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(C) A permanent policy designed to last for life and for which premiums stay level.
(D) The sum of money paid to a beneficiary when a person insured under a policy dies.
(E) A permanent policy under which the cash value of the policy may fluctuate according to the investment option performance of a separate account fund. Most variable life policies guarantee that the death benefit will not fall below a specified minimum.
(F) Life insurance that provides coverage for a specific period of time, usually from 1 to 20 years. Term policies provide a death benefit only if the insured person dies during the term.
(G) Also known as double indemnity, a provision in a policy that doubles or triples the benefit in the case of death by accidental means.
(H) The payment to the insurance company for insurance coverage.
(I) The amount available in cash upon the policy owner’s termination of a permanent life insurance policy before it matures or becomes payable by death.
(J) A type of policy that allows the policy owner to change a term insurance policy to a permanent policy without providing evidence of insurability. The premium rate for the permanent policy is normally based on the age of the insured at the time of the conversion.
(K) Life insurance that is designed to provide lifelong protection with generally level premiums. There are three main types: whole, universal and variable. All permanent policies accumulate cash value.
(L) The person designated to receive life insurance policy proceeds if the primary beneficiary should die before the person whose life is insured.
(M) A refund of excess premium paid to the owner of an individual participating life insurance policy.
(N) The person named in a policy as the recipient of the insurance money in the event of the insured’s death.
(O) The demand by an individual to recover losses covered under an insurance policy.
Understanding Your Life Insurance Policy
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