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
Clause in the insurance policy that governs any transfer by the policyholder
of his rights in the policy.
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.
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
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.
The manner in which property will be disposed of at death.
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.
A policy for which the policyholder has failed to timely pay enough
premium to keep it in force beyond the grace period.
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.
The average number of people who die each year, providing one's chance
or risk of dying at any given age.
A risk less acceptable (more expensive) than standard.
Quote| Disability Quote|Mortgage
Annuity Rates| Call
Me Back| Site Map
Licensing and Copyrights
RubyGold Financial specializes in the Insurance, and Planning Services of:
Life Insurance, Long Term Care Insurance, Family Planning, Term Life Insurance, Whole Life,
Annuities, IRA, Retirement Planning, Smoker Life Insurance, Disability Income Insurance, High Risk Life Insurance, Mortgage Insurance, Indexed Annuities, Universal Life, Fixed Annuities, 412i, 401 (k), Business Planning, Indexed Life
©1999 - ©2008 RubyGold Financial LLC All Rights Reserved