Insurance that may be kept in force by the owner for the remainder of the lifetime of the insured
The written agreement between an insurance contract owner and an insurance company
The exchange of a term insurance policy for a permanent insurance policy
The termination of a contract
amount stated in a life policy that is payable at the death of the insured or at the maturity of the contract
The process of assessing and classifying the degree of risk that a proposed insured represents
annual recap of the previous year’s activity showing current status of the policy and provides projections into the future.
life insurance policy rider that provides insurance coverage on the life of an individual other than the policy’s insured
When the death of the insured occurs, we will pay the beneficiary the face amount minus the loan and interest.
Restoration of a lapsed policy to a premium paying status on compliance with conditions set forth in the policy
When the death of the insured occurs, we will pay the beneficiary the face amount plus the cash value, minus the loan and interest
A specified length of time (usually 31 days) after a life policy premium payment is due, in which the insured may make the payment to keep the policy in-force
Without the presence of _____ interest, an insurance contract is not formed for a lawful purpose and is void from the start.
Premiums that remain the same each year the life policy is in force
policy rider that provides minimal death benefit coverage for the children of the insured
The payment made to an insurer to keep an insurance policy in force.
A special policy provisions or group of provisions, which may be added to a policy to expand or limit, benefits otherwise payable. Also known as endorsement.
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