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27 April, 19:55

Kurt purchased a policy with an initial premium of $3,000 and may elect how much he desires to pay in premiums from now on. He has purchased a face value of $100,000 and can accumulate cash value. What type of life insurance has Kurt purchased?

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  1. 27 April, 22:22
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    Universal Life Insurance

    Explanation:

    The key characteristics of universal life insurance are:

    A lump sum is paid as premium at an initial stage It is a flexible form of insurance where the insured can elect how much premiums he / she pays, and also the death benefits they receive. Policyholders may access a portion of the accumulated cash value without affecting the guaranteed death benefit

    From the question,

    Kurt paid a lump sum of $3,000 which is his initial cost of insurance. Kurt also has the flexibility of choosing the premiums he pays regularly. Kurt also has the ability to accumulate a cash value and access a portion of it

    These key indicators show that Kurt is on a universal life insurance plan
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Home » Business » Kurt purchased a policy with an initial premium of $3,000 and may elect how much he desires to pay in premiums from now on. He has purchased a face value of $100,000 and can accumulate cash value. What type of life insurance has Kurt purchased?
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