selection of optional benefits available Provisions cannot be changed
  • Insured or policy holder The individual who contracts the policy with  the insurance company Insurer The insurance company Policy The insurance contract that contains the  legally enforceable agreement between the  insurer and the insured Face value The amount of money paid by the insurer in the  event of the death of the insured Beneficiary The individual(s) named to receive  the face value of the policy upon the  death of the insured Premium The amount of money the insured pays the insurer for the policy
  • Types of Life Insurance Term Life Insurance Permanent Insurance
  • Bryan is a 32 year old non­smoker. He would like to purchase a 10­year  term life insurance policy with a face value of $300,000.00.  1) Calculate Bryan's annual premium http://www.edu.gov.mb.ca/k12/assess/archives/cm_wt_rp_08.pdf 2) Calculate the semi­annual premium Bryan would pay. 
  • Insurance Tables for Consumer course http://www.edu.gov.mb.ca/k12/assess/archives/cm_wt_rp_08.pdf
  • Linh is a 40 year old non smoker who is interested in  purchasing a whole life insurance policy with a face  value of $200,000.  1) Calculate her annual premium 2) Calculate her monthly premium
  • Tyrone purchased an insurance policy for $200,000 when he was  25 years old. When he is 40 he decides to cancel his policy.  1) Calculate his cash surrender value.  2) Calculate the total annual premiums Tyrone paid over the  life of his insurance policy. 
  • Assignment #1 Page V­C­10 Questions 1 ­ 9