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1、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, whole life an
2、d 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 event of death
3、 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 three parameters
4、. 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 than a year. Th
5、ese 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. Guaranteed
6、 Renewal, the insurance company guaranteesit 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 mitigate their
7、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. This can force c
8、lients into a more expensive permanent program becauseof 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 guaranteesit will issue a policy of equal or l
9、esser amount without regard to the insurability of the insured and with a premium setfor 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 amount of the mo
10、rtgage on the policy owner s residence so the mortgage will be paid if the insuredsdiA 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 he does not die bef
11、ore 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 excluded from ALL ins
12、urance 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 commits suicide within t
13、he 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 matures (pays out),
14、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). Permanentinsurance buil
15、ds 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 withdrawing money, borrowing
16、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 in the policy guar
17、anteed by the company. The primary advantagesof 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 premium inflexibility,
18、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 increase the death ben
19、efit 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 cumulative premiums are rough
20、ly 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 benefit so only the dea
21、th 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 reduced premiums on s
22、ome policies. This reduces the owed premiums by the unguaranteeddividends 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)Universal life coverage uni
23、versal 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 insurancepolicies which include interest sensit
24、ive (also known as traditional fixed universal life insurance), variable universal life (VUL), guaranteeddeath benefit, and equity indexed universal life insurance.A universal life insurance policyincludes a cash value. Premiumsincrease the cash values, but the cost of insurance (along with any othe
25、r 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 of the investment subacco
26、unts 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 addressesthe perceived disadvantagesof whole life namely that premiums and death benefit are fixed. With universal life, bo
27、th 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 prevailing interest rates (inte
28、rest-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 easilyattainable because the owner can discontinue premiums if the cash value allows it.Flexible death ben
29、efit 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 to choose option A or option B
30、 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 policies with an Option B dea
31、th 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 policies require greater premium tha
32、n 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 seriously burdened by their golden a
33、ge, 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-oriented products, an
34、d their share of wealth as Americans is increasingly important. In addition, the annuity has maintained a stable proportion of retirement assets.While mutual funds and brokerage firms have expanded their market share, their advancement has been mostly in deposit agencies, non-life insurance company
35、expenses.Even if insurance companies compete for the share of bounty a bit difficult, the retirement market is still a growing financial feast. By the end of 1996, after the total private retirement assets in the United States reached almost trillion US dollars, the share of the country total wealth
