Life Insurance Glossary

Accelerated Death BenefitPlain-English definition of Accelerated Death Benefit. Accidental Death BenefitPlain-English definition of Accidental Death Benefit. ActuaryPlain-English definition of Actuary. AgentPlain-English definition of Agent. AnnuitantPlain-English definition of Annuitant. ApplicantPlain-English definition of Applicant. ApplicationPlain-English definition of Application. AssignmentPlain-English definition of Assignment. BackdatingPlain-English definition of Backdating. BeneficiaryPlain-English definition of Beneficiary. Binding ReceiptPlain-English definition of Binding Receipt. Buy Sell AgreementPlain-English definition of Buy Sell Agreement. Cash Surrender ValuePlain-English definition of Cash Surrender Value. Cash ValuePlain-English definition of Cash Value. Children's Term RiderPlain-English definition of Children's Term Rider. ClaimPlain-English definition of Claim. Collateral AssignmentPlain-English definition of Collateral Assignment. Comprehensive UnderwritingPlain-English definition of Comprehensive Underwriting. Contestability PeriodPlain-English definition of Contestability Period. Convertible TermPlain-English definition of Convertible Term. Cost of InsurancePlain-English definition of Cost of Insurance. Coverage AmountPlain-English definition of Coverage Amount. Death BenefitPlain-English definition of Death Benefit. Decreasing TermPlain-English definition of Decreasing Term. DividendsPlain-English definition of Dividends. EndorsementPlain-English definition of Endorsement. Evidence of InsurabilityPlain-English definition of Evidence of Insurability. Evidence of Insurability (eoi)Plain-English definition of Evidence of Insurability (eoi). ExclusionsPlain-English definition of Exclusions. Face AmountPlain-English definition of Face Amount. Financial Needs AnalysisPlain-English definition of Financial Needs Analysis. Financial RatingsPlain-English definition of Financial Ratings. Free LookPlain-English definition of Free Look. Free Look PeriodPlain-English definition of Free Look Period. Grace PeriodPlain-English definition of Grace Period. Guaranteed Insurability RiderPlain-English definition of Guaranteed Insurability Rider. Guaranteed IssuePlain-English definition of Guaranteed Issue. Hazardous ActivitiesPlain-English definition of Hazardous Activities. IllustrationPlain-English definition of Illustration. Illustration AssumptionsPlain-English definition of Illustration Assumptions. Impaired RiskPlain-English definition of Impaired Risk. IncontestabilityPlain-English definition of Incontestability. Index CreditingPlain-English definition of Index Crediting. Inspection ReportPlain-English definition of Inspection Report. Insurable InterestPlain-English definition of Insurable Interest. InsuredPlain-English definition of Insured. Irrevocable BeneficiaryPlain-English definition of Irrevocable Beneficiary. Key Person InsurancePlain-English definition of Key Person Insurance. LadderingPlain-English definition of Laddering. Level PremiumPlain-English definition of Level Premium. Level TermPlain-English definition of Level Term. Loan (policy Loan)Plain-English definition of Loan (policy Loan). Loss RatioPlain-English definition of Loss Ratio. Medical ExamPlain-English definition of Medical Exam. Medical Information Bureau (mib)Plain-English definition of Medical Information Bureau (mib). MisrepresentationPlain-English definition of Misrepresentation. Mortality TablePlain-English definition of Mortality Table. No ExamPlain-English definition of No Exam. Non ParticipatingPlain-English definition of Non Participating. Non SmokerPlain-English definition of Non Smoker. NonforfeiturePlain-English definition of Nonforfeiture. Occupational ClassPlain-English definition of Occupational Class. OwnerPlain-English definition of Owner. Paid UpPlain-English definition of Paid Up. Partial SurrenderPlain-English definition of Partial Surrender. Participating PolicyPlain-English definition of Participating Policy. Permanent LifePlain-English definition of Permanent Life. Policy AnniversaryPlain-English definition of Policy Anniversary. Policy DeliveryPlain-English definition of Policy Delivery. Policy LoanPlain-English definition of Policy Loan. Policy NumberPlain-English definition of Policy Number. PolicyholderPlain-English definition of Policyholder. Preferred ClassPlain-English definition of Preferred Class. PremiumPlain-English definition of Premium. Premium ModePlain-English definition of Premium Mode. Primary BeneficiaryPlain-English definition of Primary Beneficiary. Provisional CoveragePlain-English definition of Provisional Coverage. Rated PolicyPlain-English definition of Rated Policy. Reduced Paid UpPlain-English definition of Reduced Paid Up. ReinstatementPlain-English definition of Reinstatement. ReplacementPlain-English definition of Replacement. Replacement NoticePlain-English definition of Replacement Notice. Revocable BeneficiaryPlain-English definition of Revocable Beneficiary. RiderPlain-English definition of Rider. Risk ClassPlain-English definition of Risk Class. Secondary BeneficiaryPlain-English definition of Secondary Beneficiary. Settlement OptionsPlain-English definition of Settlement Options. Simplified IssuePlain-English definition of Simplified Issue. Smoking StatusPlain-English definition of Smoking Status. SubstandardPlain-English definition of Substandard. Surrender ChargePlain-English definition of Surrender Charge. Surrender ValuePlain-English definition of Surrender Value. Table RatingPlain-English definition of Table Rating. Term ConversionPlain-English definition of Term Conversion. Term LengthPlain-English definition of Term Length. Term LifePlain-English definition of Term Life. Trust as BeneficiaryPlain-English definition of Trust as Beneficiary. UnderwriterPlain-English definition of Underwriter. UnderwritingPlain-English definition of Underwriting. Underwriting ClassesPlain-English definition of Underwriting Classes. Universal LifePlain-English definition of Universal Life. Variable Universal LifePlain-English definition of Variable Universal Life. Waiver of PremiumPlain-English definition of Waiver of Premium. Whole LifePlain-English definition of Whole Life. Will (as Related)Plain-English definition of Will (as Related).