Life Insurance Definitions
Life insurance terminology doesn't have to be confusing. Here are definitions of the most common terms and phrases you'll find in a policy.
- Accelerated death benefit rider
- Accidental death and dismemberment rider
- Actuarial table
- Adverse Selection
- Annual renewable term life insurance
- Attending Physician Statement (APS)
- Avocation
- Beneficiary
- Cash surrender value
- Cash value life insurance
- Child protection rider
- Concealment
- Critical illness rider
- Death benefit
- Decreasing term life insurance
- Disability income rider
- Effective date
- Elimination period
- Exclusions
- Face value
- Grace period
- Group coverage
- Guaranteed issue
- Hazard
- Increasing term life insurance
- Insurance policy
- Insured
- Insurer
- Irrevocable
- Lapsed
- Level term life insurance
- Long-term care rider
- Non-participating
- Open enrollment
- Paramedical exam
- Permanent life insurance
- Policyholder
- Premium
- Primary beneficiary
- Private mortgage insurance
- Rating
- Return of premium rider
- Riders
- Senior (final expense) life insurance
- Settlement
- Standard risk
- Substandard risk
- Surrender
- Survivor protection
- Survivorship life insurance
- Term
- Term conversion rider
- Term date
- Term life insurance
- Time payment of claims
- Underwriting
- Universal life insurance
- Variable life insurance
- Variable-universal life insurance
- Waiting period
- Waiver of premium rider
- Whole life insurance
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Yes, we have to include some legalese down here. Read it larger on our legal page. Policygenius Inc. (“Policygenius”) is a licensed independent insurance broker. Policygenius does not underwrite any insurance policy described on this website. The information provided on this site has been developed by Policygenius for general informational and educational purposes. We do our best efforts to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following application. Savings are estimated by comparing the highest and lowest price for a shopper in a given health class. For example: for a 30-year old non-smoker male in South Carolina with excellent health and a preferred plus health class, comparing quotes for a $500,000, 20-year term life policy, the price difference between the lowest and highest quotes is 60%. For that same shopper in New York, the price difference is 40%. Rates are subject to change and are valid as of 2/17/17.
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