With cash value life insurance a portion of the premium you pay goes to cover the cost of insurance and a portion goes toward a savings account. (thebalance.com)
Simply put, the exam for life insurance portion of the application process is used to determine if you have any health conditions that could affect your rate class (kind of like a health exam for life insurance). (aigdirect.com)
Some insurance companies use an annual renewable term life insurance component for the term life insurance portion of the contract to encourage individuals to convert their term to permanent policies as the policy gets older. (pocketsense.com)