Life Insurance Definition Quizlet
The money must be used for life altering circumstances such as entering a nursing home or for the terminally ill.
Life insurance definition quizlet - A provision in most life insurance policies that allows the life insurance company to withhold the death benefit payout if the policyholder dies by suicide within the first year or two of the policy. Ordinary insurance life insurance of commercial companies not issued on the weekly premium basis. Ut life insurance license life insurance glossary study guide by juliet1313 includes 220 questions covering vocabulary terms and more.
A rider attached to a life policy which allows the owner to take a percentage of the face value of the policy in advance of the insured s death. The insurance company can go back and investigate an applicant s request for insurance based on information provided on the application. Amount of protection usually is 1 000 or more.
Learn vocabulary terms and more with flashcards games and other study tools. Once that period or term is up it is up to the policy owner to decide whether to renew or to let the coverage end. Quizlet flashcards activities and games help you improve your grades.
Life insurance definitions study guide by christina chen6 includes 77 questions covering vocabulary terms and more. Other insureds rider a term rider covering a family member other than the insured that is attached to the base policy covering the insured. Life insurance that covers a group of people who are usually employed by the same company or part of the same organization insurable interest a financial interest in the continued life of a person insurance on another person.
When auto insurance coverage lapses it could lead to a higher premium for another new policy since insurers understand that a driver that has maintained the same coverage is far less likely to make an insurance claim than an individual that has allowed their policy to lapse. The time from a life insurance policy issue date in which the insurance company has the legal right to cancel a life insurance policy usually 2 years but can vary by company and or product. A type of life insurance with a limited coverage period.
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