Term Life Insurance

Thursday, December 08, 2016
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Life Insurance Glossary

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Term Life Insurance:
A type of low-cost, life insurance that only pays benefits if the insured dies during the specified period of time. Term life insurance does not build cash value.

Termination:
The cancellation of an insurance policy by the insurance company or the insured.

Tertiary Beneficiary:
The third beneficiary to a life insurance policy eligiblefor policy benefits should the primary and secondary beneficiaries not survive.

Title Insurance:
Covers a purchaser of property against unknown defects at the time of purchase, such as a lien against the property.

Total Loss:
Damage(s) to property that are so severe that the property cannot be restored to the previous condition before the damage(s) occured.

Trustee:
A person acting as a guardian of property who holds, manage and/or uses the property for the benefit of a third party, according to the terms and conditions of the trust.


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