6.0 Markets and Social Security
Learning Objectives
Upon completing this chapter, you will be able to:
- Compare the Master Policy and the Certificate of Insurance within a group insurance plan.
- Identify the key characteristics of group insurance plans.
- Define the concept of group conversion.
- Explain the purpose of credit life insurance.
- Distinguish between contributory and noncontributory group plans.
- Identify the business uses of life insurance.
- Define the terms fully insured and currently insured under Social Security.
Overview
The purpose of this chapter is to introduce the student to the various markets in which life insurance products are offered and sold. The chapter reviews the characteristics and features associated with each of these markets, providing a broader understanding of how life insurance is used in different settings. The chapter concludes with an overview of the Social Security system and its role in financial protection and retirement income.