Lesson 1

Term Life Insurance【定期人寿保险】

Term Life Insurance: Life insurance that provides a death benefit only if the insured dies during the period specified in the policy.

Four types of term life insurance:

  • Level term life insurance ─ The policy benefit—and usually the premium—remains the same over the term.
    • 固定期限寿险：保单保险金（通常也是保费）在整个期限内保持不变。
  • Decreasing term life insurance ─ The policy benefit decreases over the policy term, but the premium amount usually remains the same.
    Examples are mortgage insurance, credit life insurance, and family income coverage.
    • 递减期限寿险：保单保险金在保单期限内递减，但保费通常保持不变。例如按揭保险、信用人寿保险和家庭收入保障。
  • Increasing term life insurance ─ The policy benefit increases at stated intervals over the policy term.
    Premiums increase as the benefit increases.
    • 递增期限寿险：保单保险金在保单期限内以规定的间隔递增。随着保险金增加，保费也会增加。
  • Return of premium (ROP) term life insurance ─ The policy pays a death benefit if the insured dies within the policy term or a return of premiums
    if the insured lives until the end of the policy term.
    • 返还保费期限寿险：如果被保险人在保单期限内去世，保单支付身故保险金；如果被保险人活到保单期限结束，则退还保费。

Other Term Insurance Features【其他定期保险特点】

Policy renewal：

  • Extends existing coverage for another term, usually the same length as original term, but sometimes shorter
    • 延长现有保险保障至另一个期限，通常与原始期限相同，但有时较短。
  • Renewed coverage is usually for same face amount, but it can be for a lesser amount
    • 延期的保险保障通常与原始保额相同，但也可以是较低的保额。
  • Premiums for renewed coverage are based on the insured’s attained age at time of renewal
    • 延期保险的保费基于被保险人续期时的实际年龄。
  • Subject to maximum number of renewals or maximum age limit
    • 受到最大续期次数或最大年龄限制的影响。
  • Does not require evidence of insurability
    • 不需要提供可保能力的证明。

Renewal coverage can be for the same face amount as the original policy or smaller, but not for a larger face amount. 续保范围可以是与原始保单相同的票面金额或更小，但不能是更大的票面金额。

Renewal coverage term can be same length as the original policy or shorter, but not longer. 续保期限可以与原保单相同，也可以更短，但不能更长。

Renewal premium rate is based on the insured’s attained age at renewal and so is higher than original premium rate. 续保费率以被保险人续保时的年龄为基础，因此高于原费率。

The type of coverage before and after renewal remains the same. 续保前后的保险类型保持不变。

Policy Conversion:

  • Allows policyowner to convert term policy to permanent (cash value) coverage during a specified time, known as the conversion period.
    • 允许投保人在指定的时间内将定期保单转换为永久（现金价值）保险保障，称为转换期。
  • Does not require evidence of insurability
    • 不需要提供可保能力的证明。
  • Converted coverage amount can be the same as or less than the original policy’s face amount
    • 转换后的保险保障金额可以等同或低于原始保单的保额。
  • Premiums for converted coverage can be based on the insured’s attained age or original age,
    The effective date of cash value coverage is the term policy purchase date or the date of conversion.
    • 转换后的保费可以基于被保险人的实际年龄或原始年龄计算。现金价值保险的生效日期是定期保单购买日期或转换日期。

The insurer may allow conversion for the full amount of, or a percentage of, the original policy. 保险人可以允许转换原保单的全部金额或一定比例。

The coverage period generally increases because coverage is provided for the insured’s lifetime, not a specified term. 保险期限通常会增加，因为保险是为被保险人的一生提供的，而不是特定的期限。

The premium rate for a cash value policy is higher than for the original term policy because of the higher cost of lifetime coverage. 现金价值保单的保费率高于原始定期保单，因为终身保险成本更高。

Conversion involves changing the coverage from temporary coverage to lifetime coverage. 转换涉及将覆盖范围从临时覆盖范围更改为终身覆盖范围。

课后习题

1.Carlos Mendoza purchased a \$ 250,000 insurance policy on his life that requires him to pay equal annual premium payments. If Mr. Mendoza keeps the policy in force by paying then annual renewal premiums, and if he dies anytime within 20 years after purchasing the policy, then the policy will provide a $250,000 death benefit. The policy provides no coverage beyond the 20-year period, and Mr. Mendoza will not receive anything if he lives to the end of the policy term. This information indicates that the type of insurance policy Mr. Mendoza owns is

  • an increasing term life insurance policy
  • a level term life insurance policy
  • a decreasing term life insurance policy
  • an attained age conversion term life insurance policy

    卡洛斯·门多萨购买了一份价值25万美元的人寿保险，要求他每年支付同等的保费。如果门多萨先生通过支付每年的续保费来维持保单的有效性，并且如果他在购买保单后20年内的任何时候死亡，那么保单将提供25万美元的死亡福利。该政策在20年期间不提供保险，如果门多萨活到政策任期结束，他将不会得到任何东西。这些信息表明，门多萨先生的保单类型是

    • 增加定期的人寿保险单
    • 水平定期人寿保险单
    • 递减定期人寿保险单
    • 成年转换定期人寿保险单

2.Dolly Varden purchased a new home and obtained a 30-year mortgage loan from the Sanguine Bank To insure her mortgage loan, Dolly purchased from the Valiant Insurance Company mortgage insurance policy that named her husband William as the beneficiary. The following statements are about this situation. Select the answer choice containing the correct statement.

  • In the event of Dollys death, William is required to use the policy proceeds of the mortgage insurance policy to repay the mortgage loan.
  • The amount of the policy benefit payable at any given time under Dollys mortgage insurance policy generally equals the amount owed on the mortgage.
  • The Sanguine Bank is a party to the mortgage insurance contract that Dolly purchased.
  • Valiant is a party to the mortgage loan contract that Dolly obtained.

    Dolly Varden购买了一套新房子，并从Sanguine银行获得了30年的抵押贷款。为了给她的抵押贷款投保，Dolly从Valiant保险公司购买了一份抵押保险单，将她的丈夫William列为受益人。以下声明是关于本公告的。选择包含正确陈述的答案。

    • 如果多利斯去世，威廉必须使用抵押保险单的保单收益来偿还抵押贷款。
    • 根据Dollys抵押贷款保险单，在任何特定时间应付的保单福利金额通常等于抵押贷款所欠金额。
    • Sanguine银行是Dolly购买的抵押保险合同的一方。
    • Valiant是Dolly获得的抵押贷款合同的一方。

3.The following statements are about credit life insurance and family income coverage. Select the answer choice containing the correct statement

  • The proceeds of a credit life insurance policy may be paid to a beneficiary other than the lender, or creditor, if the insured borrower dies during the policy’s term
  • The amount of the benefit payable under a credit life insurance policy usually remains level over the duration of the loan
  • Family income coverage provides a stated monthly income benefit amount to the beneficiary if the insured dies during the term of coverage
  • Family income coverage is a plan of increasing term life insurance

    以下报表是关于信用人寿保险和家庭收入保险的。选择包含正确答案的选项

    • 如果被保险借款人在保单有效期内死亡，则信用个险保险单的收益可支付给贷款人或债权人以外的受益人
    • 信用人寿保险单下的应付福利金额通常在贷款期间保持不变
    • 如果被保险人在保险期内死亡，家庭收入保险将向受益人提供规定的每月收入福利金额
    • 家庭收入保险是一项增加定期人寿保险的计划

4.Caitlin Miler, age 35, purchased a \$ 150,000 20-year return of premium (ROP) term insurance policy from the Karat Insurance Company. Ms. Miller paid annual premiums of \$ 300. Ms. Miller paid all required premiums and was alive at the end of the 20-year term when the policy expired. This information indicates that

  • Ms. Miller’s policy expired without Karat making any payment to anyone
  • Karat paid $6,000 to Ms. Miller
  • Karat paid $150,000 to Ms. Miller

    35岁的Caitlin Miler从Karat保险公司购买了一份价值150000美元的20年期保费回报定期保险。米勒每年支付300美元的保险费。Miller女士支付了所有所需的保费，在保单到期的20年任期结束时还活着。该信息表明

    • Miller女士的保单到期了，Karat没有向任何人付款
    • Karat向Miller女士支付了6000美元
    • Karat向Miller女士支付了150000美元

5.Geneva Watson purchased a $ 100,000 15-year renewable term insurance policy on her life. At the end of the 15-year term, the renewal provision in Ms. Watsons policy most likely gives her the right, within specified limits, to renew her insurance coverage

  • for a one-year term, but not for another 15-year term
  • after first undergoing a required medical examination
  • at the same premium rate she was charged for the origin 15-year policy
  • without having to submit evidence for her insurability

    Geneva Watson购买了一份价值10万美元的15年可续期定期人寿保险。在15年任期结束时，Geneva Watson女士保单中的续保条款很可能赋予她在特定限额内续保的权利

    • 任期一年，但不能再延长15年
    • 在第一次接受必要的医学检查后
    • 按照同样的保险费率，她被收取了15年的原始保单费用
    • 而无需提交其可保性的证据

6.Convertible term life insurance policies contain features that allow the policyowner to convert the coverage to a cash value life insurance policy. In order to convert such a term life insurance policy, evidence of insurability (is/is not) required. Due to potential antiselection, insurers will typically charge (lower/higher) premiums for convertible policies than comparable term policies that are not convertible.

