Life Insurance Vocabulary

11 cards·by briannasabat

Standard Risk

persons who according to underwriting have the typical risk associated with people in their age group and life style

Rated Policy

Policy for someone with a substandard (high exposure) risk

Substandard Risk

applicants are not acceptable at standard rates because of physical condition, personal or family history of disease, occupation, or habit

Preferred Risk

Clients that meet certain requirements and qualify for lower premiums

buyers Guide

a pamphlet of generic, basic information about life insurane...how to compare and how to choose

policy summary

provides the features and elements of the policy being issued

statement of good health

a signed document stating that the insured has not suffered any injury or illness since applying for a policy

Term Insurance

temporary protection that only provides coverage for a specific period of time

Pure Death Protection

if you die in the term, beneficiary gets paid, no money if policy is cancelled or death occurs out of term

Straight Life

A whole life policy that you pay basically the same amount on until you are 100

Limited Payment Whole Life Policy

a policy that is designed to be paid up by a certain time like withing 20 years or by age 65 (higher premiums)