Life Risk Factors
Definition of "Life risk factors"
Written by
Patti Bowman & Lisa Bowman Zeiter, Associate Brokers
Group One Sotheby’s International Realty
Information needed for underwriting a life insurance policy, such as an applicant's age, weight, height, and build; personal and family health record; occupation; and personal habits. These factors decide into which rate classification to place the applicant since they determine to a significant degree the probability of an applicant's length of life.
Popular Insurance Terms
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Amount paid to an insurer. Determination of the actual cost (not the price paid) of a life insurance policy has been widely discussed for many years in life insurance and consumer circles. ...
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Percentage of life insurance or other insurance policies remaining in force; percentage of policies that have not lapsed. The higher the percentage, the greater the persistency. Since it is ...
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Legally binding unilateral agreement between an insured and an insurance company to indemnify the buyer of a contract under specified circumstances. In exchange for premium payment (s) the ...
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