可转换定期人寿保险包含允许投保人将保险范围转换为现金价值人寿保险的功能。为了转换这种定期人寿保险政策，不需要可保性的证据。由于潜在的反选择，保险公司通常会对可转换保单收取比不可转换的可比定期保单更高的保费

Lesson 2

Cash Value Life Insurance【现金价值寿险】

Cash value life insurance offers lifetime coverage and a savings element(called the cash value).
现金价值寿险提供终身覆盖和储蓄要素，称为现金价值。

In addition to a death benefit, cash value life insurance has a savings element—known as a cash value—that the policyowner can access while the insured is still alive.
Just how big a policy’s cash value is at any given time depends on the

  1. Policy face amount 保单票面金额
  2. Length of time the policy has been in force 政策生效的时间长度
  3. Length of the policy’s premium payment period 保单的保费支付期限

The owner of a cash value insurance policy can borrow against the cash value by taking out a policy loan directly from the insurance company.
现金价值保险单的所有者可以直接从保险公司获得保单贷款，以现金价值为抵押借款。

Policy loans reduce policy values because a policy loan is actually an advance payment of part of the amount that the insurer eventually must payout >under the policy.
保单贷款会降低保单价值，因为保单贷款实际上是保险公司根据保单最终必须支付的部分金额的预付款。

With a policy surrender, you get the cash from the policy’s entire cash surrender value, which is the cash value amount less any amounts the
policyowner owes, such as outstanding policy loans and charges.
通过保单退保，您可以从保单的全部现金退保价值中获得现金，即现金价值减去保单持有人所欠的任何金额，如未偿还的保单贷款和费用。

After the surrender, the coverage terminates and no further benefits are payable.
退保后，保险终止，不再支付其他福利。

Traditional whole life insurance is the most basic type of cash value life insurance, provides a constant amount of lifetime coverage, has a level premium rate that doesn’t increase with insured’s age.
传统的终身保险是最基本的现金价值人寿保险，提供恒定的终身保险金额，保费水平不会随着被保险人的年龄而增加。

Types of cash value coverage:

  • Whole life insurance—the most basic type of cash value policy 整个人寿保险- 最基本的现金价值保单类型
  • Provides constant amount of coverage with level premiums 提供稳定的保额和级别保费
  • Single-premium, limited payment, and continuous premium options 单期付清、有限期付款和连续保费选择

Modified whole life policies allow more flexibility

  • Modified-premium—Smaller premiums for an initial period, then larger premiums for remainder of policy. Level face amount.
    • 修改保费 - 初始时期的保费较低，剩余期间的保费较高。保额保持不变。
  • Modified coverage—Larger face amount at first, then smaller face amount during policy’s later years. Level premium amount.
    • 修改保额 - 初始时期的保额较高，后期逐渐降低。保费金额保持不变。
  • Joint whole life—Insures two lives under one policy. Pays death benefit when the FIRST insured dies.
    • 联合整个人寿保险 - 一项保单为两个人提供保险。在第一位被保险人去世时支付身故保险金。
  • Last survivor coverage—Insures two or more lives under one policy. Pays death benefit when the LAST insured dies.
    • 最后生还者保险 - 一项保单为两个或更多人提供保险。当最后一个被保险人去世时支付身故保险金。

Other Types of Life Insurance Policies【其他类型的人寿保险单】

New generation cash value products:

  • Universal Life (UL) 万能寿险
    • Separate pricing factors—clearly lists mortality charges, interest rate, and fees 分离定价因素- 清晰列出死亡风险费用、利率和费用。
    • Within limits, policyowner can adjust face amount and size/timing of premiums 在限制范围内，投保人可以调整保额和保费的大小/时机。
    • Policyowner can choose level death benefit or variable death benefit 投保人可以选择级别死亡保险金或浮动死亡保险金。
  • Indexed Universal Life (IUL) 指数万能寿险
    • Offers same features as universal life 提供与万能寿险相同的功能。
    • Allows policyowner to tie cash value to an equity index (example: S&P 500) 允许投保人将现金价值与股票指数（例如：S&P 500）挂钩。
    • Guarantees a minimum interest rate 保证最低利率
  • Variable Life (VL) 变额万能寿险
    • Premiums are fixed 保费固定。
    • Policyowner chooses how premiums are invested—into a fixed account or one or more subaccounts 投保人可以选择将保费投资于固定账户或一个或多个子账户。
    • Cash value and death benefit vary according to subaccount performance 根据子账户表现，现金价值和身故保险金会有所变化。
    • Regulated as securities 受证券法规管制。
  • Variable Universal Life (VUL) 变额万能寿险
    • Blends investment flexibility of VL with premium and death benefit flexibility of UL 将变额寿险的投资灵活性与万能寿险的保费和身故保险金灵活性相结合。
    • Like VL, policyowner chooses how premiums are invested 类似于变额寿险，投保人可以选择如何投资保费。
    • Like UL, policyowner can choose the size/timing of renewal premiums 类似于万能寿险，投保人可以选择保费的大小/时机。
    • Like UL, policyowner can choose whether death benefit varies or remains level 类似于万能寿险，投保人可以选择身故保险金的变动或保持稳定。
    • Regulated as securities 受证券法规管制。

Flexible premiums: UL/IUL/VUL Fixed Premiums: VL

Separate pricing factors: UL/IUL/VUL

Policyowner assumes investment risk: VL/VUL

Death benefit can remain level or vary with changes to cash value: UL/IUL/VUL

Death benefit varies according to investment performance: VL/VUL

课后习题

1.In comparing cash value life insurance coverage and term life insurance coverage, the following statement(s) can correctly be made:
A. Both cash value life insurance and term life insurance provide a savings element.
B. Cash value life insurance provides coverage for the insured’s lifetime, whereas term life insurance provides coverage for a specified term only.

  • Both A and B
  • A only
  • B only
  • Neither A nor B

    在比较现金价值人寿保险和定期人寿保险时，可以正确地做出以下声明：
    A.现金价值人寿保险和定期人寿保险都提供了储蓄要素。
    B.现金价值人寿保险为被保险人的一生提供保险，而定期人寿保险仅为特定期限提供保险。

    • A和B
    • 仅A
    • 仅限B
    • 既不是A也不是B

2.The policyowner of a cash value life insurance policy can borrow against the policy by taking out a policy loan. Such a policy loan (does/does not) reduce policy values. Another option that the policyowner has is to elect to receive the policy’s entire cash surrender value. In such a circumstance, the policy coverage (continues/terminates)

现金价值人寿保险单的投保人可以通过保单贷款的方式向保单借款。这种保单贷款（确实/没有）降低保单价值。投保人的另一个选择是选择接收保单的全部现金退保价值。在这种情况
下，保单覆盖范围（继续/终止)

3.Traditional whole life insurance comes in three types based on the number of premium payments: single-premium policies, limited-payment policies, and continuous-premium policies. The following statement(s) can correctly be made about these types of traditional whole life insurance
A. Under a limited-payment whole life insurance policy, the life insurance coverage expires at the end of the specified premium payment period.
B. A continuous-premium whole life insurance policy is considered to be paid up when the insured reaches age 65.

  • Both A and B
  • A only
  • B only
  • Neither A nor B

    传统的终身保险根据保费支付数量分为三种类型：单一保费保单、有限支付保单和连续保费保单。以下是关于这些类型的传统终身保险的正确说明：
    A.根据有限支付的终身寿险保单，人寿保险在指定的保费支付期结束时到期。
    B.连续保费终身寿险保单在被保险人年满65岁时被视为已支付

    • A和B
    • 仅A
    • 仅限B
    • 既不是A也不是B

4.Eena Myskina, age 35, pays level premiums for a type of whole life insurance. The policy specifies that the face amount will decrease from \$200,000 to \$150,000 when Ms. Myskina reaches age 60, and then decrease again from \$150,000 to \$100,000 when she reaches age 70. In this situtation that Ms. Myskina purchased a (modified coverage/ modified premium) whole life insurance policy. The annual premium that she pays for this policy will be (lower/ higher) than the annual premium she would pay for traditional whole life policy that provided \$200,000 of coverage throughout her lifetime.

