insurance 15

2. clause states that if the insured commits suicide within stipulated few years or generally two years after the policy is issued, the face amount of insurance will not be paid.
6. provision allows policyowners to exchange their present policies for different contracts.
7. provision permits the owner to reinstate a lapsed policy
11. Period is the provision where the policyholder has a period of 31 days to pay an overdue premium.
12. is the party named in the policy to receive the policy proceeds.
13. are typical life insurance policy exclusions.

1. clause is the owner of a life insurance policy can be the insured, the beneficiary, a trust, or another party
3. insurance (also called a first-to-die policy) is a policy written on the lives of two or more people and is payable at the time of the death of the first person to die.
4. cost refers to what the insured policyholder gives up when life insurance is purchased
5. clause states that the insurer cannot contest the policy after it has been in force for few years generally two years during the insured’s lifetime.
8. insurance Is a type of insurance Period of protection is temporary
9. under _ _ _ _ _ _ _ _ life insurance Premiums are payable throughout the lifetime of the insured.
10. is a liability item on the insurer’s balance sheet that must be offset by sufficient financial assets.
14. insurance is a generic name for a cash-value policy that provides lifetime protection with level premiums