More Life Insurance Artitcles

How Can I Compare Life Insurance Quotes?
The online life insurance companies offer a free service where you can request a free quote for your life insurance needs. This enables you to compare life insurance quotes to see where you can save money with one over the other. To compare life...Read More

Life Insurance: Do You Need Life Insurance?
Life insurance, also known as term assurance, is a popular form of insurance that people get so in the event of their death, their family and dependants will be able to cope financially. However, not everyone has a family and children, so do they...Read More

Shop Life Insurance Rate - Getting the Best Coverage for the Lowest Rate
The purchase of life insurance is so much easier because of the availability of so much online information. The buyer learn son much by studying the magnificent amount of web content about life insurance. Life insurance rates are easier to...Read More

The Life Insurance Policy and Its Best Kept Secret
Do you love someone deeply enough to spend your hard earned dollars on a life insurance premium -- month after month? After all, the benefit from a life insurance policy isn't for you. It's for the ones you love, but after you've gone. Life...Read More

The Life Insurance Policy and Its Best Kept Secret

Life Settlement Towards A Free Market for Life Insurance

Life Insurance It s Not Just About Death

Whole Life Insurance Quotes How To Get The Right Type Of Policy And Save Money

Affordable Life Insurance

Guide to Life Insurance Terms

Listed below is a useful guide to life insurance terms. It is a list of definitions of life insurance terms that may or may not be familiar to you.

Accelerated Benefit Provision

A provision in many new policies which will allow the policy owner to receive a portion of the death benefit early if the insured person is diagnosed with a terminal illness or permanently confined to a nursing home.

Accidental Death Benefit

A provision added to a policy that provides an additional benefit if the insured dies from accidental causes.

Certificate

A document provided to a person insured under a group insurance policy that provides evidence that the coverage exists.

Convertible Term Insurance

These policies allow conversion, without further medical evidence, to a different type of policy from an insurance company's range.

Decreasing Term Insurance

The sum assured decreases each year throughout the term of the policy.

Dependent protection

Where the protection is required on a permanent basis rather than just for a specified term.

Evidence of Insurability

Medical and other information about a person applying for insurance that the life insurance company keeps confidential, but uses to decide whether the policy can be issued and what premiums will be charged.

Face Amount

The amount to be paid to the beneficiary when the insured dies.

Free Look

The right of the policy holder to have a period of ten or more days to examine an insurance policy, and if not satisfied, return it to the company for a full refund of all amounts paid.

Grace Period

A period of time after the premium due date when an overdue premium may be paid without penalty. The policy remains in force throughout the period.

Guaranteed Insurability

An option that permits the policyholder to buy additional stated amounts of life insurance at certain times in the future, without having to provide new evidence of insurability.

Illustration

A document used in life insurance sales presentations showing year-by-year numbers indicating how a policy will work.

Increasing Term Insurance

Under this option, the benefit payable on death increases and is particularly useful to avoid the sum assured being eroded by inflation.

Insured

The person whose life is covered by a life insurance policy.

Lapse

The discontinuation of insurance without cash value when the required premium is not paid.

Level Term Life Insurance

In this form a policy will pay out a fixed sum on death during the term.

Loan Value

The amount which can be borrowed by the policy holder from the company using the value of the policy as collateral.

Mode of Premium Payment

The frequency of premium payments during the policy year. Premium payments can usually be made on annual, quarterly, or monthly basis.

Mortality Table

A statistical table showing the death rate for each age.

Nonforfeiture Options

A provision in the policy that allows the policy holder to choose how the cash value of the policy will be used if the policy is surrendered or lapses due to non-payment of premium.

Ownership

All rights, benefits, and privileges under a policy controlled by the insured.

Paid-Up Insurance

A life insurance policy where all premiums have already been paid, with no further premium payment due.

Policy

The printed document issued to the policy holder by the company stating the terms of the insurance contract.

Policy Year

A one-year period starting on the day and the month the policy was issued. The first policy year starts on the date of issue, and ends on the day before the policy's first anniversary date.

