Life insurance provides benefits to your designated beneficiaries should you die unexpectedly. It is designed to protect your loved ones from devastating financial problems, and reassure you that they will be taken care of following your death. Mountain Life is eager to assist our policy owners and potential clients by educating them about life insurance terms and phrases. Show
This glossary of common life insurance terms provides definitions of common terms you will encounter during the process of purchasing life insurance. Accidental Death Age Agent Application Assignment Automatic Premium Loan Basis of Values Beneficiary (Primary) Beneficiary (Contingent) Cash Value Contestability Period Conversion Coverage Amount / Face Amount Date of issue Evidence of Insurability Extended Term Option Grace
Period In Force Incontestability Insurance Insured Lapse Life Insurance Mortality Table MIB, Inc. Modal Factors Nonfortfeiture Values Owner Participating Permanent Life
Insurance Policy Anniversary Policy Date Policy Loan Policy Year Premium Premium Mode Proposed Insured Rate Class Reduced Paid Up Option Reinstatement Renewability Rider Accidental Death benefit rider Settlement Options Suicide Provision Surrender Value Term Life Insurance Terminate Underwriting What policy pays the face amount if the insured survives to the end of a certain period?A policy which pays the face amount of the policy if the insured dies and also pays the face amount if the insured survives the policy term is called an endowment policy.
Which type of insurance policy pays the face amount?A permanent life insurance policy has a face value, also known as the death benefit. This is the dollar amount that the policy owner's beneficiaries will receive upon the insured's death.
Which type of life insurance policy pays the face amount at the end of the specified period if the insured is still alive quizlet?Which of these describes the result of a modified endowment contract that failed to meet the seven-pay test? (". A type of life insurance policy which provides for the payment of the face amount at the end of the specified period if the insured is still alive is an endowment policy.)
What type of policy which pays on the death of the last person is called?survivorship life policy". Under a multiple protective policy, the policy that pays on the death of the last person is called a survivorship life policy.
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