Glossary
Accidental Death BenefitA policy feature that would pay out in the event of the policy holder dying accidentally.
Adjustable Life Insurance
A policy that would allow the policy holder to modify the policy premiums and policy plan within its term.
Annual Renewable Term
A policy that is increasing annually with level death benefit.
Applicant
The party applying for the insurance.
Beneficiary
The person who is designated to receive the proceeds of a protection policy.
Cost Of Insurance
The charge of the protection plan over a year.
Death Benefit
The amount paid by the insurance company should you die.
Donee
The individual receiving a gift.
Donor
The individual making a gift.
Grace Period
The period in which any overdue premiums must be paid before the policy lapses.
Insurable Interest
The gain or loss financially that an individual has in connection with another’s life expectancy.
Insured
The policy holder covered under the policy.
Insurer
The company providing the policy.
Key Person Insurance
An insurance policy taken on a key person in a business should they suffer from a disability or death.
Policy Illustration
A written description showing the policy details and premiums for the term selected.
Policy Owner
The person that owns the contractual rights and benefits to the policy.
Premium
The amount the policyholder is to pay to ensure they are covered by the life insurance.
Trust
An entity holding legal title of property for benefit of others.
Wavier Of Premium
An added extra when the policy holder does not have to pay premiums should the be totally or permanently disabled.