Types | Terms | What it covers |
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What is Term Life Insurance
Pay as long as you need coverage
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What is Face Value
The amount of money to be paid in the event of the policy holder’s death.
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What is Natural Death
A death by natural causes, as recorded by coroners and on death certificates and associated documents, is one that is primarily attributed to an illness or an internal malfunction of the body
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What is Whole Life Insurance
Premiums paid every year
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What is Premium
Price of the policy.
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What is Accidental Death
Any death strictly due to accident.
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What is Guarantee Universal Life Insurance
Can use interest saved up for premiums
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What is Beneficiary
The name of the person to whom the death benefits are to be paid.
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What is Suicide
Not covered by life insurance
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What is Index Universal Life Insurance
Form of Guaranteed Life Insurance that provides death benefit protection
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What is Disclosure Statement
A comparison form required by New York Department of Financial Services Regulations to be given to every applicant considering replacing one life insurance policy with another.
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What is Rating
The basis for an additional charge to the standard premium because the person insured is classified as a greater than normal risk usually resulting from impaired health or a hazardous occupation.
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