Glossary

Policy Charges Report

a report that is sometimes produced as part of a policy Illustration that shows the Fees that would be paid…

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Policy Illustration

a key document (which may be shown to a consumer on computer or in hard copy) that is used in…

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Policy Loan

a policy owner may borrow money from the Accumulated Cash Value of a Cash Value Policy. The interest rate on…

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Surrender Charge

a charge that is deducted from the Cash Value of a policy if the policy owner chooses to Surrender a…

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Term Life

A “term life” policy is a policy that insures the life of the insured person for a specified period of…

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Traditional universal life

A universal life policy in which the savings account earns interest at a specified percentage (e.g., 5%). The percentage may…

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Universal Life

A “universal life” policy is a permanent policy that does not have a required premium but instead has a “flexible…

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Whole Life

A “whole life” policy is a permanent policy that has a specified premium that, if paid, will keep the policy…

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