Choose the Option(s)available in the Nonforfeiture Clause of a Cash-Value

question 41

Multiple Choice

Choose the option(s) available in the nonforfeiture clause of a cash-value life policy.

• A)Exchange the policy for a paid-up term policy of equal face value.
• B)Receive the policy's cash value.
• C)Retain rights to a death benefit.
• D)Exchange the policy's cash value for a paid-up policy with a reduced face value.
• E)A,B,and D above

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Definitions:

Equal Payments

Regular payments of the same amount over the course of a loan's term or fixed investment period, often associated with mortgages or annuities.

Time Intervals

Periods or durations between two points or events in time.

Amortized Loan

A loan with scheduled periodic payments that include both principal and interest.

Annuity

A financial product that pays out a fixed stream of payments to an individual, typically used as part of retirement planning.