35岁的Eena Myskina为一种类型的终身保险支付水平保费。该政策规定，当Myskina女士年满60岁时，票面金额将从20万美元降至15万美元，然后当她年满70岁时，再次从15万美元降
至10万美元。在这种情况下，Myskina女士购买了一份（修改的保险范围/修改的保费）终身保险。她为该保单支付的年度保费将（低于/高于）她为传统终身保单支付的年保费，传统终
身保单在她一生中提供了20万美元的保险。

5.Gabrie Haredale purchased a whole life insurance policy that insures both him and his wife, Martha. The policy specifies that the death benefit will be paid only after both Gabriel and Martha have died. This information indicates that the type of insurance policy Gabriel purchased is

  • family income coverage
  • a joint whole life insurance policy
  • a last survivor life insurance policy
  • a first-to-die life insurance policy

    GabrieHaredale购买了一份终身保险，为他和他的妻子Martha提供保险。该政策规定，只有在Gabriel和Martha都去世后，才能支付死亡抚恤金。该信息表明Gabriel购买的保险单类
    型为

    • 家庭收入保险
    • 联合终身保险
    • 最后一份遗属人寿保险
    • 第一份死亡人寿保险

6.One true statement about a universal life (UL) insurance policy is that the

  • pricing factors such as mortality charges, interest and expenses, are incorporated into the premium that the policyowner pays and are not stated separately
  • policy is treated as a life insurance product under United States federal tax laws, regardless of the size of the policy’s cash value in relation to its face amount
  • policyowner decides, within certain limits, what the policy’s face amount will be, the amount of the death benefit payable, and the amount of premiums he will pay for that coverage
  • policy is set up to lapse immediately for nonpayment of any premium

    关于通用人寿保险（UL）保单的一个真实陈述是

    • 定价因素，如死亡率、利息和费用，都包含在投保人支付的保费中，没有单独说明
    • 根据美国联邦税法，保单被视为人寿保险产品，无论保单的现金价值与票面金额的比例如何
    • 在一定范围内，投保人决定保单的票面金额、应付死亡保险金金额以及他将为该保险支付的保费金额
    • 保单被设定为未支付任何保险费立即失效

7.The following statements are about variable universal life (VUL) insurance in the United States. Select the answer choice containing the correct statement.

  • Most customers choose VUL insurance policies for the guaranteed investment earnings provided by those policies
  • The insurance company alone assumes the investment risk of a VUL insurance policy
  • VUL insurance policyowners are allowed to invest part of their premiums in a fixed fund
  • The death benefit provided by a VUL insurance policy remains constant throughout the life of the policy

    以下是关于美国可变万能人寿保险的声明。选择包含正确陈述的答案。

    • 大多数客户选择VUL保险，以获得这些保单提供的保证投资收益
    • 保险公司单独承担VUL保单的投资风险
    • VUL保险投保人可以将部分保费投资于固定基金
    • VUL保险单提供的死亡保险金在保单有效期内保持不变

Lesson 3

Introduction to Annuities【年金简介】

  • annuitant 年金受益人
    • The annuitant is the person whose lifetime the insurance company uses to determine the amount and duration of annuity payments payable under an annuity contract. Typically, annuity contracts state that the insurer will make annuity payments to the annuitant.
    • 年金受益人是保险公司根据年金合同使用其寿命来确定年金支付金额和持续时间的人。通常，年金合同规定保险公司向年金受益人支付年金。
  • payee 支付人
    • The payee is a natural person or legal entity designated by a contract owner to receive annuity payments if the annuitant does not receive them.
    • 支付人是合同所有人指定的自然人或法人实体，如果年金受益人没有收到年金支付，则支付人可以接收年金支付。
  • beneficiary 受益人
    • The beneficiary is the person or legal entity who may receive the remaining value of the annuity contract upon the death of the contract owner or annuitant.
    • 受益人是合同所有人或年金受益人死亡时可能接收年金合同剩余价值的人或法人实体。
  • joint annuitant 联合年金受益人
    • A joint annuitant is a person, in addition to the primary annuitant, whose lifetime the insurance company uses to determine the amount and duration of annuity payments payable under an annuity contract.
    • 联合年金受益人是除主要年金受益人以外，保险公司用于确定根据年金合同支付的年金金额和持续时间的人。

Note that annuitants and joint annuitants must be people—but payees and beneficiaries can be either people or legal entities, such as trusts or corporations.
请注意，年金受益人和联合年金受益人必须是人，而支付人和受益人可以是人或法人实体，例如信托或公司。

Immediate Annuities and Payout Options【即时年金和支付选项】

single-premium immediate annuities (SPIAs)单次保费即时年金

  1. only one lump-sum premium payment一次性支付保费
  2. begins making annuity payments within one year after purchase 在购买后的一年内立即开始领取年金
  • Life Annuity 人寿年金
    • A payout option that guarantees the insurer will provide annuity payments for only as long as the annuitant lives.
    • 一种支付选项，保证保险公司只在年金受益人的生命周期内提供年金支付。
  • Life Income with Period Certain 固定期限的终身收入
    • A payout option that guarantees the insurer will provide annuity payments throughout the annuitant’s lifetime and guarantees that the payments will be made for at least a specified period, even if the annuitant dies before the end of that period.
    • 一种支付选项，保证保险公司将在年金受益人的一生中提供年金支付，并保证支付至少在指定的期限内进行，即使年金受益人在该期限结束前死亡。
  • Life Income with Refund Annuity 带退款年金的终身收入
    • A payout option that guarantees the insurer will provide annuity payments throughout the annuitant’s lifetime and guarantees the insurer will pay benefits at least equal to the annuity’s purchase price if the annuitant dies. Also called a refund annuity.
    • 一种支付选项，保证保险公司将在年金受益人的一生中提供年金支付，并保证如果年金受益人死亡，保险公司将支付至少等于年金购买价格的福利。也称为退款年金。
  • Joint and Survivor Annuity 连生遗族年金
    • A payout option that provides a series of annuity payments based on the life expectancies of two annuitants, and those payments continue until the last annuitant dies.
    • 一种支付选项，根据两名年金受益人的预期寿命提供一系列年金支付，这些支付一直持续到最后一名年金受益人去世。

Deferred Annuities【递延年金】

single-premium deferred annuity (SPDA)单次保费递延年金
flexible-premium deferred annuity (FPDA)灵活保费递延年金

Accumulated Value = Premiums + Earnings – (Withdrawals + Charges) 累计价值= 保费+ 收益-（提款+保险公司收费/联邦税收）

Deferred annuities typically allow the contract owner to take withdrawals from the accumulated value during the accumulation period. Withdrawals reduce the annuity’s accumulated value and may result in a surrender charge from the insurer.
递延年金通常允许合同所有者在累积期内从累积价值中提取。提取会减少年金的累计价值，并可能导致保险公司收取退保费。
Surrender charges typically apply during the early years of the contract and decrease each year until the end of the surrender charge period.
解约费用通常在合同的最初几年适用，每年都会减少，直到解约费用期结束。
Annuitization is the optional process of converting the accumulated value of a deferred annuity into annuity payments; if the contract owner chooses to annuitize, the contract enters the payout period.
年金化是将递延年金的累计价值转换为年金支付的可选过程；如果合同所有者选择年金化，则合同进入支付期。

Fixed Annuity Products【固定年金产品】

Fixed-Rate Deferred Annuities (FRDA) 固定利率递延年金

  1. protect and grow their principal and avoid market risks. 保护和增加本金并避免市场风险
  2. Guaranteed minimum interest-crediting rate 保证的最低利息核算利率
  3. current interest-crediting rates 当前的利息核算利率
  4. The current interest-crediting rate can be higher or lower than the previous rate, but it can’t drop below the guaranteed minimum interest-crediting rate stated in the contract. 本次计息利率可以高于或低于原计息利率，但不得低于合同约定的保证最低利息核算利率

Fixed indexed annuities (FIAs) 固定指数年金

  1. offer principal guarantees and a guaranteed minimum interest-crediting rate 提供本金保证和保证的最低利息核算利率
  2. offer the possibility of additional earnings based on changes in an index 提供了基于指数变动的额外收益可能性

Deferred Income Annuities(DIAs)递延收入年金

  1. retirement 适合退休人员
  2. Can change the date that annuity payments begin 可以改变年金给付的起始日期
  3. Can choose death benefits 可以申请死亡抚恤金，但金额比较少
  4. Like immediate annuities, DIAs and QLACs have no accumulation period 与即期年金类似，DIA和QLAC没有累积期
  5. Like FRDAs, the date when payments will begin is at some point in the future. Unlike FRDAs, DIAs and QLACs specify this date. 与FRDA一样，开始付款的日期是在未来的某个时候。与FRDA不同，DIA和QLAC指定此日期。

    示例:
    布赖恩·阿道尔菲今年60岁，刚刚买了一辆DIA。按计划，年金将在他67岁退休的7年后开始发放，并将持续他的余生。布莱恩的DIA没有死亡抚恤金。
    分析:
    如果布莱恩在65岁时去世，他将永远不会收到任何年金。如果他在68岁时去世，他将只得到一年的抚恤金，之后其他任何人都不会收到任何钱。另一方面，如
    果布莱恩活到90岁，他将收到23年的付款，而且这些付款将比传统的FRDA更多。