36、 increased from % in 1983 to %. Individual retirement accounts, though, no longer have the same vehicle savings as in 1986 to reduce the attractiveness of large tax incentives. Still capture a huge amount of total retirement assets.By the end of 1996, savings in retirement accounts had soared to tri
37、llion . dollars, accounting for about 3% of U.S. wealth. Most of the growth is in the stock market, not in new contributions. At the same time, mutual funds and brokerage firms picked up more than 43% of deposits to make the agency s market share in theIrish Republican Army drop, and increase their
38、share from % to % for mutual funds and % to % for brokerages. Insurance share in the IRAmarket actually dropped from % in 1990 to % in 1996.The corporate annuity market is an expression of the insurers desire to retain an important share of the retirement market. In 1993, annuities represented nearl
39、y 20% of the market share, % of individual retirement accounts. The share of this huge financial hideout of insurance companies is almost 76%. In 1993, it was equal to more than 1 tr川ion US dollars, of which about billion US dollars was reserved for retirement. （These figures only include tax benefi
40、ts annuity）. Life insurance owners may then retain important sales and profit growth in the retirement market. 中文译文人寿保险研究作者：A Kurtz人寿保险类型可以分为两类：临时性的和永久性的或以下的子类-术语，普遍性，全寿命和养老人寿保险。定期保险提供特定年限的人寿保险，以换取指定保费。该政策不会累积现金价值。期限通常被认为是“纯粹”保险，其中保费在死亡 和其他情况下购买保护。定期保险需要考虑三个关键因素：面额（保护或死亡利益），/付给保险费（被保险人的费用）和覆盖期限（期限）。
41、各种保险公司通过这三个参数的许多不同组合销售期限保险。面额可以保持不变或下降。该术语可以是一年或多年。保费可以保持水平或增加。常见类型的定期保险包括等级，年度可再生能源和抵押保 险。级别条款政策的保费期限固定为一年以上。这些术语通常是 5,10,15,20,25,30和甚至35年。长期计划通常用于长期计划和资产管 理，因为保费每年保持一致，并且可以长期预算。在任期结束时，一 些政策包含续订或转换选项。保证续保，保险公司保证它会发行等于 或小于金额的保单，而不考虑被保险人的可保性以及当时被保险人年 龄的保险费。然而，一些公司不保证续约，并要求可保性证明以减轻 其风险并拒绝更新高风险客户（例如可能
42、是终端的客户）。需要可保 性证明的续保通常包括转换选项，允许被保险人将术语项目转换为保晨 险公司提供的永久性项目。这可能会迫使客户进入更昂贵的永久计 划，因为如果他们需要继续提供覆盖服务，则需要反选。选择程序时, 续订和转换选项可能非常重要。每年可续期为一年保单，但保险公司保证其将发行等于或小于保 险金额的保单，而不考虑被保险人的可保性以及当时被保险人年龄的 保险费。另一种常见的定期保险类型是抵押贷款保险，通常是保费水平， 面值价值下降政策。面值金额旨在等于保单持有人居所的抵押金额， 因此如果被保险人死亡，抵押金将被支付。保单持有人在特定的期限内投保。如果他在指定期限到期之前去 世（除了自杀见
43、下文），他的遗产或指定受益人会收到赔偿金。如果 他在这个任期结束之前没有死，他什么都不会收到。然而，在一些欧 洲国家（特别是塞尔维亚），保险单是这样的，保单持有人收到他自 己承担的保险金额，或者他过去几年支付给保险公司的金额。然而， 自杀曾经被排除在所有保险之外/ 然而，经过多次针对该行业的法院 判决后，自杀产生的死亡确实发生在死亡上、（可能除非可以证明自杀 是只是为了从政策中受益）。一般来说，如果被保险人在头两个保单 年内自杀，保险公司将退还已支付的保险费。但是，如果在两年后发 生自杀，通常会支付死亡补贴。/永久人寿保险永久人寿保险是在保单到期（支付）之前保持有效（在线）的人寿保险，除非业主
44、未能在到期时支付保费（政策到期或政策失效） 。 除了申请中的欺诈之外，保险公司不得以任何理由取消保险， 取消必 须在法律规定的时间内（通常为两年）进行。永久保险建立现金价值， 可以减少保险公司面临的风险金额， 从而降低保险费用。这意味着一 个拥有百万美元面值的政策对 70岁的人来说可能相对昂贵。所有者 可以通过提取现金价值，借入现金价值或放弃保单并接受退保价值来 获得现金价值。四种基本类型的永久性保险是终生的， 普遍的生活，有限的工资 和禀赋。整个人寿保险覆盖全寿险提供了一个级别的保险费，以及公司保 证的政策中包含的现金价值表。 一生的主要优点是保证死亡利益， 保 证现金价值，固定和已知的年保
45、费以及死亡率和支出费用不会降低政 策中显示的现金价值。整个生活的主要缺点是保费不灵活， 政策的内 部回报率可能不会与其他储蓄替代品竞争。止匕外，现金价值通常由保 险公司在死亡时保留，死亡保险金仅限于受益人。车手可以通过支付 额外的保险费来增加死亡赔偿。死亡利益也可以通过使用政策红利来 提高。股息不能得到保证，/可能会随着时间的推移而高于或低于历史 汇率。在短期内，保费远高于定期保险，但如果政策保持有效直到平 均预期寿命，累积保费大致相等。现金价值可以通过政策“贷款”随时获得，并且可以获得“免税”。 由于这些贷款如果没有还款就会减少死亡补贴，所以回报是可选的。 现金价值支持死亡福利，所以只支付死
46、亡福利。股息可以以多种方式 使用。首先，如果选择支付增加额，股息现金值将购买额外的死亡补 贴，这将增加保单给指定受益人的死亡补贴。 另一种选择是在某些政 策中选择“降低保费”。这减少了无保证的股息金额所欠的保费。第 三个选项允许所有者在支付股息时获得股息。（尽管一些政策提供了其他/不同/更少的选择-这取决于某些情况下的公司） 通用人寿保险全球人寿保险（UL）是一种相对较新的保险产品， 旨在提供永久性保险，在保费支付方面具有更大的灵活性， 并具有现 金价值更大增长的潜力。有多种类型的通用人寿保险政策， 其中包括“利息敏感”（也称为“传统固定万能寿险”），可变通用寿险（VUL）, 有保证的死亡福利
47、和股票指数的全球人寿保险。全民寿险保单包括现金价值。保费增加现金价值，但保险费用（以 及由保险公司评估的任何其他费用） 会降低现金价值。但是，除VUL 外，利息按公司规定的利率计入现金价值，并可能增加现金价值。借 助VUL,现金价值将相对于保单所有者选择的投资子账户的表现而降低并流动。保单的退保价值是在适用的退保费用后支付给保单持有人的金额（如果有的话）。/ 普遍的人寿保险解决了整个生命中可见的缺点-即保费和死亡福利是固定的。随着普遍的生活，保费和死亡福利都是灵活的。除了 关于保证死亡利益的普遍生活，这种灵活性的代价是：减少担保。根据利率如何计入，内部收益率可以更高，因为它随着通行利率 一（利
48、率敏感）或金融市场（股票指数通用生活和可变普遍生活）而变 化。死亡成本和行政费用是已知的。 现金价值可能更容易被认为可以 实现，因为如果现金价值允许，所有者可以停止保费。灵活的死亡补贴意味着保单持有人可以选择减少死亡补贴。保单持有人也可以增加死亡补贴，但这通常会要求被保险人进行新的承 保。灵活死亡救济的另一个例子是选择 A选项或B选择死亡救济的 能力-并且能够在被保险人的生命中改变这些选择。 选项A通常被称为等级死亡利益。一般而言，死亡补贴在被保 险人的整个生命周期内保持不变，预计保费低于选择B死亡补贴的保 单。选项B支付面额加现金价值。如果现金价值随着时间的推移而增 长，那么支付给被保险人的
49、受益人的死亡补助金也会增加。/如果现金 价值下降，死亡利益也会下降。推测B选择的死亡补贴政策需要比选 择一项政策更高的保费。退休金计划是一个巨大的不断增长的市场。然而恰恰相反，报告显 示婴儿潮一代的储蓄比它们的父母更多。面对这种情况 ，它们不得不下降 界定福利计划，鉴于美国人曾经严重负担于他们的黄金时期，现在要求它 们寻求其他的金融工具，以保护它们的未来。这开辟了金 融公司，包括保险公司销售团体和个人退休计划的新的销售机会。还 有年金是保险公司最 大的以退休为导向的产品，作为美国人的财富 份额越来越重要。此外，年 金一直保持稳定的退休资产比例。而互惠基金及经纪行已扩大自己的市场份额，其进军已大多在存款 机构,非寿险公司的费用。即使保险公司争夺赏金的份额有点困难， 退休市场仍然是一个不断 增长的金融盛宴。 到1996年底，在美国 的私人退休总资产为几乎达到万亿美元后，作为国家总财