Part III FILLS THE BLANK SPACE (6 pt) 1. __ is written for a ear or for a specified number of years and terminates automatically at the end of the designated period. 2. __ is a type of contract under which the insured may renew his policy before its expiration date without making another medical examination or otherwise proving that he still is insurable. PART HI. WRITING 1.Write the basic types of life insurance (10 pt.) 1. __ 2. __ 3. __ 4. __ 2. Write and explain the classification of term life insurance(8 pt)

**PART III FILLS THE BLANK SPACE**<br /><br />1. **Term life insurance** is written for a year or for a specified number of years and terminates automatically at the end of the designated period. *Term life insurance provides coverage for a specific period.*<br /><br />2. **Renewable term insurance** is a type of contract under which the insured may renew his policy before its expiration date without making another medical examination or otherwise proving that he still is insurable. *This feature allows the insured to continue coverage even if their health has declined since the initial policy purchase.*<br /><br /><br />**PART III. WRITING**<br /><br />**1. Basic Types of Life Insurance:**<br /><br />1. **Term Life Insurance:** Provides coverage for a specific period (the "term"). If the insured dies within the term, the death benefit is paid. No cash value accumulates.<br />2. **Whole Life Insurance:** Provides lifelong coverage as long as premiums are paid. Builds cash value over time that can be borrowed against or withdrawn.<br />3. **Universal Life Insurance:** A type of permanent life insurance offering flexible premiums and adjustable death benefits. Cash value grows based on current interest rates.<br />4. **Variable Life Insurance:** A permanent life insurance policy where the cash value is invested in a portfolio of securities, such as stocks or bonds. The death benefit and cash value fluctuate based on investment performance.<br /><br /><br />**2. Classification of Term Life Insurance:**<br /><br />* **Level Term Insurance:** The death benefit remains level throughout the term of the policy. Premiums are typically fixed for the chosen term (e.g., 10, 20, or 30 years). This is the most common type of term insurance.<br /><br />* **Decreasing Term Insurance:** The death benefit decreases over the term of the policy. This type of insurance is often used to cover debts that decrease over time, such as a mortgage. Premiums are generally lower than level term insurance because the coverage amount decreases.<br /><br />* **Increasing Term Insurance:** The death benefit increases over the term of the policy. This can be useful for keeping pace with inflation or increasing financial obligations. Premiums also increase over time.<br /><br />* **Renewable Term Insurance:** Allows the policyholder to renew the policy for another term without undergoing a medical exam, even if their health has deteriorated. Premiums will typically increase at each renewal based on the insured's attained age.<br /><br />* **Convertible Term Insurance:** Offers the option to convert the term policy to a permanent life insurance policy (like whole life or universal life) within a specified timeframe and without a medical exam. This provides flexibility to secure lifelong coverage later on.<br />