Page 36 - Life Assurance
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14) Explain the following beneficiary
designations.

a. Primary and contingent beneficiary.
b. Revocable and irrevocable beneficiary.
c. Specific and class beneficiary.

15) a. Describe the policy loan provision that
appears in a typical cash-value life insurance
policy?

b. Why is interest charged on a policy
loan?

c. List the advantages and disadvantages
of a policy loan.

16) Briefly explain the following non-
forfeiture options that are found in a typical life
insurance policy.

a. Cash value option.
b. Reduced paid- up Insurance.

100 Life41/life/life 08
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