Premium

The payment a policy holder is required to make to an insurance company to purchase insurance coverage and to keep the policy in force.

Rated Policy

A policy issued with an additional premium to cover the extra risk involved if an insured has impaired health, a hazardous occupation or hobby.

Reinstatement

The restoring of a lapsed or surrendered policy to full force and effect.

Renewable Increasable Convertible Term Insurance

This contract combines the options of increasing the sum assured, converting the policy and renewing the contract.

Reviewable Term

Level term assurance with an option to renew the contract at the end of the term, without the need for further medical evidence.

Rider

A provision added to a policy that provides additional benefits.

Settlement Option

The manner in which the insured or beneficiary may choose to have the policy proceeds paid.

Suicide Clause

A policy provision which reduces or eliminates the amount to be paid if the insured dies from suicide.

Surrender

To voluntarily terminate or cancel a policy for its cash value.

Term Life Insurance

This type of policy runs for a specified time period.

Underwriting

The process of evaluating applicants for insurance and classifying them fairly, so the appropriate premium rate may be charged

Waiver of Premium

A provision added to a policy that will waive the premium payments required by an insured during the total disability of the insured.

You may freely reprint this article provided the author's biography remains intact:

About the Author
John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the www.directonlineloans.co.uk website.


Written by: John Mussi

Life Insurance Why It s Important For Your Family

Buy Term Life Insurance But How

A Easy Way To Compare Term Life Insurance Quote

Finding Your Best Life Insurance Company

Why A Financial Planner Should Be Used To Purchase Life Insurance

Small Business Life Insurance Needs

Life Insurance Cover A Good Deal

Advantages of a Whole Life Insurance Policy
To begin with, you need to understand that life insurance falls into two very broad categories: Whole and term. The basic difference between term and whole life insurance is this: A term policy is life coverage only. In whole life insurance...Read More

Life Insurance Basics
In general, may people understand that having life insurance in any form is a necessity. The policy of life insurance is an excellent method of providing protection for your family members in the event of your death. While many people understand...Read More

Life Insurance: The Origin of Premiums, Policies, and Plans
The concept of insurance probably began in China over five thousand years ago. Others will argue that insurance began slightly later, in Babylonia. In any case, ancient peoples were interested in protecting against loss. They devised insurance...Read More

Premium Life Insurance
Few online life insurance agencies offer accurate quotes once the applicant submits his information. The information for life insurance online is often more updated that some of the information provided through brochures, therefore, many customers...Read More

Veteran Universal Life Insurance – What is It and What are the Advantages?
Veteran Universal Life Insurance is insurance that works for veterans to aid them in their post military endeavors. Universal life insurance means that you can vary or even suspend your premium payments depending on the financial pressures you...Read More

Finding fast life insurance
Since the widespread growth of internet usage and database building it’s never been easier or quicker to find fast life insurance. There was a time not long ago that the project could drag out forever. The process began with phone colds and lots of...Read More

Internet Life Insurance Sales Leads For Insurance Brokers
Do you realize that consumers searching for life insurance products are, more and more, doing so via internet search engines? Do you, as a life insurance broker, have an internet presence to grab your share of the life insurance sales leads? If...Read More

Life Insurance Cover – Fat Chance
The Government predicts that by 2025, obesity rates in children will be a frightening statistic. It is thought that around 33% of girls and 25% of boys will be clinically obese. This means overweight to the extent that their...Read More

Term Life Insurance: Finding Your Rate Online
Term life insurance rates vary more than most people might imagine. Depending on the life insurance company you choose, you could end up paying a lot higher rates for the same policy. Surprisingly, many people will shop around for the best price...Read More

Know All About Life Insurance Before Buying It

Term Life Insurance Company How to Compare Them

Converting An Unwanted Life Insurance Policy Into Ca h

Life Insurance Policy for Child Why Buy Life Insurance for a Child

Wawanesa Life Insurance

More Life Insurance Artitcles