Chapter 3. Life Insurance Policies Terms to Know
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10 Terms
Attained age
The insureds age at the time the policy is renewed or replaced.
Deferred
Withheld or postponed until a specified time or event in the future
Face amount
The amount of benefit stated in the life insurance policy.
Fixed life insurance products
Contracts that offer guaranteed minimum or fixed benefits
Lapse
Policy termination due to nonpayment of premium
Level premium
The premium that does not change throughout the life of a policy.
Nonforfeiture values
Benefits in a life insurance policy that the policyowner cannot lose even if the policy is surrendered or lapses.
Policy maturity
In life policies, the time when the face value is paid out.
Securities
Financial instruments that may trade for value. (Ex. stocks, bonds, options)
Variable life insurance products
Contracts in which the cash values accumulate based upon a specific portfolio of stocks without guarantee of performance.