Which of the following settlement options in life insurance is known as straight line? (2023)

Which settlement options in life insurance is known as straight life?

straight life income option. A life insurance settlement option where a beneficiary receives periodic payments which end immediately upon the beneficiary's death.

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What insurance product is also called straight life insurance quizlet?

whole life insurance where the premiums remain the same each year as long as the policyholder lives; also called a straight life policy, whole life policy, or a cash-value life policy. Minimum death benefit guaranteed. Benefit can be greater depending on the earnings of the dollars invested in the separate fund.

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What is a fixed settlement option?

The fixed period option is a life insurance option that may be selected as a settlement under which the policy proceeds are left on deposit with the insurer to accrue interest and are paid to the beneficiary in equal payments for a specific number of years.

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What is pure or straight life insurance?

Straight life insurance is a type of permanent life insurance that provides a guaranteed death benefit and has fixed premiums. Also known as whole or ordinary life insurance, the policy has a term length that lasts your entire life. This is different from term life insurance, which expires after a set number of years.

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Which is known as straight life?

A straight life insurance policy offers coverage that lasts a lifetime, with premiums that stay the same over the life of the policy. Straight life insurance is more commonly known as whole life insurance.

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What is a structured settlement in life insurance?

A structured settlement is a one-time opportunity to settle a personal physical injury claim, including wrongful death, with tax-free benefit payments. It is tax-free based on Section 104(a)(2) of the Internal Revenue Code.

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Is whole life insurance sometimes referred as straight life?

Whole life insurance, sometimes called "straight life" or "ordinary life," is a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date.

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What lines of insurance are there?

  • Health Insurance. The most common type of insurance is health insurance. ...
  • Life Insurance. Another type of insurance that is common is life insurance. ...
  • Homeowners Insurance. ...
  • Automobile Insurance. ...
  • Annuities. ...
  • Accident Insurance. ...
  • Disability Insurance. ...
  • Long-Term Care Insurance.

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Which line of insurance is also known as third party insurance?

Motor Third Party insurance also known as Liability Only policy, which is mandatory for all Vehicles. It provides coverage for the insured's liability against death or injury to a Third Party and damage to Third Party property.

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Is straight life a fixed amount?

A straight-life annuity pays a fixed amount for the remainder of the annuitant's life.

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What is single life settlement?

What Is a Single Life Settlement Option? In a single life settlement, any payments agreed upon will cease upon the death of the annuitant or beneficiary. In contrast, a joint life settlement will continue paying out until the annuitant's spouse also passes away (assuming they survive the annuitant).

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What is the single life settlement options?

At retirement, a retiree has the choice of either a single-life payout or a joint-life payout. A single-life payout means only the employee will receive the payments for the rest of his/her life, but the payments stop upon his/her death.

Which of the following settlement options in life insurance is known as straight line? (2023)
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