KEYWORDS | TỪ KHÓA

A nonforfeiture option in which the policyowner terminates the policy and receives available cash value, subject to policy terms.

A transfer of limited policy rights, often to secure a loan.

A beneficiary who receives policy proceeds if the primary beneficiary cannot receive them.

A distribution that may be paid on a participating policy; it is generally treated as a return of premium up to the policyowner’s basis.

A nonforfeiture option using cash value to purchase term insurance for the original face amount for a limited period.

A dividend option that uses policy dividends to purchase small amounts of additional fully paid permanent life insurance.

A dividend option under which the policyowner receives an available policy dividend in cash.

A settlement option that pays a stated amount periodically until proceeds are exhausted.

A dividend option that leaves dividends with the insurer to accumulate with interest under policy terms.

A settlement option that pays proceeds over a stated period.

A limited period after a premium due date during which coverage remains in force.

A dividend option that uses a dividend to purchase one-year term insurance, subject to the policy provisions.

A rider allowing the insured to purchase additional coverage at specified times or events without new evidence of insurability, subject to contract terms.

A policy provision that limits the insurer’s ability to contest coverage after a stated period, subject to applicable exceptions.

A settlement option in which the insurer retains principal and pays interest to the beneficiary.

A beneficiary with stronger vested rights whose consent is generally required for certain policy changes.

Termination of a policy because required premiums or policy values are insufficient to keep it in force.

A settlement option that pays income for the beneficiary’s lifetime.

A provision that generally adjusts benefits to the amount the premium would have purchased at the correct age or sex.

A choice that allows a policyowner to preserve some policy value after stopping premium payments on a cash-value policy.

A rider commonly used on juvenile policies that can waive premiums if the payor dies or becomes disabled as defined by the contract.

A loan available from the cash value of a qualifying life insurance policy; outstanding loans and interest reduce available proceeds.

The person or entity that owns the policy and controls ownership rights subject to policy terms.

The beneficiary first in line to receive policy proceeds.

A nonforfeiture option using cash value to purchase a reduced amount of fully paid permanent insurance.

Restoration of a lapsed policy subject to policy requirements.

A beneficiary designation that the policyowner can generally change without the beneficiary’s consent.

A provision stating that the policy and attached application or other incorporated documents together constitute the complete insurance contract.

An amendment or additional provision attached to an insurance policy that modifies or adds coverage.

Contractual rights held by the policyowner, such as naming beneficiaries, assigning ownership rights, borrowing against available cash value, or changing permitted policy options.

A method for paying life insurance proceeds to a beneficiary rather than only as a lump sum.

The policyowner’s identification of the person or entity entitled to receive policy proceeds when the insured dies.

A policy provision limiting the death benefit for suicide during an initial exclusion period, generally providing for return of premiums under policy terms.

A rider that can waive required premiums when qualifying disability conditions are met under the contract.