Funeral Insurance terminology

1. The specific circumstances when the benefits from a policy aren’t paid
5. The authorised financial services provider that sells life/funeral insurance or other policy to you
6. The fee paid to a broker/agent for the broker’s/agent's services and is calculated as a percentage of the premium generated on the insurance policy.
8. Number of months within which a lapsed policy can be reinstated
9. Death that occurs from natural causes such as disease or old age
12. A life policy with a low sum assured intended to pay for the burial costs on the death of the insured.
14. A representative of an FSP who’s licensed to sell and service policies for one specific FSP
15. The regular monthly contractual payment made by the policyholder in return for funeral cover

2. Policies written in response to applications for insurance, as distinguished from renewal
3. Information supplied by the insured to the FSP which is incorrect to a material degree
4. A request to an FSP to pay a benefit scheduled in policy document
7. A recognised relationship between the policyholder/owner and the life assured
10. The failure to disclose material facts before entering into a policy.
11. A licensed representative who sells and services insurance policies for different FSPs
13. Literally “an act of grace”. If a claim is paid in full or in part by an insurer without admission of liability and without waiver of right
16. The chance of a loss occuring