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Guide to Life Insurance Terms Listed below is a useful guide to life insurance terms. It is a list of definitions of life insurance terms that may or may not be familiar to you. Accelerated Benefit Provision A provision in many new policies which will allow the policy owner to receive a portion of the death benefit early if the insured person is diagnosed with a terminal illness or permanently confined to a nursing home. Accidental Death Benefit A provision added to a policy that provides an additional benefit if the insured dies from accidental causes. Certificate A document provided to a person insured under a group insurance policy that provides evidence that the coverage exists. Convertible Term Insurance These policies allow conversion, without further medical evidence, to a different type of policy from an insurance company's range. Decreasing Term Insurance The sum assured decreases each year throughout the term of the policy. Dependent protection Where the protection is required on a permanent basis rather than just for a specified term. Evidence of Insurability Medical and other information about a person applying for insurance that the life insurance company keeps confidential, but uses to decide whether the policy can be issued and what premiums will be charged. Face Amount The amount to be paid to the beneficiary when the insured dies. Free Look The right of the policy holder to have a period of ten or more days to examine an insurance policy, and if not satisfied, return it to the company for a full refund of all amounts paid. Grace Period A period of time after the premium due date when an overdue premium » Discuss it » Continue Reading »
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