人寿保险外文文献翻译中英文.docx
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人寿保险外文文献翻译中英文.docx
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人寿保险外文文献翻译中英文
外文文献翻译
(含:
英文原文及中文译文)
文献出处:
AKurtz.TheResearchofLifeinsurance[J].PersonnelPsychology,2013,3(4):
25-31.
英文原文
TheResearchofLifeinsurance
Author:
AKurtz
Typesoflifeinsurancemaybedividedintotwobasicclasses–temporaryandpermanentorfollowingsubclasses–term,universal,wholelifeandendowmentlifeinsurance.
TermInsuranceTermassuranceprovideslifeinsurancecoverageforaspecifiedtermofyearsinexchangeforaspecifiedpremium.Thepolicydoesnotaccumulatecashvalue.Termisgenerallyconsidered"pure"insurance,wherethepremiumbuysprotectionintheeventofdeathandnothingelse.
Therearethreekeyfactorstobeconsideredinterminsurance:
Faceamount(protectionordeathbenefit),
Premiumtobepaid(costtotheinsured),and
Lengthofcoverage(term).
Variousinsurancecompaniessellterminsurancewithmanydifferentcombinationsofthesethreeparameters.Thefaceamountcanremainconstantordecline.Thetermcanbeforoneormoreyears.Thepremiumcanremainlevelorincrease.CommontypesofterminsuranceincludeLevel,AnnualRenewableandMortgageinsurance."
LevelTermpolicyhasthepremiumfixedforaperiodoftimelongerthanayear.Thesetermsarecommonly5,10,15,20,25,30andeven35years.Leveltermisoftenusedforlongtermplanningandassetmanagementbecausepremiumsremainconsistentyeartoyearandcanbebudgetedlongterm.Attheendoftheterm,somepoliciescontainarenewalorconversionoption.GuaranteedRenewal,theinsurancecompanyguaranteesitwillissueapolicyofequalorlesseramountwithoutregardtotheinsurabilityoftheinsuredandwithapremiumsetfortheinsured'sageatthattime.Somecompanieshoweverdonotguaranteerenewal,andrequireproofofinsurabilitytomitigatetheirriskanddeclinerenewinghigherriskclients(forinstancethosethatmaybeterminal).Renewalthatrequiresproofofinsurabilityoftenincludesaconversionoptionsthatallowstheinsuredtoconvertthetermprogramtoapermanentonethattheinsurancecompanymakesavailable.Thiscanforceclientsintoamoreexpensivepermanentprogrambecauseofantiselectioniftheyneedtocontinuecoverage.Renewalandconversionoptionscanbeveryimportantwhenselectingaprogram.
Annualrenewabletermisaoneyearpolicybuttheinsurancecompanyguaranteesitwillissueapolicyofequalorlesseramountwithoutregardtotheinsurabilityoftheinsuredandwithapremiumsetfortheinsured'sageatthattime.
Anothercommontypeofterminsuranceismortgageinsurance,whichisusuallyalevelpremium,decliningfacevaluepolicy.Thefaceamountisintendedtoequaltheamountofthemortgageonthepolicyowner’sresidencesothemortgagewillbepaidiftheinsureddies.
Apolicyholderinsureshislifeforaspecifiedterm.Ifhediesbeforethatspecifiedtermisup(withtheexceptionofsuicideseebelow),hisestateornamedbeneficiaryreceivesapayout.Ifhedoesnotdiebeforethetermisup,hereceivesnothing.However,insomeEuropeancountries(notablySerbia),insurancepolicyissuchthatthepolicyholderreceivestheamounthehasinsuredhimselfto,ortheamounthehaspaidtotheinsurancecompanyinthepastyears.SuicideusedtobeexcludedfromALLinsurancepolicies[when?
],however,afteranumberofcourtjudgmentsagainsttheindustry,payoutsdooccurondeathbysuicide(presumablyexceptforintheunlikelycasethatitcanbeshownthatthesuicidewasjusttobenefitfromthepolicy).Generally,ifaninsuredpersoncommitssuicidewithinthefirsttwopolicyyears,theinsurerwillreturnthepremiumspaid.However,adeathbenefitwillusuallybepaidifthesuicideoccursafterthetwoyearperiod.
PermanentLifeInsurance
Permanentlifeinsuranceislifeinsurancethatremainsinforce(in-line)untilthepolicymatures(paysout),unlesstheownerfailstopaythepremiumwhendue(thepolicyexpiresORpolicieslapse).Thepolicycannotbecanceledbytheinsurerforanyreasonexceptfraudintheapplication,andthatcancellationmustoccurwithinaperiodoftimedefinedbylaw(usuallytwoyears).Permanentinsurancebuildsacashvaluethatreducestheamountatrisktotheinsurancecompanyandthustheinsuranceexpenseovertime.Thismeansthatapolicywithamilliondollarfacevaluecanberelativelyexpensivetoa70yearold.Theownercanaccessthemoneyinthecashvaluebywithdrawingmoney,borrowingthecashvalue,orsurrenderingthepolicyandreceivingthesurrendervalue.
Thefourbasictypesofpermanentinsurancearewholelife,universallife,limitedpayandendowment.
