Life insurance terminology shouldn't be confusing. Here is the definition of concealment.
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The deliberate hiding of or failure to disclose "material" information known to be relevant in the underwriting of an insurance policy.
For example, John tells his agent during the application process that he has never smoked when actually he did five years ago and has since quit. If the truth comes to light after the policy is in force, depending on how much time has passed the insurer has the right to cancel or modify the policy.
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Life Insurance
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.
Once you officially have life insurance, you’ll get a policy that goes into the nitty-gritty of your coverage. We’ve broken down what it all means.
The death benefit is the tax-free payout your beneficiaries receive if you die; it's essentially what you're paying for when you sign up for life insurance coverage.
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