Are options that determine whether a company will pay all or part of the net proceeds that may be payable under the policy. The settlement option cannot be altered once income payments have begun. These methods include: Life Annuity, Life Annuity with Certain Period, Annuity Certain, or Deposit at Interest.
Is life insurance for a fixed amount, usually for a level premium, payable each year, during the entire lifetime of the insured. It can also be referred to as whole life insurance. By comparison, term life insurance only lasts for a specified number of years but may be renewable.
Are all the rights, benefits, and privileges granted within the provisions of a policy controlled by the owner, who is usually the insured. Ownership may be transferred or assigned to someone else by written request of the existing owner.