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