Retail Life Terms

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Across
  1. 2. The person or persons designated by the owner of the policy to receive the insurance proceeds upon the death of the insured.
  2. 4. Insurance Life insurance under which the benefit is payable only if the insured dies during a specified period of time. No benefit is payable if the insured survives to the end of the term.
  3. 5. The amount of money distributed to owners of participating policies, which represents the portion of the premium plus investment income that is not used by the company to cover claims, expenses, and increases in policy reserves. Dividends are not guaranteed.
  4. 7. Beneficiary The person(s) named to receive the policy proceeds in the event that no primary beneficiary and no contingent beneficiary are living at the time of the insured’s death.
  5. 8. The person/entity being billed for the premiums.
  6. 10. One who represents an insured in the solicitation, negotiation, or procurement of insurance policies, and who may render services incidental to those functions. By law, the broker may also be an agent of the insurer for certain purposes such as delivery of the policy or collection of the premium.
  7. 12. Life Insurance Life insurance coverage that remains in force during the insured's lifetime, provided premiums are paid as specified in the policy, with guaranteed death benefits and cash value.
  8. 13. Life Insurance Permanent Life insurance coverage with flexible premiums and adjustable death benefits. Accumulates cash value at rates of interest declared by the insurance company each month.
  9. 15. Gain The taxable portion of any policy disbursement. For a non-MEC policy this is the amount of the disbursement that exceeds the policy’s cost basis. For a MEC policy this is the smaller amount of the disbursement or the amount that the total policy value exceeds the policy’s cost basis.
  10. 17. Date The date shown on the policy records as the date the policy was issued.
  11. 18. Value The amount available to an owner in cash upon surrender of a life insurance policy.
  12. 20. The payment—or one of a series of payments—required by the insurer to put an insurance policy in force and to keep it in force.
Down
  1. 1. Date The yearly anniversary of the date the policy was issued.
  2. 3. In Life insurance, a salesperson who represents an insurance company for the purpose of soliciting applications, collecting initial premiums, and servicing insurance policies.
  3. 6. Universal Life A combination of the features of Variable Life Insurance and Universal Life Insurance under the same policy. Benefits are variable based on the value of a company's investments, premiums and benefits that are adjustable at the option of the policy owner.
  4. 9. The process by which a life insurance company puts back in force a policy that had lapsed because of nonpayment of renewal premiums.
  5. 11. Value The amount of money the policyowner receives as a cash refund if the owner cancels the coverage and surrenders the policy to the company. It is also referred to as the cash value, or surrender value. It is also the amount upon which the amount available for a policy loan is based.
  6. 14. A person or an organization designated to control or manage another party's property.
  7. 16. The assets and liabilities of a decedent.
  8. 19. An addition to an insurance policy that becomes a part of the policy and that expands or limits the benefits otherwise payable. Examples are accidental death benefit and the waiver of premium for disability benefit riders (also referred to as Endorsement).