Call Us 888-423-2488 ☰ ˟
Logo
Call Us 888-423-2488
  • Home
    • About UsImage of right arrow
      • About Us
      • Our Locations
    • Personal ProductsImage of right arrow
      • Home & Auto Insurance
      • Auto InsuranceImage of right arrow
        • Liability Coverage
        • Comprehensive Coverage
        • Collision Coverage
        • Uninsured & Underinsured Motorist Coverage
        • Accident Forgiveness
        • Minor Violation Forgiveness
        • Roadside Assistance
        • Specialty Auto Insurance
        • 24-Hour Customer Service
        • Towing
        • Rental Reimbursement
        • Personal Injury Protection (PIP)
        • Mexican Auto Insurance
        • Medical Payments Coverage
      • Home InsuranceImage of right arrow
        • Property Insurance
        • Homeowners Liability
        • Renters Insurance
        • Condo Insurance
        • Mobile Home Insurance
        • Scheduled Property Insurance
        • Landlords Insurance
        • In-Home Business Insurance
      • Other Personal InsuranceImage of right arrow
        • Identity Theft
        • Personal Umbrella Insurance
        • Data Backup
      • Farm InsuranceImage of right arrow
        • Crop Insurance
        • Farm Owners Insurance
        • Farm Livestock Insurance
        • Equine Insurance
        • Farm Equipment Insurance
        • Farm Dwelling Insurance
        • Farm Structures Insurance
        • Farm Auto Insurance
        • Farm Umbrella Insurance
        • Farm Liability Insurance
      • Life InsuranceImage of right arrow
        • Individual Life Insurance
        • Group Life Insurance
        • Long-Term Care Insurance
        • Mortgage Protection Insurance
        • Disability Insurance
        • Second-To-Die Policy
        • Key Person (Key Men) Insurance
      • Health InsuranceImage of right arrow
        • Individual & Family Health Insurance
        • Group Health Insurance
        • Dental Coverage
        • Vision Coverage
        • Long-Term Care Insurance
        • Temporary Health Insurance
        • Supplemental Insurance
        • Disability Insurance
        • Medical Expense Insurance
        • Child Health Insurance
        • Travel Health Insurance
        • Prescription Insurance
        • HSAs
      • Recreational Vehicle InsuranceImage of right arrow
        • Boat Insurance
        • Motorcycle Insurance
        • Motorhome Insurance
        • ATV Insurance
        • Snowmobile Insurance
      • Additional Insurance ServicesImage of right arrow
        • Special Event Insurance
        • Other Services
        • Wedding Insurance and Special Event Insurance
    • Commercial ProductsImage of right arrow
      • Coverage for Specific IndustriesImage of right arrow
        • Accounting Firm Insurance
        • Alarm Contractors Insurance
        • Insurance for Arborists
        • Bar Insurance
        • Box Truck Insurance
        • Builders Risk Insurance
        • Car Dealership Insurance
        • Cargo Insurance and Freight Insurance
        • Catering Insurance
        • Cleaning Business Insurance
        • Construction Insurance
        • Consulting Firm Insurance
        • Contractors Insurance
        • Specialty Trade Contractors Insurance
        • Craft Brewery Insurance
        • Dental Practice Insurance
        • Dump Truck Insurance
        • Educational Facility Insurance
        • Financial Institution Insurance
        • Food Truck Insurance
        • Fleet Insurance
        • Handyman Insurance
        • Garage Insurance
        • Healthcare Facility Insurance
        • Healthcare Practice Insurance
        • Law Firm Insurance
        • Life Science Insurance
        • Limousine Services Insurance
        • Liquor Liability Insurance
        • Livestock Insurance
        • Maintenance Contractors Insurance
        • Manufacturing Insurance
        • Maritime Employers Insurance
        • Media & Advertising Insurance
        • Medical Malpractice Insurance
        • Minibus Insurance
        • Non Profit Insurance
        • Nursing Home Insurance
        • Nursing Insurance
        • Orthotics & Prosthetics Insurance
        • Personal Trainer Insurance
        • Pharmacist Insurance
        • Pool & Spa Insurance
        • Printers & Publishers Insurance
        • Railroad Contractors Insurance
        • Real Estate Businesses Insurance
        • Restaurant Insurance
        • Retail Insurance
        • School Bus Contractors Insurance
        • Scrap Metal Insurance
