Life Insurance Company: More Glossary Terms
Premium:This is the amount that the premium payer pays for the life insurance policy. Depending on the policy, the premium can go up or down, or stay the same. It can be paid monthly, quarterly, annually, or biannually.
Premium Payer: The name gives this term away. This person pays the life insurance premiums on a policy, however this does not mean that the premium payer has rights over the policy. Only the policy owner has rights over the policy.
Protection Component: At any given time, this refers to the difference between the death benefit and the cash value of a life insurance policy.
Savings Component: This is the cash value of an insurance policy and is the value you get if you are to cancel your insurance policy.
There are more glossary terms in following pages.
Glossary
Glossary Terms
More Glossary Terms
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