Term Life Insurance

Saturday, October 01, 2016
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Life Insurance Glossary

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Reinstatement:
Placing a policy back in force that was previously discontinued due to lack of premium payment(s) after the grace period has expired.

Renewable Term Life Insurance:
A term life insurance policy that may be renewed annually by the policy owner annually without any further evidence of insurability.

Replacement, Life Insurance:
Exchanging an in force policy for a new policy.

Replacement Cost:
Amount required to replace an insured's damaged or destroyed property with one of similar kind and quality, without a reduction for depreciation.

Representation:
Written or verbal statements made, either written or verbal, by an applicant during the application process. The applicant must answer such inquiries to the best of their knowledge. These statements are generally used in determining an applicant's insurability and risk level.

Reserve:
See Loss Reserve.

Retention of Risk:
Choosing to assume all or some of a risk by not acquiring insurance or using another technique to transfer the risk.

Revocable Beneficiary:
A life insurance beneficiary who can be removed or changed, by the policy owner, at any time prior to the death of the insured.

Rider:
An endorsement to an original policy that adds, removes or changes a condition(s) in the original policy.

Risk:
The probability that the insured will incur a financial loss in the form of property damage, personal injury or death.


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