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