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