Term Life Insurance

Thursday, December 08, 2016
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Life Insurance Glossary

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Market Value:
The value of an asset based on the price a willing buyer would pay and current market conditions.

Master Policy:
A single insurance contract issued to an employer or other entity that provides group insurance to eligible employees or members, typically by issuing a certificate of insurance to such member.

Medical Information Bureau (MIB) :
The organization that maintains a secure, centralized computer facility that stores the coded health history of persons who have applied for insurance from subscribing companies in the past. This information is then available to other insurance companies for future insurability evaluations. For more information, you may visit the MIB website.

Misrepresentation:
Inaccurate information provided by the applicant during the application process. Providing inaccurate information with the intent to receive a lower premium in considered intent to defraud.

Mortgage Life Insurance:
A type of life insurance that pays the remaining balance of mortgage if the insured dies. This is usually a decreasing term insurance policy where the death benefit decreases over time as the balance on the mortgage decreases.

Mutual Insurer:
An insurer whose policy owners are also owners of the company, entitled to dividends (return of premium) and, in some cases, proxy rights. Mutual companies do not have their stocks trading on the stock exchange.


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