If the insurer returns premiums paid in excess of the net level annual premium limit plus the interest on the excess premiums within a ___ day grace period of the end of the contract year in which the excess occurs, the contract will not fail the seven-pay test.

Most viatical settlements payments to the seller are:

A “viatical settlement” is

Premiums for survivorship life policies are lower than for equivalent coverage in two separate policies.

Given the current size of the federal estate tax exemption, estate tax inclusion of a policy is a concern for most purchasers of life insurance.

The party who applies for and owns the policy contract is the:

A policy received in a 1035 exchange has an investment in the contract (i.e., basis) in the amount of the fair market value of the old policy.

The policy cash value for limited-pay whole life policies initially grows more quickly than for policies with longer payment periods.

The upper limit that the interest crediting rate formula will use to determine the amount to credit to cash values is called?

Universal life policies have “unbundled” charges.