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Life Insurance Glossary

To help you understand Life Insurance, we have provided you with a general explanation of some frequently used terms. Note that the exact definitions of these terms can vary from company to company. Always consult your agent for the meaning of the terms applicable to your policy.

Assignment Clause
Clause in the insurance policy that governs any transfer by the policyholder of his rights in the policy.


Beneficiary
A person who may become eligible to receive, or is receiving, benefits under a life insurance plan as a result of the insured's death.

Cash Surrender Value
That value in a policy which is the property of the policy owner, and which may be expected by him should he surrender the policy for cash.
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Death Claim
A formal request for payment by the company occasioned by the death of the insured. Can be made through the agent, but may be made directly to the home office. Requires Proof of Death (usually a certified copy of death certificate and a claim form) and is made by beneficiary.
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Estate Plan
The manner in which property will be disposed of at death.
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Insurable Interest

The proposed policy owner cannot buy the insurance unless the death or disability of the insured would result in a significant emotional or financial loss to the proposed owner.
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Lapsed Policy

A policy for which the policyholder has failed to timely pay enough premium to keep it in force beyond the grace period.
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MIB (Medical Information Bureau)
An organization serving as a clearinghouse of medical information on impaired risks reported to it by companies who are members of the service and reported by the organization to member companies as a source of underwriting information on applicants.
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Mortality
The average number of people who die each year, providing one's chance or risk of dying at any given age.
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Substandard Risk
A risk less acceptable (more expensive) than standard.

 

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