Jane purchased a life insurance policy on her own life and named her daughter, Cheryl, as beneficiary.
Cheryl has a history of not managing money well. Jane wants the death benefit paid to Cheryl in monthly installments over 20 years. Which settlement option should Jane pre-select for Cheryl?
A) lump sum
B) fixed amount
C) fixed period
D) interest option
Question 2
Lionel purchased a 200,000 ordinary life insurance policy when he was 25 years old and had significant life insurance needs.
Now Lionel is 50. His mortgage is almost paid-off and his children have left home and are financially independent. Lionel no longer wants to pay premiums, but he would like to have some permanent life insurance in force. Which nonforfeiture option could Lionel employ to meet these objectives?
A) cash value
B) reduced paid-up insurance
C) paid-up additions
D) extended term insurance
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