Combination of Various Types of Policies
A large number of the special contracts
referred to in the preceding classification represent in the aggregate only
a limited percentage of the total insurance written. Probably three-fourths
of the total life insurance in America, it has been estimated, consists of three
forms of policies, viz, whole-life policies on the continuous premium plan,
twenty-payment whole-life policies, and twenty-year endowment insurance. The
remaining one-fourth of the outstanding insurance represents a vast variety
of policies, some differing from others only in minor particulars. In this
respect it should be noted that many of the foregoing policy features easily
lend themselves to the effecting of an almost endless number of combinations.
Thus there may be issued a limited-payment whole-life continuous-installment
policy, or a limited-payment endowment policy with the proceeds payable in ten
or more installments. As already indicated, all the various methods of paying
the premium, or of distributing the principal of the contract, may be applied
to any of the ordinary types of policies written.