第11章人寿保险.ppt

Copyright ? 2008 Pearson Addison-Wesley. All rights reserved. 11-* Type of Whole Life Insurance Current assumption whole life insurance is a nonparticipating whole life policy in which the cash values are based on the insurer’s current mortality, investment, and expense experience An accumulation account reflects the cash value under the policy If the policy is surrendered, a surrender charge is deducted from the accumulation account A guaranteed interest rate and current interest rate are used to determine cash values A fixed death benefit and maximum premium level at the time of issue are stated in the policy Two forms of current assumption whole life products: Low-premium products, with a low initial premium High-premium products, with a vanishing premium provision Copyright ? 2008 Pearson Addison-Wesley. All rights reserved. 11-* Exhibit 11.6 Comparison of Major Life Insurance Contracts Copyright ? 2008 Pearson Addison-Wesley. All rights reserved. 11-* Type of Whole Life Insurance An indeterminate-premium whole life policy is a generic name for a nonparticipating policy that permits the insurer to adjust premiums based on anticipated future experience After an initial guaranteed period, the insurer can increase premiums up to the maximum limit if the insurer’s experience is expected to worsen A modified life policy is a whole life policy in which premiums are lower for the first three to five years and higher thereafter Preferred risk policies are sold at lower rates to individuals whose mortality experience is expected to be lower than average (e.g., a non-smoker) Second-to-die life insurance insures two or more lives and pays the death benefit upon the death of the second or last insured Usually whole life, but can be term Copyright ? 2008 Pearson Addison-Wesley. All rights reserved. 11-* Type of Whole Life Insurance Savings Bank Life Insurance (SBLI) is a type of life insurance that is sold by savings banks Policies were sold originally by savings banks in Ma