Matching Pairs Risk Chp. 12 pt. 3Online version Risk Chp. 12 pt. 3 by Ryan Brown 1 Extended Term Insurance Option 2 Fixed-amount (income for elected amount) option 3 Non-forfeiture Laws 4 Interest Option 5 Reduced paid-up insurance option 6 Paid-up addition option 7 Fixed-period (income for elected period) option 8 Non-forfeiture options 9 Life income option 10 Settlement Options the policy proceeds are retained by the insurer, and interest is periodically paid to the beneficiary. refer to the various ways that the policy proceeds can be paid. the dividend is used to purchase an increment of paid-up whole life insurance. a fixed amount is periodically paid to the beneficiary. Cash Value, Reduced paid-up, and extended term insurance. the cash-surrender value is applied as a net single premium to purchase a reduced paid-up policy. requires insurers to provide at least a minimum non-forfeiture value to policyholders. allows policy proceeds to be used to buy a life annuity that guarantees the annuitant an income for life. the policy proceeds are paid to a beneficiary over some fixed period of time. the net cash-surrender value is used as a net single premium to extend the full face amount of the policy (less any indebtedness into the future as term insurance for a certain number of years and days.
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