a written document that contains the terms of the contract agreement between the insurance company and the owner of the policy
the person who pays for and owns the policy
the person whose life is covered under a life insurance policy or the person who is given the insurance protection
the person named in the life insurance contract who will receive the benefits when the insured dies
the beneficiary/party given the first priority to receive the death proceeds of the policy if the insured dies
the beneficiary/party who receives the death proceeds if the primary beneficiary pre-deceased the insured
the amount payable to the beneficiary, as stated in the life insurance policy, upon the death of the insured
Payment or series of payments, made by the insured to put the policy in force and to keep it in force until maturity
States that for as long as the insured is paying his premiums, his policy will remain in-force and protection will continue.
a specified length of time, usually 30 days after premium is due, within which a premium may be paid without penalty. During the grace period, the policy remains in-force.
Part of the premiums you pay that is set aside as savings under an insurance policy
Grants the policy owner the right to take a loan agains the cash values of the policy. A policy loan may be repaid anytime, in whole or in part. However, a policy loan interest is charged against the loan and is compounded annually.
the date when the policy coverage matures / ends
are return of excess premiums which are paid to policyholders at the end of each policy year if the company has favorable claims and high earnings from investments. Dividends are not guaranteed because these would depend on the actual experience of the company
A provision which allows the policy owner to choose whichever way he wants to utilize his earned dividends. There are five ways: