人寿保险外文文献翻译中英文.docx

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