Term Life Insurance

Saturday, September 24, 2016
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Life Insurance Glossary

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Lapse :
The termination of an insurance policy for failure to pay the policy's premium.

Level Premium Term Insurance :
A term life insurance policy where the premium paid remains the same throughout the term of the policy. The premiums for such policies are initially higher than an Annual Renewable Term policy; however, over the life of the contract, the total premiums paid may be more cost effective.

Liabilities :
In insurance terms, an obligation of one party to another for damages made resulting in personal injury and/or damages to a person's property and/or other assets

Life Expectancy :
A calculation made to determine the number of years a person is expected to live according to a particular mortality table. This is one of the considerations in determining life insurance premiums.

Limitations :
The maximum amount of insurance coverage available under a policy or exclusion of certain described premises.

Loss :
Property damage or bodily injury made to a third party by the insured party, or damage to the insured party's own preperty by the insured party.

Loss Reserve :
The amount of money an insurance carrier must "set aside" for both known and unknown future claims.

Lump Sum :
A single payment from the insurer for the total benefit amount due, instead of a series of installment payments. Life insurance face amounts may be paid in lump sum, if requested by the beneficiary.


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