1
The amount of money an individual or business pays for an insurance policy.
2
The process by which an insurer puts back in force a life insurance policy that has been terminated for nonpayment of premiums.
3
The person who has complete rights to the policy. Also known as policyholder.
4
Amount paid after the death of the insured.
5
Person responsible for the premiums.
6
stage of applying for a policy where _______ collects and reviews evidence of insurability based on medical background, etc.
7
The person whose life or health is covered on the policy.
8
The person or entity designated to receive the benefits of an insurance policy.
9
Surrender Amount
10
A special policy provision added to the standard contract that expands or limits the policy coverage. (Add-ons)
11
32 days past due or more
12
Type of life insurance that is permanent & has locked in rates for life.
13
Type of policy that is subject to renewal and expiration.
14
Length of time (31 days) after premium is due and unpaid & policy coverage remains active. (60 days for some states)
15
When cash value is offered to a customer to cover past due premiums OR is automatically applied to the policy to prevent a lapse in coverage.
16
When a customer cancels their policy, and it has cash value.
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