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Life Insurance Glossary
The person(s) named in the policy to receive the life insurance proceeds
upon the death of the insured.
The amount that is available in cash for loans and that may be available
for withdrawals. Accessing Cash Surrender Value may reduce the death benefit
and may increase the risk of lapse.
Term insurance which can be exchanged (converted), at the option of the
policyowner and without evidence of insurability, for a permanent insurance
policy.
A return of part of the premium on participating insurance that is based
on the insurer's investment, mortality, and expense experience. Dividends
are not guaranteed.
The amount stated on the face of the policy that will be paid in case of
death. It does not include additional amounts payable under accidental death
or other special provisions, or acquired through the application of policy
dividends.
Acceptability to the company of an applicant for insurance.
The person on whose life the policy is issued.
Life insurance for which the premium remains the same from year to year.
The premium is normally more than the actual cost of protection during the
earlier years of the policy and less than the actual cost in the later years.
The building of a reserve is a natural result of level premiums. The payments
in the early years, together with the interest that is to be earned, serves
to balance out the underpayment of the later years.
A loan made by a life insurance company from its general funds to a policyowner
on the security of the cash value of a policy.
Insurance that will remain in force with no need to pay additional premiums.
A life insurance policy that is eligible for the payment of dividends by
the insurer (see also Dividend).
Any form of life insurance except term; generally insurance that builds
up a cash value, such as whole life.
The person who owns a life insurance policy. This is usually the insured
person, but it may also be a relative of the insured, a partnership or a
corporation.
Payments to the insurance company to buy a policy and to keep it in force.
Term insurance which can be renewed at the end of the term, at the option
of the policyowner and without evidence of insurability, for a limited number
of successive terms. The rates generally increase at each renewal as the
age of the insured increases.
Life insurance that does not build up cash value and where the premium normally
increases as the insured gets older.
The ability for an individual to transfer from one health insurer to another
health insurer with regard to pre-existing conditions or other risk factors.
A flexible premium life insurance policy under which the policyowner may
change the death benefit from time to time (with satisfactory evidence of
insurability for increases) and vary the amount or timing of premium payments.
Premiums (less expense charges) are credited to a policy account from which
mortality charges are deducted and to which interest is credited at rates
which may change from time to time.
A basic type of permanent life insurance which can provide lifetime protection
at a level premium. Premiums must generally be paid for as long as the policy
is in force.
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Licenses to sell life insurance:
Ohio License #104233, California License #0C94325, Florida License #D072714
Alabama, Arizona, Arkansas, Colorado, Connecticut, Delaware, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Jersey, New York, North Carolina, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin
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