Term Life Insurance

Tuesday, September 27, 2016
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Life Insurance Glossary

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F

Face Amount:
The death benefit amount of a life insurance policy.

Federal Estate Tax:
The federal tax placed on the deceased's estate amounting to the calculated value of the estate.

FEGLI:
Federal Employees' Group Life Insurance.

Fiduciary:
A person such as an attorney, executor of an estate, or a trustee holding money or property who is obligated to act ethically and responsibly on behalf of someone else. The fiduciary must safeguard the property left under his or her care.

Flat Extra Premium:
A fixed premium paid in addition to the regular premium. This may be charged for the length of the contract or for specified years. A $5 per thousand flat extra added to a $100,000 life insurance policy would increase the premium by $500 a year.

Free Look:
An opportunity for the policyholder to examine the terms of a new policy and surrender it for a complete refund of premium if not fully satisfied. This period is usually 10, 20 or 30 days, depending on the state in which the policy is written in.


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