Insurance Master

1. A legal contract between the insurance company and the policyholder that outlines the terms and conditions of the insurance coverage.
4. The sum of money paid to the beneficiary upon the death of the insured person.
7. The amount of money paid by the policyholder to the insurance company to keep the insurance policy active.
8. one of the Important Principle of Life insurance.
10. The scope and extent of protection provided by the life insurance policy, including the types of risks covered and the amount of benefits payable.
11. The process by which the insurance company evaluates the risk associated with insuring an individual and determines the premium rate and coverage terms accordingly.

2. The savings component of certain types of life insurance policies (such as whole life or universal life) that accumulates over time and can be accessed by the policyholder through withdrawals or loans.
3. Refers to types of life insurance policies (such as whole life or universal life) that provide coverage for the entire lifetime of the insured, as long as premiums are paid.
5. The person whose life is covered by the life insurance policy.
6. the person or entity designated by the policyholder to receive the death benefit when the insured person passes away.
9. Refers to the duration of the life insurance policy's coverage. For term life insurance, coverage is provided for a specific period (e.g., 10 years, 20 years).