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Life Insurance Glossary
Clueless when it comes to life insurance? A major part of choosing the right life insurance is understanding the lingo. Here is a Glossary of Life Insurance Terms to get you started.
Like any form of insurance, it may seem like people are speaking a different language when talking about life insurance. Get up to speed with this helpful glossary of important life insurance terms.
- Beneficiary - The person or persons eligible to receive the life insurance proceeds upon the death of the insured.
- Death Benefit - The amount payable after the death of the insured.
- Death Claim - Request for payment to the insurance provider by the beneficiary.
- Exclusions - Limits or conditions listed in a policy for which the benefit will not be paid.
- Insurability - Acceptability of an insurance company to provide coverage for an individual.
- Lapse - Termination of a policy due to unpaid premiums.
- Policy Owner - The person who owns a life insurance policy, the insured.
- Premiums - The amount of money that must be paid to the insurance provider to keep the policy in good standing.
- Renewable Term Life Insurance - A term life insurance policy that can be renewed at the end of it’s term, without the need for evidence of insurability. However, the renewed policy may have more expensive rates.
- Rider - A provision attached to a policy outlining restrictions or limitations.
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When you take out a new policy with Insurance Kings we'll give you the first month's cover for free on acceptance PLUS a Gift Voucher to the value of $30 to spend at any Coles supermarket. |
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