Term Life Insurance

Wednesday, September 28, 2016
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Life Insurance Glossary

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Back Dating:
Making the effective policy date earlier than the application or issue date, thereby making the age at issue lower and obtaining a lower premium. This is usually limited by law to six months.

Beneficiary (-ies):
The entity (relative, business, trustee, etc.) selected by the owner of the policy to whom the proceeds are payable in the event of the insured's death (See also Contingent and Primary beneficiary).

Benefits:
The monetary amount paid (or payable) and/or services provided to the insured by the insurer under the terms of the insurance contract.

Buy-Sell Agreements:
A continuation plan for partnerships, sole proprietorships and closed corporations by which the death or disability of one partner triggers the selling of his/her interest to the remaining partner(s), proprietors(s) or shareholder(s) at a predetermined formula. These agreements are often funded by life insurance and/or disability income on each member and is owned and paid for by the business.


For more reference, click on any of the letters below to find life insurance terms that begin with that letter.
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