Underwriting

The process by which a life insurance company determines whether it can accept an application for life insurance, and if…

Underwriter

Another name for a life insurance company or a person that underwrites an insurance risk.

Term life

Life insurance which pays a benefit if the insured dies during a specified period.

Reinstatement

Restoring a lapsed policy to its original premium paying status, upon payment by the policy owner, possibly with interest, of…

Policy schedule

Part of the insurance policy that identifies the policyholder and details of the person covered, the amount of coverage, the…

Policy owner

The policy owner is responsible for the paying the premium on the policy and it can be a person, trust,…

Policy

The printed legal document stating the terms of insurance contract that is issued to the policyowner by the insurance company.

Policy period

Time period during which insurance coverage is in effect as long as payments are made.

Premium

The payment, or one of the periodic payments, a policy owner agrees to make for an insurance policy. Depending on…

Misstatement of Age and/or sex

If, while the Insured is alive, We learn that the age or sex of the Insured has been misstated, We…

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