Qualified Longevity Annuity Contracts(QLACs) 符合条件的长寿年金合约

  1. an advanced age 高龄，如80
  2. can choose a death benefit 可以申请死亡抚恤金，但金额比较少
  3. can only be purchased with qualified retirement plan funds 只能使用合格的退休计划基金购买

分类：
Fixed annuities

  • Fixed immediate Annuities (SPIAs)
  • Fixed deferred Annuities
    • Fixed-Rate Deferred Annuities (FRDA)
    • Fixed indexed Annuities (FIAs)
  • Deferred Income Annuities (DIAs)
    • Qualified Longevity Annuity Contracts (QLACs)

Variable Annuities【可变年金】

分类：
Variable Annuities

  • Variable immediate Annuities
  • Variable deferred Annuities
    • Variable deferred Annuities (non-RILAS)
    • Registered index-linked annuities (RILAS)

With a variable annuity, the following amounts may vary according to market performance:
对于可变年金，以下金额可能因市场表现而异：

  • The accumulated value 累计价值
  • The annuity payments for contract owners choosing to receive variable annuity payments 选择接收可变年金支付的合同所有者的年金支付金额
  • Any withdrawal amounts or annuity payments made under the terms of a living benefit rider 根据寿险效益附加条款的条款进行的任何取款金额或年金支付金额

Fixed accounts 固定账户

  • Are backed by the insurer’s general account 以保险公司的一般账户为后盾
  • Accumulate interest at the specified current interest rate, but no lower than the guaranteed minimum interest rate 以指定的当前利率累积利息，但不低于保证的最低利率
  • The insurer bears the investment risk. 保险公司承担投资风险

Subaccounts 子账户

  • These subaccounts are part of the insurer’s separate account. 这些子账户是保险公司单独账户的一部分。
  • each having a distinct risk/return profile and investment strategy 都有不同的风险/回报状况和投资策略
  • the annuity contract owner bears the investment risk. 年金合同所有者承担投资风险

Investment Choices 投资选择

  • Change the percentage of money allocated to fixed accounts and subaccounts 更改分配给固定账户和子账户的资金百分比
  • Transfer funds between fixed accounts and subaccounts, and will not trigger a tax liability 在固定账户和子账户之间转移资金，且不会引发纳税义务

Current Value of an Accumulation Unit x # of Accumulation Units in the Subaccount = Contract Owner’s Subaccount Value 累积单位的当前值x子帐户中累积单位的数量=合同所有者的子帐户值
Total of All Subaccount Values + Fixed Account Values = Contract’s Total Accumulated Value 所有子账户价值的总和+固定账户价值=合同的总累积价值

variable annuity contract owners can purchase certain guarantees.

  • guaranteed minimum death benefit ( GMDB ) 保证最低死亡保险金
    • guarantees that if the annuitant dies before annuity payments begin, the beneficiary will receive at least a stated minimum amount
    • 保证如果年金受益人在年金支付开始前死亡，受益人将至少获得规定的最低金额
  • guaranteed minimum income benefit ( GMIB ) 保证最低收入福利
    • guarantees a minimum annuity payment amount for life based on the annuitization of a protected value—known as the “benefit base”
    • 保证根据受保护价值的年金化（称为“福利基础”）提供最低年金支付金额
  • guaranteed lifetime withdrawal benefit ( GLWB ) 保证终身提款福利
    • guarantees annual withdrawals of a specified percentage of a protected value—known as the “benefit base”—for life without annuitizing the contract.
    • 保证在不使合同年金化的情况下，每年提取受保护价值的特定百分比，即“福利基数”
  • guaranteed minimum withdrawal benefit ( GMWB ) 保证最低提款福利
    • guarantees that, during the accumulation period, a contract owner may withdraw annually a specified percentage of a protected value—known as the “benefit base”
    • 保证在累积期内，合同所有人可以每年提取受保护价值的特定百分比，即“福利基数”
  • guaranteed minimum accumulation benefit ( GMAB ) 保证最低累积福利
    • guarantees the contract owner will always have a minimum protected amount if the annuity stays in force for a specified period of time
    • 保证如果年金在指定的时间段内有效，合同所有者将始终拥有最低保护金额

registered index-linked annuity【RILA 注册指数挂钩年金】

  1. RILA must be registered as a security RILA必须注册为证券
  2. RILAs are variable annuities and don’t have subaccounts. RILA是可变年金且没有子账户。
  3. The contract owner can lose money based on decreases in the value of the stock market index. 合同所有者可能会因股市指数的下跌而亏损。
  4. RILAs offer contract owners some protection against excessive investment loss by using buffers or floors. RILA通过使用缓冲或下限，为合同所有者提供了一些保护，防止过度投资损失。
    1. With a buffer, the accumulated value is protected until index losses exceed a specified limit, such as 10%, 15%, or 20%. For example, with a 10% buffer, if the value of the index decreases by 15%, you would lose 5%. 通过设置缓冲区，累积价值将在指数损失超过特定限制（例如10%，15%或20%）之前得到保护。例如，如果设有10%的缓冲区，当指数的价值下降15%时，您将只会损失5%。
    2. With a floor, the accumulated value is protected from index losses in excess of a specified percentage, such as 10%. For example, with a 10% floor, if the value of the index decreases by 15%, you would lose 10%. 设置了保底（floor）后，累积价值将在指数损失超过指定百分比（例如10%）时得到保护。例如，如果设有10%的保底，当指数的价值下降15%时，您将只会损失10%。

课后习题

1.Linda Clifton purchased an annuity from Meadow Bank, and Pagoda Life Insurance Company issued the annuity. The type of annuity that Ms. Clifton purchased is ( an individual / a group) annuity. The parties to this annuity contract are Ms. Clifton and (Meadow / Pagoda Life ).

Linda Clifton从Meadow银行购买了年金，Pagoda人寿保险公司发行了年金。克利夫顿女士购买的年金类型为（个人/团体）年金。这份年金合同的当事人是克利夫顿女士和（Meadow/Pagoda人寿）。

2.The person whose lifetime an insurance company uses to determine the amount and duration of annuity payments payable under an annuity contract is known, by definition, as the

  • contract owner
  • beneficiary
  • annuitant
  • payee

    根据定义，保险公司用来确定年金合同下应付年金金额和期限的人被称为

    • 合同所有人
    • 受益人
    • 年金受益人
    • 收款人

3.An annuity can be immediate or deferred. The following statements are about deferred annuities and immediate annuities. Select the answer choice containing the correct statement.

  • An immediate annuity has a payout period but not an accumulation period.
  • The insurer, not the contract owner, selects the annuity period for an immediate annuity.
  • A deferred annuity must be purchased with a single premium payment.
  • A deferred annuity makes annuity payments that begin no later than one year after purchase.

    年金可以是即时的，也可以是递延的。以下声明是关于递延年金和即时年金的。选择包含正确陈述的答案。

    • 即时年金有支付期，但没有累积期。
    • 保险公司而非合同所有人选择即时年金的年金期限。
    • 延期年金必须一次性支付保费。
    • 延期年金是指在购买后一年内开始支付的年金。

4.Insurers offer different payout options, which let contract owners choose how they will receive annuity payments. Select the answer choice that describes an annuity contract owner who has selected a payout option known as a fixed period annuity.

  • lan and Florence Toscano are receiving annuity payments that will continue until both of them have died.
  • When Marisela Linares purchased her immediate annuity, she told the insurer she would pay a $250,000 single premium and wanted to receive a $1,000 annuity payment each month. The insurer then calculated how long the premium plus interest could provide $1,000 monthly annuity payments.
  • Kurt Besher’s annuity creates a temporary income stream for him for 10 years, and the insurer will pay the remaining annuity payments to a beneficiary if Mr. Besher dies before the end of the ten-year period.
  • Iva Pace is receiving annuity payments that will continue as long as she lives, and no further payments will be made after her death.

