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16 Cards in this Set
- Front
- Back
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Life insurance that covers a group of people who are usually employed by the same company or are members of the same organization.
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Group life insurance
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A whole life policy intended to be paid up in a certain number of years
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Limited payment policy
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The person named in an insurance policy to receive the insurance benefits
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Beneficiary
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The amount of money received should a policy holder decide to give up the protection provided by a policy
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Cash value
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A life insurance policy that provides financial protection against loss of life during a definite period of time.
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Term insurance
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Life insurance which provides both insurance protection and a substantial savings plan
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Universal life insurance
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A type of whole life insurance for which premiums are the same each year as long as the policyholder lives.
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Ordinary life insurance
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A term life insurance policy that allows the policyholder to continue the term insurance for one or more terms without taking a physical examination to determine whether she or he is still a good risk.
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Renewable policy
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Insurance designed to protect survivors against the financial loss associated with dying.
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Life insurance
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A financial benefit from the continued life of a person
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Insurable interest
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Term life insurance on which the amount of protection and the premiums remain the same.
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Level term insurance
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Permanent insurance extending over the insured/s lifetime.
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Whole life insurance
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Term life insurance on which the amount of protection gradually becomes smaller, but the premiums remain the same during the term.
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Decreasing term insurance
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Life insurance that lets the policyholder select from a range of investments
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Variable life insurance
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An amount of insurance coverage that was originally purchased and that will be paid upon the insured's death.
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Face value
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A type of insurance that has cash value and an investment feature as its common characteristics.
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Permanent insurance
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