Answered

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What type of insurance is the insurance component of a Universal Life policy?

A. Flexible Premium Adjustable Life
B. Convertible Term
C. Annual Renewable Term
D. Modified Whole Life

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Final answer:

Universal Life policies offer various insurance components including Flexible Premium Adjustable Life, Convertible Term, and Annual Renewable Term.


Explanation:

Flexible Premium Adjustable Life is the insurance component of a Universal Life policy. It allows policyholders to adjust their premium payments and death benefits as needed, offering flexibility in managing their coverage.

Unlike traditional whole life insurance, Convertible Term insurance offers the option to convert to a permanent policy in the future, providing temporary coverage with the possibility of long-term protection.

On the other hand, Annual Renewable Term insurance renews yearly with an increasing premium, providing coverage for a specific term with the option to renew annually.


Learn more about types of insurance components in Universal Life policies here:

https://brainly.com/question/43792179


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