    保险公司提供不同的支付选项，让合同所有者选择如何获得年金。选择描述年金合同所有者的答案选项，该所有者已选择称为固定期限年金的支付选项。

    • 兰和弗洛伦斯·托斯卡诺正在领取年金，这将持续到他们两人去世。
    • 当Marisela Linares购买即时年金时，她告诉保险公司，她将支付25万美元的单一保费，并希望每月获得1000美元的年金。保险公司随后计算了保费加利息每月可支付1000美元年金的时间。
    • Kurt Besher的年金为他创造了10年的临时收入流，如果Besher先生在十年期结束前去世，保险公司将向受益人支付剩余的年金。
    • Iva Pace正在领取年金，这种年金将持续到她有生之年，在她去世后不会再支付。

5.Six years ago, Cassandra Knox purchased a deferred annuity that contains typical provisions with regard to surrenders, annuitization, and withdrawals. If Ms. Knox chooses to

  • surrender her deferred annuity, she will receive the annuity’s accumulated value, minus any surrender charges
  • surrender her deferred annuity, she can select a payout option that determines how she will receive the annuity payments
  • annuitize her deferred annuity, she will receive a specified percentage of the annuity’s accumulated value each year
  • take withdrawals from the annuity, she will lose ownership and control of the funds in the annuity

    六年前，Cassandra Knox购买了一份递延年金，其中包含关于退保、年金化和提款的典型条款。如果诺克斯女士选择

    • 解约她的递延年金，她将获得年金的累计价值，减去任何解约费用
    • 解约她的递延年金，她可以选择一个支付选项，决定她将如何获得年金付款
    • 将她的递延年金作为年金，她每年将获得年金累计价值的特定百分比
    • 如果从年金中提款，她将失去对年金资金的所有权和控制权

6.An insurer invests the premiums from its fixed-rate deferred annuities (FRDAs) in its general account. The ( insurer / contract owner) bears the investment risk associated with these annuities. During the accumulation period, the accumulated value of an FRDA earns interest in two ways: a guaranteed minimum interest-crediting rate and a current interest-crediting rate. The current interest-crediting rate (can / cannot ) drop below the guaranteed minimum interest-crediting rate.

保险公司将固定利率递延年金（FRDA）的保费投资于其普通账户。（保险人/合同所有人）承担与这些年金相关的投资风险。在累积期内，FRDA的累积价值通过两种方式赚取利息：保证的最低利息贷记率和当前利息贷记率。当前的利息贷记利率（可以/不能）低于保证的最低利息贷记利率。

7.The following statements are about fixed indexed annuities (FIAs). Three statements are true, and one statement is false. Select the answer choice containing the FALSE statement

  • An FIA offers principal and interest rate guarantees and offers the possibility of additional earnings based on changes in an index.
  • If the reference index for a given FIA loses value over the interest-crediting term, the contract owner will lose some of the premiums invested in the contract.
  • Generally, if the reference index for a given FIA gains in value over the interest-crediting term, an FIA will earn interest credits.
  • An FIA contract typically limits the amount of interest credits that may be earned.

    以下声明是关于固定指数年金的。三种说法是正确的，一种说法是错误的。选择包含FALSE语句的答案选项。

    • FIA提供本金和利率担保，并根据指数的变化提供额外收益的可能性。
    • 如果给定FIA的参考指数在利息贷记期内贬值，则合同所有者将损失投资于合同的部分保费。
    • 一般来说，如果给定FlA的参考指数在利息抵免期限内增值，FlA将获得利息抵免。
    • FIA合同通常会限制可获得的利息信用额度。

8.The owner of a variable deferred annuity purchases accumulation units, which represent ownership shares in selected subaccounts of an insurer’s (general / separate ) account portfolio. Variable annuities allow contract owners to transfer funds between fixed accounts and subaccounts. A contract owner (incurs / does not incur) a tax liability for any transfer of funds among fixed accounts and subaccounts during the accumulation period.

可变递延年金的所有者购买累积单位，累积单位代表保险公司（普通/单独）账户投资组合中选定子账户的所有权份额。变量年金允许合同所有者在固定账户和子账户之间转移资金。合同所有人（产生/ 不产生 ）在固定账户之间进行任何资金转移的纳税义务以及累积期间的子账户之间的任何资金转移的纳税义务。

9.Hector Mendoza owns a variable annuity that contains a living benefit rider. According to the terms of this rider, Mr. Mendoza’s annuity guarantees that he may withdraw annually a specified percentage of the benefit base, regardless of the investment performance of the accumulated value. This information indicates that Mr. Mendoza’s annuity contains the type of living benefit rider known as a

  • guaranteed minimum income benefit (GMIB)
  • guaranteed minimum accumulation benefit (GMAB)
  • guaranteed lifetime withdrawal benefit (GLWB)
  • guaranteed minimum withdrawal benefit (GMWB)

    赫克托·门多萨拥有一项可变年金，其中包含一项生活福利附加条款。根据本附加条款，门多萨先生的年金保证，无论累计价值的投资表现如何，他都可以每年提取一定比例的福利基数。这些信息表明，门多萨先生的年金包含一种被称为

    • 保证最低收入福利 (GMIB)
    • 保证最低累积福利 (GMAB)
    • 保证终身提款福利 (GLWB)
    • 保证最低提款福利（GMWB）

10.Shi-Fay Cheng purchased a registered index-linked annuity (RILA) from the Malabar Insurance Company. At the end of the term, the index dropped 15% in value, and the accumulated value of Ms. Cheng’s RILA decreased by 10%. This information indicates that Ms. Cheng’s RILA has a

  • floor of 10%
  • floor of 15%
  • buffer of 10%
  • buffer of 15%

    石法程从马拉巴尔保险公司购买了注册指数挂钩年金（RILA）。期末，该指数价值下跌15%，程女士的RILA累计价值下跌10%。这些信息表明程女士的RILA

    • 10%的保底
    • 15%的保底
    • 缓冲10%
    • 缓冲15%

Lesson 4

Major Medical and Supplemental Medical Insurance【主要医疗保险和补充医疗保险】

Health insurance protects against the risk of financial loss from illness or injury and comes in three forms: 健康保险有三种形式，可防止疾病或伤害造成的经济损失

  1. Medical expense coverage provides benefits to pay for treatment of illnesses and injuries 医疗费用保险提供用于支付疾病和伤害治疗的福利
  2. Long-term care (LTC) coverage provides benefits for medical and other services to insureds who need constant care at home or in a qualified facility 长期护理（LTC）保险为需要在家或合格机构持续护理的被保险人提供医疗和其他服务福利
  3. Disability income coverage provides income replacement benefits to an insured who is unable to work because of illness or injury 残疾收入保险为因病或因伤无法工作的被保险人提供收入替代福利

Common Medical Expense Exclusions

  • Cosmetic surgery (other than required corrective surgery) 美容手术（非必需的矫正手术）
  • Illness or injury during military service or acts of war 服役或战争期间的疾病或伤害
  • Intentionally self-inflicted injuries 故意造成的伤害
  • Routine dental treatments, eye exams, and corrective lenses 常规牙科治疗、眼部检查和矫正镜片

Cost Participation Methods

  • deductible 免赔额：
    • A flat dollar amount of eligible medical expenses that an insured must pay before the insurer begins making any benefit payments under a medical expense insurance policy.
    • 在保险公司开始根据医疗费用保险单支付任何福利之前，被保险人必须支付的符合条件的医疗费用的固定金额。
  • coinsurance 自负比例：
    • A percentage of the allowable expenses remaining after the insured has paid the deductible that must be paid by the insured.
    • 被保险人支付了必须由其支付的 免赔额后剩余的可允许费用 的百分比。
  • maximum out-of-pocket provision: 最高自负额
    • A major medical expense insurance policy provision which states that the policy will cover 100 percent of allowable medical expenses after the insured has paid a specified amount out of pocket to satisfy deductible and coinsurance requirements. Also known as stop-loss provision.
    • 一种主要医疗费用保险单条款，规定在被保险人自付一定金额以满足免赔额和共同保险要求后，保险单将承保100%允许的医疗费用。也称为止损准备金。

Managed Care【管理式护理】

Insurers emphasize prevention, early intervention, and cost-savings by structuring medical insurance plans so that physicians and insureds are in partnership with the insurer in coordinating the management and delivery of medical care.
保险公司通过构建医疗保险计划来强调预防、早期干预和成本节约，以便医生和被保险人与保险公司合作，协调医疗护理的管理和提供。

Medical insurance plans can be classified according to how medical care is managed within a plan. Typically, the more freedom insureds are allowed in choosing providers, the higher the cost of the plan.
医疗保险计划可以根据计划中医疗保健的管理方式进行分类。通常情况下，被保险人在选择供应商时越自由，计划的成本就越高。

三种不同类型的医疗保险计划：HMO（Health Maintenance Organization）、PPO（Preferred Provider Organization）和POS（Point of Service）。

Primary Care Provider (PCP) - 主治医生：

  • HMO： 要求选择并与主治医生建立关系，通常需要主治医生的推荐才能获得专科医生的服务。
  • PPO： 不需要选择主治医生，可以直接访问专科医生，无需事先获得主治医生的推荐。
  • POS： 通常要求选择主治医生，但可以选择直接访问专科医生，需要主治医生的推荐。

Referrals to Other Providers - 转诊到其他医生：

  • HMO： 要求主治医生的转诊才能获得专科医生的服务。
  • PPO： 不需要主治医生的转诊，可以直接访问专科医生。
  • POS： 通常需要主治医生的转诊才能获得专科医生的服务。

Use of In-Network Providers - 使用网络内提供者：

  • HMO： 要求在医疗网络内选择医生和医疗服务提供者。
  • PPO： 对于网络内提供者有更高的福利水平，但可以选择访问网络外的医疗服务提供者。
  • POS： 对于网络内提供者有更高的福利水平，但通常也可以选择访问网络外的医疗服务提供者。

