What is a variable contract?

(2) The term "variable contracts" shall mean contracts providing for benefits or values which may vary according to the investment experience of any separate or segregated account or accounts maintained by an insurance company.

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Which of the following policies would be classified as a traditional premium contract?

Which of the following policies would be classified as a traditional level premium contract? Reason: Straight whole life policies have a level guaranteed face amount and a level premium for the life of the insured.

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What is the benefit of choosing extended term?

Choosing the nonforfeiture extended term option allows the policy owner to use the cash value to purchase a term insurance policy with a death benefit equal to that of the original whole-life policy. The policy is calculated from the insured's attained age.

What does variable mean in a contract?

“Variable hours” contracts can be used for posts for which there is an on-going requirement but the actual numbers are likely to vary over time. Some variable contracts may offer a minimum or maximum amount of weekly/monthly hours.

What is the meaning of variable hours?

What is a variable hours employee? Variable hours employees do not have set hours and can work irregular hours during a working week. They have no fixed working pattern (i.e. they are not shift workers who work set hours).

IFRS 17 – Insurance contracts an introduction

What are the three types of contracts?

Contract types include: full-time and part-time contracts. fixed-term contracts

fixed-term contracts
Employees are on a fixed-term contract if both of the following apply: they have an employment contract with the organisation they work for. their contract ends on a particular date, or on completion of a specific task, eg a project.

. agency staff.

What are the types of contract contract?

  • full-time and part-time contracts.
  • fixed-term contracts.
  • agency staff.
  • freelancers, consultants, contractors.
  • zero-hours contracts.
  • What is true about credit life insurance?

    Credit life insurance usually covers any remaining debt that a borrower has on a large loan. In a typical policy, the borrower will pay a premium — often rolled into their monthly loan payment — that allows the lender to be paid in full if the borrower dies before paying off the loan.

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    Which of the following is true regarding the insurance amount in a credit life policy?

    Which of the following is true regarding the insurance amount in a credit life policy? Creditor can only insure the debtor for the amount owed.

    What is classified as a traditional level premium contract?

    What Is Level-Premium Insurance? Level-premium insurance is a type of permanent or term life insurance where the premium remains the same over the policy's life. With this type of coverage, premiums are thus guaranteed to remain the same throughout the contract.

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    What is a traditional life insurance policy?

    A traditional whole life policy is a type of life insurance contract that provides for insurance coverage of the contract holder for their entire life. Unlike term life insurance, which covers the contract holder until a specified age limit, a traditional whole life policy never runs out.

    Which of the following types of policies allows for flexible premium?

    A universal life policy is another form of permanent insurance that offers the cash value and lifetime coverage benefits of whole life. But there's a fundamental difference compared to whole life: the premiums are flexible.

    Which of the following traditional whole life policies has the highest first year annual premium?

    Which of the following traditional whole life policies has the highest first-year annual premium, all other factors being equal? 10-pay life – The shorter the premium paying period, the higher the premium. A Limited Pay Life policy of 10 years would have a higher premium than a 20-pay, 30-pay, or 40-pay life policy.

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    What is extended term insurance?

    Extended Term Insurance — a nonforfeiture provision in a whole life policy that uses cash value to purchase term insurance equal to the existing amount of life insurance.

    What advantage does the renewability feature give to a term policy?

    Renewability enables a policyholder to keep current coverage (though likely at a much higher premium) without having to re-qualify. In general, having a renewable term on a term life insurance policy provides peace of mind for the possibility of a worst-case scenario.

    What is term insurance and its benefits?

    Term insurance gives you life cover over a pre-agreed period of time. If you die during this period, your policy pays out a lump sum. This type of cover is useful for providing financial security for your dependents.

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    What is the purpose of a fixed period settlement option?

    The purpose of the fixed period settlement option is to ensure your beneficiary receives a consistent stream of income over a set length of time. It's most appropriate when the beneficiary has a debt like a mortgage that requires consistent payments.

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