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Terms in this set (39) Life insurance. Contract between a policyholder and an insurance company, where the policyholder pays premiums to the company and in exchange the company pays a certain amount to the policyholder's beneficiary's when the insured person dies. Insured person. The person whose death is covered by a life insurance policy.
Accidental Death and Dismemberment Insurance. a form of insurance affording benefits in the event of accidental death; the accidental loss of sight, speech or hearing; loss of use of limbs (paralysis); or loss of member (arm or leg) Accidental Death Benefit. a lump sum payment for loss of life due to an accident that was the direct cause of ...
provides a level amount of insurance until age 100 maturity. Limited Pay Whole Life. provides level amount of coverage until age 100 maturity, in addition to shortened payment period. Term Life Insurance. has no cash value is used for short term, temporary needs, generally offers a lower premium rate.
8 Terms used in Bionomenclature Abstract This is a glossary of over 2,100 terms used in biological nomenclature - the naming of whole organisms of all kinds. It covers terms in use in the current editions of the different internationally mandated and proposed organismal Codes; i.e. those for botany (including mycology), cultivated plants,
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- Premiums. When you purchase an insurance policy, you'll be required to make regular payments, known as premiums. These payments are typically made monthly or annually and are the cost of maintaining your insurance coverage.
- Deductible. Think of a deductible as the money you have to shell out from your own pocket before your insurance kicks in to help cover your expenses. It's like the upfront cost you need to cover before your insurance really starts working for you.For example, if you have a $500 deductible and make a claim for $1,000, you'll need to pay $500, and your insurer will cover the remaining $500.
- Policyholder. The policyholder is the person who owns an insurance policy. This individual is responsible for paying premiums and making claims under the policy.
- Coverage Limit. Every insurance policy has a coverage limit, which is the maximum amount your insurer will pay out for a covered claim. It's crucial to understand your policy's limits to ensure you have adequate coverage.
Level Term Life Insurance. This popular form of term life features a death benefit and premium that remain level for the term of the policy. The policy term can be for a set period of years (i.e., 5-year term, 10-year term, 20-year term, etc.). It can also be set to a specified age (i.e., term-to-55, term-to-65, etc.).
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Life insurance coverage for a specified period of time, expires without value if the insured survives the stated period. Designed to provide temporary protection in case a person dies during a specified period of time.