Use of Out-of-Network Providers - 使用网络外提供者：

  • HMO： 不支付网络外提供者的费用。
  • PPO： 对于网络外提供者有较低的福利水平，但仍然支付一定的费用。
  • POS： 对于网络外提供者有较低的福利水平，但仍然支付一定的费用。

Consumer-Driven Health Care【消费者驱动的医疗保健】

A consumer-driven health plan (CDHP) uses a health savings account (HSA) for the payment of routine health care expenses, while a high-deductible health plan (HDHP) protects the insured from catastrophic medical expenses.
消费者驱动的健康计划(CDHP)使用健康储蓄账户(HSA)支付日常医疗费用，而高免赔额健康计划(HDHP)保护被保险人免受灾难性医疗费用的影响。

Once the HSA account is depleted, the employee must pay out of pocket for services until the deductible required for a high-deductible health plan is satisfied.
一旦HSA账户耗尽，员工必须自付服务费用，直到满足高免赔额健康计划所需的免赔额。

Long-Term Care Insurance【长期护理保险】

Medical expense coverage is only part of the health insurance picture…another part is long-term care (LTC) coverage, which provides benefits for medical and other services to insureds who need care for an extended period in their own homes or in a qualified facility.
医疗费用覆盖范围只是健康保险的一部分，另一部分是长期护理(LTC)覆盖范围，它为需要在自己家中或合格机构长期护理的被保险人提供医疗和其他服务的福利。

A long-term care insurance policy requirement specifying the conditions that establish an insured’s eligibility to receive long-term care benefits.

Two common benefit triggers are:

  1. An inability to complete activities of daily living (ADLs) 无法完成日常生活活动
  2. Cognitive impairment 认知障碍

Disability Income【残疾收入】

Three common definitions of total disability:

  1. Current usual definition, used in most policies 在残疾开始时，被保险人由于疾病或意外事故而无法执行其“通常”职业的职责；在特定期限（通常为两到五年）结束时——残疾使被保险人无法从事其受教育、培训或经验合理适合的任何职业。
  2. Own previous occupation definition 被保险人在残疾发生时无法继续执行其先前从事的具体职业
  3. Income loss definition 被保险人在残疾期间可能遭受的收入减少

Presumptive disabilities include ( the insured to be considered totally disabled )

  1. Total and permanent blindness 完全失明和永久失明
  2. Loss of the use of any two limbs 四肢瘫痪丧失任何两个肢体的功能
  3. Loss of speech or hearing 丧失语言或听力

Insurers specify an elimination period (waiting period) which is how long an insured must be disabled before disability income benefit payments begin. An elimination period reduces an insurer’s cost to process and pay claims for conditions that last for a very short time.
保险公司规定了一个消除期（等待期），即在残疾收入福利金开始支付之前，被保险人必须残疾的时间。消除期降低了保险公司处理和支付持续时间很短的索赔的成本。

A U.S. federal program that provides disability income benefit payments to qualified individuals.

  • Supplemental Security Income (SSI): For people with limited incomes who are disabled, blind, or age 65 or older. The benefit is based on financial need.
    • 补充保障收入（SSI）：适用于残疾人、盲人或65岁或以上的收入有限的人。福利是基于经济需要。
  • Social Security Disability Income (SSDI): For workers under age 65 who have paid Social Security tax. The benefit is based on Social Security taxes paid. SSDI defines total disability as “The inability to work because of sickness or injury that has lasted, or is expected to last, for at least one year, or to lead to death.”
    • 社会保障残疾收入（SSDI）：适用于65岁以下缴纳社会保障税的工人。该福利以缴纳的社会保障税为基础。SSDI将完全残疾定义为“由于持续或预计将持续至少一年的疾病或伤害而无法工作，或导致死亡。”

workers’ compensation programs provide:

  1. Medical expense benefits 医疗费用福利
  2. Wage replacement benefits 工资替代福利
    Mandatory employer contributions fund workers’ compensation 雇主强制性供款为工人补偿提供资金

课后习题

1.The most common type of medical expense insurance—major medical coverage—generally pays benefits for

  • routine dental treatments
  • illness or injury during military service or acts of war
  • basic hospital, surgical, and physicians’ expenses
  • intentionally self-inflicted injuries

    最常见的医疗费用保险——主要医疗保险——通常为

    • 常规牙科治疗
    • 在服兵役或战争期间生病或受伤
    • 基本的医院、外科和医生费用
    • 故意自伤

2.Ronald Chung owns an individual medical expense policy that specifies a $500 annual deductible, a 20% coinsurance requirement, and a $5,000 stop-loss provision. In March of this year, Mr. Chung was hospitalized for four days for treatment of pneumonia. During that period of hospitalization, Mr. Chung incurred $12,500 in covered medical expenses. If Mr. Chung incurs no other medical expenses during the year, then his out-of-pocket medical expenses for the year will total

  • $2,400
  • $2,500
  • $2,900
  • $5,000

    Ronald Chung拥有一份个人医疗费用保单，规定每年500美元的免赔额、20%的共同保险要求和5000美元的止损准备金。今年三月，钟因肺炎住院四天。在住院期间，钟先生承担了12500美元的医疗费用。如果钟先生当年没有其他医疗费用，那么他当年的自付医疗费用将总计

    • 2400美元
    • 2500美元
    • 2900美元
    • 5000美元

3.Characteristics of managed care plans typically include
A. Providing financial incentives for insureds to obtain care from network providers
B. Using primary care providers (PCPs) to coordinate insureds’ medical care and access to specialists
C. Placing a greater emphasis on preventive care than do traditional medical expense plans

  • A, B,and C
  • A and B only
  • B and C only
  • A only

    管理式护理计划的特点通常包括
    A.为被保险人从网络提供者那里获得护理提供经济激励

B.利用初级保健提供者（PCP）协调被保险人的医疗护理和专家服务
C.比传统的医疗费用计划更重视预防性护理
  • A、B和C
  • 仅限A和B
  • 仅限B和C
  • 仅A

4.One alternative to managed care plans is the consumer-driven health plan (CDHP). A CDHP ( gives / does not give) individuals the freedom to choose health care providers and benefits. In a typical CDHP, if an employee’s medical costs exceed the amount in the employee’s account, the ( employee / employer) must pay the excess costs out of pocket.

管理医疗计划的一个替代方案是消费者驱动的健康计划（CDHP）。CDHP（给予/不给予）个人选择医疗保健提供者和福利的自由。在典型的CDHP中，如果员工的医疗费用超过了员工账户中的金额，（员工/雇主）必须自掏腰包支付超额费用。

5.For this question, if answer choices (1) through (3) are all correct, select answer choice (4). Otherwise, select the one correct answer choice.
For most long-term care insurance policies, benefits are payable if an insured either loses his physical functional capacity to perform at least a specified number of the activities of daily living (ADLs) without assistance or has a severe cognitive impairment. With regard to ADLs, it is correct to say that activities that are considered to be ADLs include

  • eating
  • bathing
  • dressing
  • all of the above

    对于此问题，如果答案选项（1）到（3）都正确，请选择答案选项（4）。否则，请选择一个正确的答案。
    对于大多数长期护理保险单，如果被保险人在没有帮助的情况下失去了至少一定数量的日常生活活动（ADL）的身体功能能力，或者有严重的认知障碍，则应支付福利。关于ADL，可以正确地说，被认为是ADL的活动包括

    • 吃
    • 洗澡
    • 穿衣
    • 以上所有内容

6.Joyce Wu’s disability income insurance policy contains the current usual definition of total disability that is included in most disability income policies. According to her policy, the definition of total disability changes after the insured has been totally disabled for two years. This information indicates that, should Ms. Wu become disabled, then at the end of the initial two-year period of disability, she will be considered totally disabled only if her disability

  • causes her to earn less than she earned before becoming disabled
  • prevents her from performing the essential duties of her own previous occupation
  • prevents her from performing the essential duties of any occupation and that is expected to last for at least one year, or lead to death
  • prevents her from working at any occupation for which she is reasonably fitted by education, training, or experience

    Joyce Wu的残疾收入保险政策包含了目前大多数残疾收入政策中包含的完全残疾的常见定义。根据她的政策，被保险人完全残疾两年后，完全残疾的定义会发生变化。这些信息表明，如果吴女士成为残疾人，那么在最初的两年残疾期结束时，只有当她的残疾时，她才会被视为完全残疾

    • 导致她收入低于残疾前的收入
    • 阻止她履行自己以前职业的基本职责
    • 阻止她履行任何职业的基本职责，预计该职责将持续至少一年，或导致死亡
    • 阻止她从事教育、培训或经验合理适合的任何职业

7.The following statements are about disability income insurance coverage. Select the answer choice containing the correct statement.