Wholelifecoveragewholelifeinsuranceprovidesforalevelpremium,andacashvaluetableincludedinthepolicyguaranteedbythecompany.Theprimaryadvantagesofwholelifeareguaranteeddeathbenefits,guaranteedcashvalues,fixedandknownannualpremiums,andmortalityandexpensechargeswillnotreducethecashvalueshowninthepolicy.Theprimarydisadvantagesofwholelifearepremiuminflexibility,andtheinternalrateofreturninthepolicymaynotbecompetitivewithothersavingsalternatives.Also,thecashvaluesaregenerallykeptbytheinsurancecompanyatthetimeofdeath,thedeathbenefitonlytothebeneficiaries.Ridersareavailablethatcanallowonetoincreasethedeathbenefitbypayingadditionalpremium.Thedeathbenefitcanalsobeincreasedthroughtheuseofpolicydividends.Dividendscannotbeguaranteedandmaybehigherorlowerthanhistoricalratesovertime.Premiumsaremuchhigherthanterminsuranceintheshortterm,butcumulativepremiumsareroughlyequalifpoliciesarekeptinforceuntilaveragelifeexpectancy.
Cashvaluecanbeaccessedatanytimethroughpolicy"loans"andarereceived"income-taxfree".Sincetheseloansdecreasethedeathbenefitifnotpaidback,paybackisoptional.Cashvaluessupportthedeathbenefitsoonlythedeathbenefitispaidout.Dividendscanbeutilizedinmanyways.First,ifPaidupadditionsiselected,dividendcashvalueswillpurchaseadditionaldeathbenefitwhichwillincreasethedeathbenefitofthepolicytothenamedbeneficiary.Anotheralternativeistooptinfor'reducedpremiums'onsomepolicies.Thisreducestheowedpremiumsbytheunguaranteeddividendsamount.Athirdoptionallowstheownertotakethedividendsastheyarepaidout.(Althoughsomepoliciesprovideother/different/lessoptionsthanthese-itdependsonthecompanyforsomecases)
Universallifecoverageuniversallifeinsurance(UL)isarelativelynewinsuranceproductintendedtoprovidepermanentinsurancecoveragewithgreaterflexibilityinpremiumpaymentandthepotentialforgreatergrowthofcashvalues.Thereareseveraltypesofuniversallifeinsurancepolicieswhichinclude"interestsensitive"(alsoknownas"traditionalfixeduniversallifeinsurance"),variableuniversallife(VUL),guaranteeddeathbenefit,andequityindexeduniversallifeinsurance.
Auniversallifeinsurancepolicyincludesacashvalue.Premiumsincreasethecashvalues,butthecostofinsurance(alongwithanyotherchargesassessedbytheinsurancecompany)reducescashvalues.However,withtheexceptionofVUL,interestiscreditedoncashvaluesataratespecifiedbythecompanyandmayalsoincreasecashvalues.WithVUL,cashvalueswillebbandflowrelativetotheperformanceoftheinvestmentsubaccountsthepolicyownerhaschosen.Thesurrendervalueofthepolicyistheamountpayabletothepolicyownerafterapplicablesurrendercharges,ifany.
Universallifeinsuranceaddressestheperceiveddisadvantagesofwholelife–namelythatpremiumsanddeathbenefitarefixed.Withuniversallife,boththepremiumsanddeathbenefitareflexible.Exceptwithregardstoguaranteeddeathbenefituniversallife,thisflexibilitycomesataprice:
reducedguarantees.
Dependingonhowinterestiscredited,theinternalrateofreturncanbehigherbecauseitmoveswithprevailinginterestrates(interest-sensitive)orthefinancialmarkets(EquityIndexedUniversalLifeandVariableUniversalLife).Mortalitycostsandadministrativechargesareknown.Andcashvaluemaybeconsideredmoreeasilyattainablebecausetheownercandiscontinuepremiumsifthecashvalueallowsit.
Flexibledeathbenefitmeansthepolicyownercanchoosetodecreasethedeathbenefit.Thedeathbenefitcouldalsobeincreasedbythepolicyownerbutthatwould(typically)requirethattheinsuredgothroughnewunderwriting.AnotherexampleofflexibledeathbenefitistheabilitytochooseoptionAoroptionBdeathbenefits-andtobeabletochangethoseoptionsduringthelifeoftheinsured.
OptionAisoftenreferredtoasaleveldeathbenefit.Generallyspeaking,thedeathbenefitwillremainlevelforthelifeoftheinsuredandpremiumsareexpectedtobelowerthanpolicieswithanOptionBdeathbenefit.
OptionBpaysthefaceamountplusthecashvalue.Ifcashvaluesgrowovertime,sowouldthedeathbenefitwhichispayabletotheinsured'sbeneficiaries.Ifcashvaluesdecline,thedeathbenefitwouldalsodecline.PresumablyoptionBdeathbenefitpoliciesrequiregreaterpremiumthanoptionapolicies.
Thepensionplanisahugeandgrowingmarket.Onthecontrary,thereportshowsthatthebabyboomershavemoresavingsthantheirparents.Facedwiththissituation,theyhadtodroptheirdefinedbenefitplans.GiventhatAmericanshadbeenseriouslyburdenedbytheirgoldenage,theyarenowrequiredtoseekotherfinancialinstrumentstoprotecttheirfuture.Thisopensupnewsalesopportunitiesforfinancialcompanies,includinginsurancecompanysalesgroupsandindividualretirementplans.Annuitiesarealsoinsurancecompanies’mostretirement-or
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