6. All the following statements about yearly renewable term (YRT) insurance are true EXCEPT: The insured...
6. All the following statements about yearly renewable term (YRT) insurance are true EXCEPT:
- The insured is not required to prove insurability to renew YRT coverage.
- YRT is the least expensive form of life insurance at a given age.
- YRT is not appropriate if the goal is permanent, life-time, protection.
- YRT builds cash value gradually over time.
- YRT premiums increase at an increasing rate each year as the coverage is renewed.
Homework Answers
The correct option is d.
Because the YRT premiums are adjusted for investment income, marketing,administrative and other costs, taxes, and actuarial risks. Therefore YRT life insurance is cost-prohibitive in later years due to the increased probability of death and does not builds cash value over time.
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