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