Whole Life: Rapid Fire
Chapters in this video
What this video covers
- How ordinary, limited-pay, and single-premium whole life differ, and why a coverage period is not the same as a premium schedule
- What the seven-pay test measures and why one single premium alone does not establish modified endowment contract status
- When first-to-die and survivorship policies generally pay, and why equal face amounts do not make them interchangeable
- How policy loans, withdrawals, surrender, and nonguaranteed dividends affect policy value, coverage, and premiums
- How cash surrender, reduced paid-up insurance, and extended-term insurance differ when scheduled premiums stop
- Why an automatic premium loan creates interest-bearing debt, while a waiver of premium excuses specified premiums after a qualifying event
- Which whole-life guarantees and exam traps to keep separate, including cash value, death benefit, and dividends
Read the full lesson, free
This video's complete written lesson is free to read in the CertFuel app, no signup wall. The complete Life and Health course also includes adaptive practice questions and spaced-repetition flashcards, available in Free Beta.