|
Lapse:
Termination of a policy due to the policy owner's failure
to pay the premium within the grace period.
Life
Expectancy: The average number of years a person
is expected to live based on a national average per age group,
and other factors.
Life
Insurance: Insurance coverage that pays out a set
amount of money to specified beneficiaries upon the death
of the individual who is insured.
Limited
Pay Policy: A type of whole life insurance designed
to let the policyholder pay higher premiums over a specific
time period such as 10 or 20 years so that they won't have
to pay any premiums for the rest of his or her life.
Medical:
A document completed by a physician or another approved examiner
and submitted to an insurer (insurance company) in order to
provide medical information. This is usually done to determine
insurability (or lack of insurability) or is sometimes done
in relation to a claim.
Medical
Expenses: Reasonable charges for medical, surgical,
x-ray, dental, ambulance, hospital, professional nursing,
prosthetic devices, and funeral expenses. What is considered
reasonable is outlined in a policy.
Misrepresentation:
The act of knowingly presenting false information.
Mortality
Rate: The number of deaths in a group of people,
usually expressed as deaths per thousand.
Mortality
Table: A table showing the incidence of death at
specified age groups.
Occupational
Hazard:
A condition in the workkplace that increases the chances of
the an accident, sickness, or death. It usually will mean
higher premiums.
Original
Age: The age you were when you bought an insurance
policy.
Other
Insured Rider: The temporary addition to an insurance
policy, usually a member of the direct family.
Ownership:
All rights, benefits and privileges under life insurance policies
are controlled by their owners. Policy owners may or may not
be the insured. Ownership may be assigned or transferred by
written request of current owner.
|
