Matching Pairs Risk Chp. 12 pt. 3Online version Risk Chp. 12 pt. 3 by Ryan Brown 1 Life income option 2 Non-forfeiture Laws 3 Interest Option 4 Reduced paid-up insurance option 5 Fixed-period (income for elected period) option 6 Non-forfeiture options 7 Settlement Options 8 Paid-up addition option 9 Extended Term Insurance Option 10 Fixed-amount (income for elected amount) option 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. a fixed amount is periodically paid to the beneficiary. Cash Value, Reduced paid-up, and extended term insurance. 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. 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. 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. the policy proceeds are paid to a beneficiary over some fixed period of time.
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