Life And Health

Front 1

Beneficiary

Back 1

designated recipiant of the life insurance benefits or proceeds upon the death of the insured.

Front 2

Only the_____ has he right to designate a beneficiary.

Back 2

Policy owner

Front 3

Premium

Back 3

Periodic payment made by the insured to the insurer to keep an insurance policy in effect.

Front 4

Rider

Back 4

Endorsement to the contract that would modify the contract provisions of that policy. (Amendments)

Front 5

Insuring clause

Back 5

defines who is insured by whom and the amount o benefit coverage provided by the policy.

Front 6

Consideration

Back 6

Policy owner must pay something of value in exchange for insurer to promise to pay benefits

Front 7

Grace period

Back 7

Time period after premium due date and before policy lapses. 30 or 31 days.

Front 8

reinstatement

Back 8

requires the insured to pay back premiums, plus interest and prove insurability if the police was not surrendered for its cash value.

Front 9

Assignment

Back 9

the transfer of ownership rights to another party.

Assignment can reduce a beneficiary's claim settlement at the time of death because an assignment must be paid first.

Front 10

Entire Contract

Back 10

consist of the policy plus any riders, and a copy of the application

Front 11

Modifications

Back 11

must be in writing, Signed by an executive officer of the insurer, approved by policy owner and made part of the entire contract.