Life Insurance

2. life policy those limiting the scope of the contract
3. age in the proposal more than actual age
5. period allowed for the payment of premium normally is 30 days or a calendar month
7. Contains the name of the insurance company, its Head Office address, logo
8. clause where the insured has the option of paying a higher premium instead of the exclusion
9. Automatic ________ advance where first overdue premium is advanced for one year
10. policy owner never pays another premium
13. age in the proposal less than actual age
14. life policy those enlarging the scope of the contract
16. transferring ownership of your life insurance policy to another individual, corporation or trustee
18. a settlement of a difference by a person or persons agreed
19. by the end of the grace period, the policy will ________ as of the premium due date
20. Important to determine the rate of premium to be charged
21. value express the death benefit amount

1. clause prevents an insurer from denying benefits on the ground of misrepresentation after 2 years
4. within thirteen months from the due date of the first unpaid premium
6. this value also known as "cash value" or "policyholder's equity
11. also known as rider, addendum, attachment
12. Automatic ________ premium advanced as a loan against the surrender value until it is exhausted
15. period help to reduce the possibility of committing suicide
17. Recites the parties to the contract and that the proposal and declaration from the grantee shall be the basis of the contract
18. person receiving ownership