Life Insurance Company Glossary Terms
Beneficiary:The policy's death benefit goes to this person after the insured dies.
Death Benefit:
When the insured dies, this is the amount paid to the beneficiary.
Dividends: Dividends can refer to earnings given from the life insurance company, a refund of an overpayment on a premium, or death benefit payments in the premium.
Duration: This is how long a policy coverage is for. The duration can end if the policy is cancelled, if the insured dies, if the premiums are stopped, or if the coverage ends.
Insured: The life insurance policy is taken out against this person.
Policy Owner:This person is the one who owns the life insurance policy. He/She assigns the beneficiary, and most of the time, the policy owner and the insured are the same person. However, this isn't always the case.
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