This is the person to whom the death benefit will be paid.
Amount that pays out upon the policyholder’s death, and also accumulates value during the policyholder’s lifetime.
Death Benefit (Face Amount)
This is the amount that will be paid out to a beneficiary when the insured under the policy dies.
The person whose life is insured by life insurance, after whose death the benefits go to others.
Is the termination of an insurance policy because a renewal premium is not paid.
Mode of Premium Payment
The frequency with which premiums are paid. Examples are annually and monthly.
The person or people who own an individual insurance policy. The policy owner is not necessarily the person whose life is insured.
This is the anniversary date on which the policy was issued.
The statements of an insurance policy, which describe the operation of an insurance policy.
A payment by a customer to an insurance company for coverage.
The procedure where an underwriter evaluates aspects related to the proposed insured’s current health, medical history, lifestyle habits, hobbies, occupation and financial profile to determine eligibility for coverage as well as what the appropriate risk class should be.
Waiver of Premium
A provision under which payment of premiums or insurance charges are waived should the policy owner becomes totally and permanently disabled.