        • Security Guards Insurance
        • Self-Storage Insurance
        • Septic Contractors Insurance
        • Snow Plow Insurance
        • Specialized Truck Equipment Insurance
        • Technology Services Insurance
        • Tractor Insurance
        • Tow Trucks Insurance
        • Uber Insurance
        • Water Well Drillers Insurance
        • Veterinary Insurance
      • Coverage for Your BusinessImage of right arrow
        • Bonds
        • Business Catastrophe Insurance
        • Business Owners Policy (BOP)
        • Commercial Auto Insurance
        • Commercial General Liability
        • Commercial Property Insurance
        • Commercial Real Estate Insurance
        • Commercial Umbrella Insurance
        • Crime Insurance
        • Cyber Liability Insurance
        • Equipment Insurance
        • Errors and Omissions Insurance
        • Extortion Insurance
        • Fidelity Bonds
        • Leave Management
        • Loss Control Insurance
        • Inland Marine Insurance
        • Kidnapping Insurance
        • Marine Insurance
        • Mechanical Breakdown Insurance
        • Office Insurance
        • Product Liability Insurance
        • Professional Liability
        • Ransom Insurance
        • Shipping Insurance
        • Small Business Insurance
        • Small Business Liability Insurance
        • Storage Insurance
        • Surety Bonds
        • Technology Insurance
        • Trailer Insurance
        • Transportation Insurance
        • Trucking Insurance and Semi Truck Insurance
        • Workers Compensation
        • Van Insurance
      • Coverage for Your EmployeesImage of right arrow
        • Small Business Retirement Plans
        • Employer-Sponsored Retirement
        • Group Benefits
        • Group Disability Insurance
        • Voluntary Benefits
        • Retiree Health Coverage
        • Group Health Insurance
        • Disability Insurance
        • Individual Life Insurance
    • Get A Quote
    • Agency Partners
    • Contact UsImage of right arrow
      • Home Office
      • Kentucky Office
    • BlogImage of right arrow
      • Tips to Stay Safe This Summer
      • Tips to Handle Stress
    • Client Portal
    • My Wave Portal
  • Products
    • Home & Auto Insurance
    • Auto InsuranceImage of right arrow
      • Liability Coverage
      • Comprehensive Coverage
      • Collision Coverage
      • Uninsured & Underinsured Motorist Coverage
      • Accident Forgiveness
      • Minor Violation Forgiveness
      • Roadside Assistance
      • Specialty Auto Insurance
      • 24-Hour Customer Service
      • Towing
      • Rental Reimbursement
      • Personal Injury Protection (PIP)
      • Mexican Auto Insurance
      • Medical Payments Coverage
    • Home InsuranceImage of right arrow
      • Property Insurance
      • Homeowners Liability
      • Renters Insurance
      • Condo Insurance
      • Mobile Home Insurance
      • Scheduled Property Insurance
      • Landlords Insurance
      • In-Home Business Insurance
    • Other Personal InsuranceImage of right arrow
      • Identity Theft
      • Personal Umbrella Insurance
      • Data Backup
    • Farm InsuranceImage of right arrow
      • Crop Insurance
      • Farm Owners Insurance
      • Farm Livestock Insurance
      • Equine Insurance
      • Farm Equipment Insurance
      • Farm Dwelling Insurance
      • Farm Structures Insurance
      • Farm Auto Insurance
      • Farm Umbrella Insurance
      • Farm Liability Insurance
    • Life InsuranceImage of right arrow
      • Individual Life Insurance
      • Group Life Insurance
      • Long-Term Care Insurance
      • Mortgage Protection Insurance
      • Disability Insurance
      • Second-To-Die Policy
      • Key Person (Key Men) Insurance
    • Health InsuranceImage of right arrow
      • Individual & Family Health Insurance
      • Group Health Insurance
      • Dental Coverage
      • Vision Coverage
      • Long-Term Care Insurance
      • Temporary Health Insurance
      • Supplemental Insurance
      • Disability Insurance
      • Medical Expense Insurance
      • Child Health Insurance
      • Travel Health Insurance
      • Prescription Insurance
      • HSAs
    • Recreational Vehicle InsuranceImage of right arrow
      • Boat Insurance
      • Motorcycle Insurance
      • Motorhome Insurance
      • ATV Insurance
      • Snowmobile Insurance
    • Additional Insurance ServicesImage of right arrow
      • Special Event Insurance
      • Other Services