  • As a general rule, the benefit amount provided by disability income coverage is intended to fully replace the insured’s pre-disability earnings.
  • Most disability income policies are designed to provide benefits beginning on the first day of an insured’s disability.
  • A presumptive disability is a stated condition that, if present, automatically causes the insured to be considered totally disabled.
  • In most individual disability policies, the benefit period for short-term disability is limited to one year.

    以下是关于残疾收入保险的声明。选择包含正确陈述的答案。

    • 一般来说，残疾收入保险提供的福利金额旨在完全取代被保险人残疾前的收入。
    • 大多数残疾收入政策旨在从被保险人残疾的第一天开始提供福利。
    • 推定残疾是一种既定条件，如果存在，自动导致被保险人被视为完全残疾。
    • 在大多数个人残疾政策中，短期残疾的福利期限制为一年。

8.The following statements are about government-sponsored disability programs in the United States. Select the answer choice containing the correct statement.

  • The definition of total disability established by the Social Security Disability Income (SSDI) program is the “current usual” definition.
  • The Supplemental Security Income (SSI) program was established for people with limited incomes who are disabled, blind, or age 65 or older.
  • Workers’ compensation programs provide medical expense benefits, but not wage replacement benefits.
  • Workers’ compensation programs are funded by voluntary employee contributions.

    以下是关于美国政府资助的残疾项目的声明。选择包含正确陈述的答案。

    • 社会保障残疾收入（SSDI）计划对完全残疾的定义是“当前常用”的定义。
    • 补充保障收入（SSI）计划是为残疾人、盲人或65岁或以上的收入有限的人制定的。
    • 工人补偿计划提供医疗费用福利，但不提供工资替代福利。
    • 工人补偿计划由员工自愿捐款资助。

考试

1.The following statements are about managed care plans. Select the answer choice containing the correct statement.

  • In general, the greater the level of freedom to choose providers, the higher the cost of the managed care plan to the member.
  • Managed care plans generally do not use copayments.
  • All health maintenance organization (HMO) plans provide full benefits for medical services provided by physicians and hospitals outside of the HMO provider network.
  • Managed care plans place less of an emphasis on preventive care than do traditional medical expense plans.

    以下陈述是关于管理护理计划的。选择包含正确陈述的答案。

    • 一般来说，选择提供者的自由度越高，会员的管理护理计划成本就越高。
    • 托管护理计划通常不使用自付费用。
    • 所有健康维护组织（HMO）计划都为HMO提供商网络之外的医生和医院提供的医疗服务提供全部好处。
    • 与传统的医疗费用计划相比，管理护理计划较少强调预防性护理。

2.When Maggie Rodriguez, a resident of the United States, purchased her home, she obtained a mortgage loan from the Lilly Bank. She also bought a mortgage insurance policy from the Bellaboo Insurance Company. In this situation, Lilly Bank ( is / is not) a party to the mortgage loan contract, and Bellaboo ( is / is not) a party to the mortgage insurance contract.

当美国居民Maggie Rodriguez买房时，她从礼来银行获得了抵押贷款。她还从Bellaboo保险公司购买了一份抵押贷款保险单。在这种情况下，礼来银行（是/不是）抵押贷款合同的一方，Bellaboo（是/不是）抵押保险合同的一方。

3.Kim Hunt purchased a five-year term life insurance policy on her own life. If she were to die during the five-year policy term, the policy benefit would provide for her daughter’s college expenses. Because college expenses are likely to rise each year, Ms. Hunt purchased a type of policy with a benefit amount that goes up each year. In this situation, Ms. Hunt most likely purchased a type of term life insurance known as

  • variable life (VL) insurance
  • credit life insurance
  • increasing term life insurance
  • level term life insurance

    金·亨特为自己的生命购买了一份为期五年的人寿保险。如果她在五年的政策期限内去世，政策福利将用于支付她女儿的大学费用。由于大学费用可能每年都会上涨，亨特女士购买了一种福利金额每年都在上涨的保单。在这种情况下，Hunt女士很可能购买了一种类型的人寿保险

    • 可变人寿保险
    • 信用人寿保险
    • 增加定期人寿保险
    • 水平定期人寿保险

4.Allison Dixon purchased an annuity contract from the Gatlin Insurance Company. Gatlin assumed the investment risk for Ms. Dixon’s annuity contract. This information indicates that Ms. Dixon’s annuity is a ( fixed / variable) annuity, and the premiums she paid for this annuity went into Gatlin’s ( general / separate) account.

Allison Dixon从Gatlin保险公司购买了一份年金合同。加特林承担了Dixon女士年金合同的投资风险。这些信息表明，Dixon女士的年金是（固定/可变）年金，她为该年金支付的保费进入了Gatlin的（普通/单独）账户。

5.The following statement(s) can correctly be made about family income coverage:
A. Family income coverage is a type of decreasing term life insurance.
B. Family income coverage provides a stated monthly income benefit amount to the beneficiary if the insured dies during the term of the coverage.

  • Both A and B
  • A only
  • B only
  • Neither A nor B

    关于家庭收入保险，可以正确地做出以下声明：
    A.家庭收入保险是一种递减定期人寿保险。
    B.如果被保险人在保险期内死亡，家庭收入保险将向受益人提供规定的每月收入福利金额。

    • A和B
    • 仅A
    • 仅限B
    • 既不是A也不是B

6.Jonathan Wilson purchased a $200,000 15-year renewable term insurance policy on his life. At the end of the 15-year term, Mr. Wilson decided to renew the coverage. Assume that Mr. Wilson’s policy renewal is typical. Select the answer choice that correctly identifies this renewed policy’s term of coverage and coverage amount.
Term of coverage/Amount of coverage

  • 5-year $100,000
  • 5-year $200,000
  • 15-year $200,000
  • 15-year $400,000

    乔纳森·威尔逊购买了一份价值20万美元的15年可续期定期人寿保险。在15年任期结束时，Wilson先生决定续保。假设威尔逊先生的政策更新是典型的。选择正确标识此续订保单的保险期限和保险金额的答案选项。
    保险期限/保险金额

    • 5年100000美元
    • 5年200000美元
    • 15年200000美元
    • 15年400000美元

7.At age 51, Diane Fox used a lump-sum distribution from her retirement plan to purchase a fixed annuity from the Lantana Insurance Company. Lantana began making annuity payments of $750 a month to Ms. Fox when she reached age 66. Annuity payments continued until her death at age 86. In this situation, Ms. Fox purchased the type of annuity known as

  • an immediate annuity, and her annuity had a 15-year payout period
  • an immediate annuity, and her annuity had a 15-year accumulation period
  • a deferred annuity, and her annuity had a 15-year payout period
  • a deferred annuity, and her annuity had a 15-year accumulation period

    51岁时，Diane Fox用退休计划中的一次性分配从Lantana保险公司购买了固定年金。Lantana在Fox 66岁时开始每月向她支付750美元的年金。年金一直支付到她86岁去世。在这种情况下，福克斯女士购买了一种被称为

    • 即时年金，她的年金有15年的支付期
    • 即时年金，她的年金有15年的累积期
    • 延期年金，她的年金有15年的支付期
    • 延期年金，她的年金有15年的累积期

8.During a deferred annuity contract’s accumulation period, the contract owner has certain options for accessing the annuity’s accumulated value. The following statement(s) can correctly be made about these options:
A. A typical deferred annuity contract allows the owner to withdraw 10% of the accumulated value each year.
B. An annuity contract owner who surrenders an annuity contract within the first two years after the contract was purchased typically will not have to pay a surrender charge.

  • Both A and B
  • A only
  • B only
  • Neither A nor B

    在递延年金合同的累积期内，合同所有者有一定的选择权来获取年金的累积价值。关于这些选项，可以正确地作出以下陈述：
    A.典型的递延年金合同允许所有者每年提取累计价值的10%。
    B.年金合同所有人在购买年金合同后的头两年内放弃年金合同，通常不必支付放弃费用。

    • A和B
    • 仅A
    • 仅限B
    • 既不是A也不是B

9.The most common type of medical expense coverage—major medical coverage—generally pays benefits for
A. Basic hospital expenses
B. Elective cosmetic surgery
C. Routine dental treatments
D. Intentionally self-inflicted injuries

  • A, B,and C only
  • A and D only
  • B and C only
  • A only

    最常见的医疗费用保险类型——主要医疗保险——通常为
    A.基本住院费用
    B.选择性整容
    C.常规牙科治疗
    D.故意自伤

    • 仅限A、B和C
    • 仅限A和D
    • 仅限B和C
    • 仅A

10.David Boone would like to purchase a cash value life insurance policy. Some information relevant to his purchase is shown below:
• Mr. Boone is prepared to invest a relatively large amount of money in this policy
• Mr. Boone doesn’t want to make premium payments for the remainder of his life
• Mr. Boone wants a policy that provides an immediate cash value
In this situation, the most appropriate policy for Mr. Boone to purchase most likely would be

  • a single-premium whole life insurance policy
  • a modified-premium whole life insurance policy
  • a one-year term life insurance policy
  • an increasing term life insurance policy

