Term Life Insurance

Thursday, December 08, 2016
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Life Insurance Glossary

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D

Date of Issue:
The date printed on the policy that indicates when the policy was issued. This date may be different than the policy date, which is the date the policy went into effect.

Decreasing Term Insurance:
Term insurance by which the death benefit decreases annually but the premium remains level. This type of insurance is typically used to cover mortgages.

Deductible:
The designated amount the insured must pay after a loss before he/she is entitled to the benefits from the insurer.

Disability Income (DI) Rider (Waiver of Premium): A rider that allows insurance premiums to be waived when the insured is disabled, typically for atleast: six months.

Dividend:
The return of a portion of the premium to a policyowner: by a participating mutual or stock insurer. Dividends paid to policyowners: are not typically taxable since they are a return of premium and not considered a gain. These dividends may be: (1)taken: as cash, (2)applied against the premium, (3)used to purchase more insurance coverage, (4)left on deposit with the insurance company to earn interest, or (5)used to purchase one year of term life insurance.


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