Life Insurance Terminology at Life

Life Insurance Terminology. An agent can be independent agent who represents at least two insurance companies or a direct writer who represents and sells policies for one company only. A life insurance policy that does not pay out any dividends to the policyholder.

A b c d e f g h i j k l m n o p q r s t u v w x yz. Term life insurance provides life insurance coverage for a designated period of time. We’ve rounded up six common terms that will help you get a better understanding of how life insurance works.

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Upon this person’s death, a benefit is paid to previously chosen beneficiaries. Underwriting while this term might seem complex, the underwriting process refers to the evaluation of the applicant’s health, medical history, lifestyle and occupation to determine eligibility for coverage. The applicant isn’t necessarily the policy owner. Insurance in which the risk insured against is the death of a particular person (known as the insured), upon whose death within a stated term (for term insurance), or whenever death occurs (for permanent insurance), the insurance company agrees to pay a stated sum or income to the beneficiary.