    David Boone想购买一份现金价值的人寿保险。与他的购买相关的一些信息如下所示：
    •Boone先生准备在这项政策上投入相对较大的资金
    •布恩先生不想在余生中支付保费
    •布恩先生希望制定一项能立即产生现金价值的政策
    在这种情况下，布恩先生最合适的购买政策很可能是

    • 单一保费的终身保险单
    • 修改后的保费终身保险单
    • 一年期人寿保险单
    • 增加定期的人寿保险单

11.Marcia Rodriguez is interested in purchasing a life insurance policy. Because she would like more flexibility than is provided by a traditional life insurance policy, she is looking at the characteristics of universal life (UL) insurance, variable life (VL) insurance, and variable universal life (VUL). Ms. Rodriguez would like flexible premium payments, and she would also like to choose how her premiums are invested. Based on this information, the best choice for Ms. Rodriguez most likely would be

  • a UL insurance policy
  • a VUL insurance policy
  • a VL insurance policy
  • either a VL insurance policy or a VUL insurance policy

    Marcia Rodriguez有意购买人寿保险。由于她希望获得比传统人寿保险更大的灵活性，她正在研究通用人寿保险（UL）、可变人寿保险（VL）和可变通用人寿保险的特点。罗德里格斯女士希望灵活支付保费，她也希望选择保费的投资方式。根据这些信息，罗德里格斯女士的最佳选择很可能是

    • UL保险单
    • VUL保险单
    • VL保险单
    • VL保险单或VUL保险单

12.Under one annuity payout option, the insurer guarantees annuity payments for a specified period of time, after which the payments end. If the annuitant dies during the payout period, the insurer pays the remaining annuity payments to a beneficiary until the end of the specified period. This annuity payout option is known as a

  • fixed amount option
  • fixed period option
  • joint and survivor annuity
  • life only annuity option

    根据一种年金支付选项，保险公司保证在指定的一段时间内支付年金，之后付款结束。如果年金受益人在支付期内死亡，保险公司将剩余的年金支付给受益人，直到指定期限结束。这种年金支付选项被称为

    • 固定金额期权
    • 固定期限期权
    • 共同年金和遗属年金
    • 终身年金期权

13.Morris Dell owns a variable annuity contract that contains a guaranteed lifetime withdrawal benefit (GLWB). This benefit guarantees

  • that a specified portion of Mr. Dell’s annuity will be invested in a fixed account rather than in subaccounts
  • that Mr. Dell can receive a minimum annuity payment amount annually based on the annuitization of the contract’s benefit base
  • that Mr. Dell can take annual withdrawals of a specified percentage of a protected value for life without annuitizing the contract
  • that the annuity contract’s death benefit will be equal to the greater of either (a) the premiums paid, less any withdrawals or (b) the contract’s accumulated value

    Morris Dell拥有一份可变年金合同，其中包含终身提款保障福利（GLWB）。此福利保证

    • 戴尔先生年金的特定部分将投资于固定账户，而不是子账户
    • 戴尔先生可以根据合同福利基础的年金化每年获得最低年金支付金额
    • 戴尔先生可以在不使合同年金化的情况下，每年提取受保护价值的特定百分比
    • 年金合同的死亡抚恤金将等于（a）支付的保费减去任何提款或（b）合同的累计价值中的较大者

14.Becky Smith owns an individual medical expense policy that specifies a \$1,000 annual deductible, a 20% coinsurance requirement, and a \$3,000 maximum out-of-pocket provision. In February of last year, Ms. Smith was hospitalized for four days for treatment after having a mild stroke. During that period of hospitalization, Ms. Smith incurred $18,000 in covered medical expenses. Ms. Smith incurred no other medical expenses during the year. Therefore, Ms. Smith’s out-of-pocket medical expenses for last year totaled

  • $1,000
  • $3,000
  • $3,600
  • $4,400

    贝基·史密斯拥有一份个人医疗费用政策，规定每年1000美元的免赔额、20%的共同保险要求和3000美元的最高自付准备金。去年2月，史密斯女士因轻度中风住院四天接受治疗。在住院期间，史密斯女士承担了18000美元的医疗费用。史密斯女士在这一年中没有发生其他医疗费用。因此，史密斯女士去年的自付医疗费用总计

    • 1000美元
    • 3000美元
    • 3600美元
    • 4400美元

15.Monique Roberts would like to purchase a life insurance policy that will provide her with lifetime coverage. In addition, she wants a policy with a savings element. Select the answer choice that correctly identifies whether a cash value life insurance policy will provide Ms. Roberts with lifetime coverage and a savings element.
Lifetime coverage? / A savings element?

  • yes yes
  • yes no
  • no yes
  • no no

    Monique Roberts想购买一份人寿保险，为她提供终身保险。此外，她希望制定一项包含储蓄成分的政策。选择正确识别现金价值人寿保险单是否会为罗伯茨女士提供终身保险和储蓄要素的答案。
    终身保险？/节约要素？

    • 是 是
    • 是 不是
    • 不是 是
    • 不是 不是

16.Thomas Corbin, who owns a long-term disability income insurance policy, recently suffered a disability that meets his policy’s definition of total disability. If Mr. Corbin’s policy is typical, he ( will / will not) have to satisfy an elimination period before disability income benefits begin. In addition, Mr. Corbin’s disability income benefits will be ( lower than / the same as) his pre-disability earnings.

托马斯·科尔宾（Thomas Corbin）拥有一份长期残疾收入保险单，他最近患上了符合其保单对完全残疾定义的残疾。如果科尔宾先生的政策是典型的，他（将/不会）必须在残疾收入福利开始之前满足一个消除期。此外，科尔宾先生的残疾收入福利将是（低于/等于）他残疾前的收入。

17.Maria and Lucas Milligan purchased a life insurance policy that covers both of their lives. This policy will pay the death benefit when either Maria or Lucas dies. After that, the coverage will end. In this situation, the Milligans have purchased the type of life insurance known as

  • second-to-die life insurance
  • joint whole life insurance
  • last survivor life insurance
  • family income coverage

    Maria和Lucas Milligan购买了一份涵盖他们两人生命的人寿保险。当玛丽亚或卢卡斯去世时，该保单将支付死亡抚恤金。之后，覆盖范围将结束。在这种情况下，米利根夫妇购买了被称为

    • 二次死亡人寿保险
    • 共同终身保险
    • 遗属人寿保险
    • 家庭收入保险

18.One type of annuity offers principal guarantees and a guaranteed minimum interest-crediting rate during the accumulation period. It also offers the potential for additional earnings, based on the performance of a reference index. In general, if the reference index gains in value over the year, the annuity earns interest credits. However, if the index shows no growth or loses value over the year, the annuity does not earn interest credits. This type of annuity is known as a

  • fixed-rate deferred annuity (FRDA)
  • fixed immediate annuity
  • single-premium immediate annuity (SPIA)
  • fixed indexed annuity(FIA)

    一种类型的年金提供本金担保，并在累积期内保证最低利息贷记率。它还提供了基于参考指数表现的额外收益潜力。一般来说，如果参考指数在一年中升值，年金就会获得利息抵免。然而，如果该指数在一年中没有增长或贬值，年金就不会获得利息抵免。这种类型的年金被称为

    • 固定利率递延年金
    • 固定即时年金
    • 一次性保费即时年金
    • 固定指数年金

19.The following statements are about annuity contracts. Select the answer choice containing the correct statement.

  • The contract owner, annuitant, and payee must all be the same person.
  • An annuitant of an annuity contract can be a natural person or legal entity, such as a trust or corporation.
  • In the United States, although banks, broker-dealers, and investment companies can sell annuities, only insurance companies can issue annuities.
  • For an annuity contract that names more than one annuitant, only the primary annuitant’s lifetime is used to determine the amount and duration of annuity payments.

    以下声明是关于年金合同的。选择包含正确陈述的答案。

    • 合同所有人、年金受益人和收款人必须是同一个人。
    • 年金合同的年金受益人可以是自然人或法人，如信托或公司。
    • 在美国，尽管银行、经纪公司和投资公司可以出售年金，但只有保险公司可以发行年金。
    • 对于指定多个年金受益人的年金合同，只有主要年金受益人的寿命用于确定年金支付的金额和期限。

20.Convertible term life insurance policies contain a conversion privilege that allows the policyowner to change the term life insurance policy to a cash value life insurance policy. With regard to the conversion of a term life insurance policy, it generally is correct to say that, after conversion, the

  • face value of the policy has increased
  • policyowner has lifetime coverage
  • policyowner still has term life insurance
  • insurer has no antiselection risk

    可转换定期人寿保险包含转换特权，允许投保人将定期人寿保险更改为现金价值人寿保险。关于定期人寿保险单的转换，通常可以正确地说，转换后

    • 保单的面值增加了
    • 投保人享有终身保险
    • 投保人仍有定期人寿保险
    • 保险公司没有反选举风险