Life Insurance

2. -- The person or financial instrument (e.g., a trust fund) named in the policy as the recipient of insurance money in the event of the policyholder's death.
3. -- The printed document issued to the policyholder by the company stating the terms of the insurance contract
6. -- An amount of money returned to the holder of a participating policy. The money is a partial refund of the premium paid.
8. -- The restoration of a lapsed policy to full force and effect. The company requires evidence of insurability and payment of past due premiums plus interest.
9. -- The person on whose life an insurance policy is issued.

1. -- A period (usually 31 days) following each premium due date, other than the first due date, during which an overdue premium may be paid. All provisions of the policy remain in force throughout this period.
3. Loan -- Under an insurance policy, the amount that can be borrowed at a specified rate of interest from the issuing company by the policyholder, who uses the value of the policy as collateral for the loan. In the event the policyholder dies with the debt partially or fully unpaid, the insurance company deducts the amount borrowed, plus any accumulated interest, from the amount payable.
4. Index -- A way to compare the costs of similar plans of life insurance. A policy with a smaller index number is generally a better buy than a comparable policy with a larger index number.
5. Insurance -- A plan of insurance that covers the insured for only a certain period of time (the term), not for his or her entire life.
7. Insurance -- Insurance on which all required premiums have been paid.