人寿保险外文文献翻译中英文.docx

1、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： A Kurtz. The Research of Life insurance J. Personnel Psychology, 2013, 3(4):25-31.英文原文 The Research of Life insuranceAuthor: A KurtzTypes of life insurance may be divided into two basic classes temporary and permanent or following subclasses term, universal, w

2、hole life and endowment life insurance.Term Insurance Term assurance provides life insurance coverage for a specified term of years in exchange for a specified premium. The policy does not accumulate cash value. Term is generally considered pure insurance, where the premium buys protection in the ev

3、ent of death and nothing else.There are three key factors to be considered in term insurance:Face amount (protection or death benefit),Premium to be paid (cost to the insured), andLength of coverage (term).Various insurance companies sell term insurance with many different combinations of these thre

4、e parameters. The face amount can remain constant or decline. The term can be for one or more years. The premium can remain level or increase. Common types of term insurance include Level, Annual Renewable and Mortgage insurance.Level Term policy has the premium fixed for a period of time longer tha

5、n a year. These terms are commonly 5, 10, 15, 20, 25, 30 and even 35 years. Level term is often used for long term planning and asset management because premiums remain consistent year to year and can be budgeted long term. At the end of the term, some policies contain a renewal or conversion option

6、. Guaranteed Renewal, the insurance company guarantees it will issue a policy of equal or lesser amount without regard to the insurability of the insured and with a premium set for the insureds age at that time. Some companies however do not guarantee renewal, and require proof of insurability to mi

7、tigate their risk and decline renewing higher risk clients (for instance those that may be terminal). Renewal that requires proof of insurability often includes a conversion options that allows the insured to convert the term program to a permanent one that the insurance company makes available. Thi

8、s can force clients into a more expensive permanent program because of anti selection if they need to continue coverage. Renewal and conversion options can be very important when selecting a program.Annual renewable term is a one year policy but the insurance company guarantees it will issue a polic

9、y of equal or lesser amount without regard to the insurability of the insured and with a premium set for the insureds age at that time.Another common type of term insurance is mortgage insurance, which is usually a level premium, declining face value policy. The face amount is intended to equal the

10、amount of the mortgage on the policy owners residence so the mortgage will be paid if the insured dies.A policy holder insures his life for a specified term. If he dies before that specified term is up (with the exception of suicide see below), his estate or named beneficiary receives a payout. If h

11、e does not die before the term is up, he receives nothing. However, in some European countries (notably Serbia), insurance policy is such that the policy holder receives the amount he has insured himself to, or the amount he has paid to the insurance company in the past years. Suicide used to be exc

12、luded from ALL insurance policieswhen?, however, after a number of court judgments against the industry, payouts do occur on death by suicide (presumably except for in the unlikely case that it can be shown that the suicide was just to benefit from the policy). Generally, if an insured person commit

13、s suicide within the first two policy years, the insurer will return the premiums paid. However, a death benefit will usually be paid if the suicide occurs after the two year period.Permanent Life InsurancePermanent life insurance is life insurance that remains in force (in-line) until the policy ma

14、tures (pays out), unless the owner fails to pay the premium when due (the policy expires OR policies lapse). The policy cannot be canceled by the insurer for any reason except fraud in the application, and that cancellation must occur within a period of time defined by law (usually two years). Perma

15、nent insurance builds a cash value that reduces the amount at risk to the insurance company and thus the insurance expense over time. This means that a policy with a million dollar face value can be relatively expensive to a 70 year old. The owner can access the money in the cash value by withdrawin

16、g money, borrowing the cash value, or surrendering the policy and receiving the surrender value.The four basic types of permanent insurance are whole life, universal life, limited pay and endowment.Whole life coverage whole life insurance provides for a level premium, and a cash value table included

17、 in the policy guaranteed by the company. The primary advantages of whole life are guaranteed death benefits, guaranteed cash values, fixed and known annual premiums, and mortality and expense charges will not reduce the cash value shown in the policy. The primary disadvantages of whole life are pre

18、mium inflexibility, and the internal rate of return in the policy may not be competitive with other savings alternatives. Also, the cash values are generally kept by the insurance company at the time of death, the death benefit only to the beneficiaries. Riders are available that can allow one to in

19、crease the death benefit by paying additional premium. The death benefit can also be increased through the use of policy dividends. Dividends cannot be guaranteed and may be higher or lower than historical rates over time. Premiums are much higher than term insurance in the short term, but cumulativ

20、e premiums are roughly equal if policies are kept in force until average life expectancy.Cash value can be accessed at any time through policy loans and are received income-tax free. Since these loans decrease the death benefit if not paid back, payback is optional. Cash values support the death ben

21、efit so only the death benefit is paid out. Dividends can be utilized in many ways. First, if Paid up additions is elected, dividend cash values will purchase additional death benefit which will increase the death benefit of the policy to the named beneficiary. Another alternative is to opt in for r

22、educed premiums on some policies. This reduces the owed premiums by the unguaranteed dividends amount. A third option allows the owner to take the dividends as they are paid out. (Although some policies provide other/different/less options than these - it depends on the company for some cases)Univer

23、sal life coverage universal life insurance (UL) is a relatively new insurance product intended to provide permanent insurance coverage with greater flexibility in premium payment and the potential for greater growth of cash values. There are several types of universal life insurance policies which i

24、nclude interest sensitive (also known as traditional fixed universal life insurance), variable universal life (VUL), guaranteed death benefit, and equity indexed universal life insurance.A universal life insurance policy includes a cash value. Premiums increase the cash values, but the cost of insur

25、ance (along with any other charges assessed by the insurance company) reduces cash values. However, with the exception of VUL, interest is credited on cash values at a rate specified by the company and may also increase cash values. With VUL, cash values will ebb and flow relative to the performance

26、 of the investment subaccounts the policy owner has chosen. The surrender value of the policy is the amount payable to the policyowner after applicable surrender charges, if any.Universal life insurance addresses the perceived disadvantages of whole life namely that premiums and death benefit are fi

27、xed. With universal life, both the premiums and death benefit are flexible. Except with regards to guaranteed death benefit universal life, this flexibility comes at a price: reduced guarantees.Depending on how interest is credited, the internal rate of return can be higher because it moves with pre

28、vailing interest rates (interest-sensitive) or the financial markets (Equity Indexed Universal Life and Variable Universal Life). Mortality costs and administrative charges are known. And cash value may be considered more easily attainable because the owner can discontinue premiums if the cash value

29、 allows it.Flexible death benefit means the policy owner can choose to decrease the death benefit. The death benefit could also be increased by the policy owner but that would (typically) require that the insured go through new underwriting. Another example of flexible death benefit is the ability t

30、o choose option A or option B death benefits - and to be able to change those options during the life of the insured.Option A is often referred to as a level death benefit. Generally speaking, the death benefit will remain level for the life of the insured and premiums are expected to be lower than

31、policies with an Option B death benefit.Option B pays the face amount plus the cash value. If cash values grow over time, so would the death benefit which is payable to the insureds beneficiaries. If cash values decline, the death benefit would also decline. Presumably option B death benefit policie

32、s require greater premium than option a policies.The pension plan is a huge and growing market. On the contrary, the report shows that the baby boomers have more savings than their parents. Faced with this situation, they had to drop their defined benefit plans. Given that Americans had been serious

33、ly burdened by their golden age, they are now required to seek other financial instruments to protect their future. This opens up new sales opportunities for financial companies, including insurance company sales groups and individual retirement plans. Annuities are also insurance companies most retirement-or