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.

The aviation rider excludes payment of death benefits in the event of death as a result of an airplane crash when the insured is on a regularly scheduled commercial airline flight.

Secondary guarantee no-lapse policies will remain in force and the death benefits will remain level, even if the cash-value accounts fall to zero as long as the policyowners have paid the specified required premiums in a timely fashion.

Variable annuities are taxed in the same manner as mutual funds.

If the annuitant dies after annuity benefit payments have started under a “pure life annuity” settlement option:

Changes to a No-Lapse Universal Life (NLUL) policy, such as loans, partial withdrawals, changes in the death benefit, changes in scheduled premiums, may terminate the guarantee.

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

Term policies can generally provide the lifetime guarantees of a No-Lapse Universal Life (NLUL) product.

ATRA increased estate tax rates and reduced the estate, gift, and GST exemptions.

Why are insurance companies often able to credit higher amounts on Indexed Universal Life (IUL) Products than on Index Annuity (IA) products?