Family Policy
Contract providing whole life insurance on the father and term insurance on the mother and all children, including newborns after reaching a stated age, usually 15 days. Children, upon reaching the age of majority, have the right to convert their insurance to a permanent policy up to the amount of term coverage without having to show evidence of insurability (take a physical examination). The premium is the same regardless of the number of children covered.
Popular Insurance Terms
Single payment or periodic payments that are made to purchase an annuity. ...
Expenses taken out when benefits are paid. For example, a specific dollar amount is subtracted from a monthly income payment for company expenses. ...
Basic contract language in individual health and accident insurance policies. These provisions are required under a model state law known as the uniform individual accident and sickness ...
Payment made by a party causing harm to the party incurring that harm. ...
Same as term Commutation Right: right of a beneficiary of a life insurance policy to exchange the future installments due that beneficiary for a lump sum distribution. ...
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