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receive the entire death benefit / distribute the benefit to your secondary beneficiaries / receive 60% of your death benefit

if she does not outlive you, all benefit / your nonfinancial assets / the remaining 40% of your benefits

an interest only / a fixed period / a life income / a lump sum / a fixed amount

the value of the loan plus interest will simply be subtracted from the proceeds of the policy / unfortunately, if you die before you pay back your loans, the policy is voided

The following is an excerpt from a hypothetical conversation between an insurance agent and a client who is in the final stages of purchasing a 200,000 whole life insurance policy. Fill in the blanks to provide the correct information regarding key features of life insurance policies. AGENT: We need to discuss a few things before finalizing your policy. First, the beneficiary clause. Who would you like to name as your primary beneficiary, that is, the person who will ? CLIENT: That would be my wife, Susan. AGENT: Okay, and will go to your secondary beneficiaries. Who will those be? CLIENT: My children. AGENT: Excellent. Now, how would you like your benefits to be distributed? We offer lump sum, interest-only, fixed-period, fixed-amount, and life-income payments. CLIENT: Well, I'd like my beneficiaries to receive payments for the rest of my wife's life. AGENT: In that case, I recommend settlement option. CLIENT: Now what about loans. If I take out a loan against my policy, what happens if I die before paying it back? AGENT: CLIENT: Got it. Anything else? AGENT: You're all set

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