What is the Meaning of Whole Life?

Providing Flexible Benefits for Policyholders

$6.00 + your state filing fee
3 Credit Hours

This course favors life insurance agents but is applied as general credit for all agents.

COURSE DIFFICULTY

Basic
This course covers the following topics:
  • Review the general features of a whole life insurance policy
  • Examine whole life insurance policy’s modern variations
  • Discuss the program’s advantages and disadvantages, cash values and company pricing, and more

Summary

Whole life insurance is a cash value type of life insurance policy that provides the insured with protection during their entire lifetime. Whole life insurance is attractive to consumers because it offers two key benefits – a death benefit to be paid to the insured’s named beneficiary in the event of their death, as well as a cash value that is accumulated over the entire term of the insurance period that can be used as savings or to be borrowed against in the event extra funds are needed. While it is more costly than other forms of life insurance, it is because it acts as an investment account – as well as a form of insurance. As part of the course, students will learn about the general features of a whole life insurance policy – as well as its modern variations – along with the program’s advantages and disadvantages, cash values, and company pricing, and more.

Outline

1. Introduction

  • 1.1 Overview and Purpose
  • 1.2 General Features of the Whole Life Policy
  • 1.3 Summary
  • Chapter 1 Quiz

2. History of Whole Life and Modern Variations

  • 2.1 History of Whole Life Insurance
  • 2.2 Modern Forces for Change
  • 2.3 Traditional Whole Life
  • 2.4 Modified Whole Life Plans
  • 2.5 Economic Plans
  • 2.6 Graded Premium Whole Life
  • 2.7 Indeterminate Premium Whole Life
  • 2.8 Interest Sensitive Life
  • 2.9 Variable Life
  • 2.10 Mix of Whole Life and Term Rider
  • 2.11 Graded Death Benefit Whole Life
  • 2.12 Summary
  • Chapter 2 Quiz

3. Advantages and Disadvantages

  • 3.1 For the Policyholder
  • 3.2 For the Agent
  • 3.3 For the Company
  • 3.4 Summary
  • Chapter 3 Quiz

4. Calculation of Guaranteed Cash Values and Reserves

  • 4.1 Description
  • 4.2 Choice of Functions
  • 4.3 Cash Value Example
  • 4.4 Reserves
  • 4.5 Reserves Example
  • 4.6 Summary
  • Chapter 4 Quiz

5. Numerical Illustration of Company Pricing

  • 5.1 Plan Description
  • 5.2 Assumptions as to Earnings, Lapse and Mortality
  • 5.3 Cash Values
  • 5.4 Expense Assumptions
  • 5.5 Yearly Profits
  • 5.6 Profit Summary

6. Dividends

  • 6.1 Introduction and Description
  • 6.2 Dividends Example
  • 6.3 Conclusion
  • 6.4 Summary
  • Chapter 6 Quiz

Final Exam

  • Final Exam

FAQ

Q: What should I expect from this online course?

A: We use a unique system to help you learn the material easily. Our online courses present you with information in large type that is easy to read. We highlight key items in gray and quiz you after each chapter to make sure you are learning critical information. You may review the material as much as you want before taking your required online, multiple-choice exam. Passing the exam proves your proficiency in that subject to your state’s governing authority.

Q: Can I print my online course materials and test questions?

A: According to the state authority, it is not permissible to print or download any course material or exam questions. However, you are free to access all online courses from our website anytime.

Q: How long does it take to complete an online course?

A: The time required to complete an online course varies from student to student, but it roughly approximates the number of credit hours awarded for the course. You must pass an online, multiple-choice exam. Passing the exam proves your proficiency in that subject to your state’s governing authority.