      • Wedding Insurance and Special Event Insurance
    • Coverage for Specific IndustriesImage of right arrow
      • Accounting Firm Insurance
      • Alarm Contractors Insurance
      • Insurance for Arborists
      • Bar Insurance
      • Box Truck Insurance
      • Builders Risk Insurance
      • Car Dealership Insurance
      • Cargo Insurance and Freight Insurance
      • Catering Insurance
      • Cleaning Business Insurance
      • Construction Insurance
      • Consulting Firm Insurance
      • Contractors Insurance
      • Specialty Trade Contractors Insurance
      • Craft Brewery Insurance
      • Dental Practice Insurance
      • Dump Truck Insurance
      • Educational Facility Insurance
      • Financial Institution Insurance
      • Food Truck Insurance
      • Fleet Insurance
      • Handyman Insurance
      • Garage Insurance
      • Healthcare Facility Insurance
      • Healthcare Practice Insurance
      • Law Firm Insurance
      • Life Science Insurance
      • Limousine Services Insurance
      • Liquor Liability Insurance
      • Livestock Insurance
      • Maintenance Contractors Insurance
      • Manufacturing Insurance
      • Maritime Employers Insurance
      • Media & Advertising Insurance
      • Medical Malpractice Insurance
      • Minibus Insurance
      • Non Profit Insurance
      • Nursing Home Insurance
      • Nursing Insurance
      • Orthotics & Prosthetics Insurance
      • Personal Trainer Insurance
      • Pharmacist Insurance
      • Pool & Spa Insurance
      • Printers & Publishers Insurance
      • Railroad Contractors Insurance
      • Real Estate Businesses Insurance
      • Restaurant Insurance
      • Retail Insurance
      • School Bus Contractors Insurance
      • Scrap Metal Insurance
      • Security Guards Insurance
      • Self-Storage Insurance
      • Septic Contractors Insurance
      • Snow Plow Insurance
      • Specialized Truck Equipment Insurance
      • Technology Services Insurance
      • Tractor Insurance
      • Tow Trucks Insurance
      • Uber Insurance
      • Water Well Drillers Insurance
      • Veterinary Insurance
    • Coverage for Your BusinessImage of right arrow
      • Bonds
      • Business Catastrophe Insurance
      • Business Owners Policy (BOP)
      • Commercial Auto Insurance
      • Commercial General Liability
      • Commercial Property Insurance
      • Commercial Real Estate Insurance
      • Commercial Umbrella Insurance
      • Crime Insurance
      • Cyber Liability Insurance
      • Equipment Insurance
      • Errors and Omissions Insurance
      • Extortion Insurance
      • Fidelity Bonds
      • Leave Management
      • Loss Control Insurance
      • Inland Marine Insurance
      • Kidnapping Insurance
      • Marine Insurance
      • Mechanical Breakdown Insurance
      • Office Insurance
      • Product Liability Insurance
      • Professional Liability
      • Ransom Insurance
      • Shipping Insurance
      • Small Business Insurance
      • Small Business Liability Insurance
      • Storage Insurance
      • Surety Bonds
      • Technology Insurance
      • Trailer Insurance
      • Transportation Insurance
      • Trucking Insurance and Semi Truck Insurance
      • Workers Compensation
      • Van Insurance
    • Coverage for Your EmployeesImage of right arrow
      • Small Business Retirement Plans
      • Employer-Sponsored Retirement
      • Group Benefits
      • Group Disability Insurance
      • Voluntary Benefits
      • Retiree Health Coverage
      • Group Health Insurance
      • Disability Insurance
      • Individual Life Insurance
  • Get A Quote
    • Auto Insurance Quote
    • Business & CommercialImage of right arrow
      • Builders Risk
      • Business Owners (BOP) Quote Form
      • Commercial Auto Insurance Quote
      • General Liability Quote Form
      • Workers Compensation Quote
    • Group Benefits Insurance Request
    • Health Insurance Quote
    • Homeowners Insurance Quote
    • Life Insurance Quote
  • Resources
    • Refer a friend
    • Blog
    • Important Links
    • Insurance Glossary
  • About Us
    • About Us
    • Our Locations
    • Careers
    • Testimonials
    • Privacy Policy
  • Contact
Auto and Home Icon

Commercial

We browse through a wide variety of coverages and find the right one for you.

Learn More
Business Icon

Group Benefits

We browse through a wide variety of coverages and find the right one for you.

Learn More
Life and Health Icon

Personal Insurance

We browse through a wide variety of coverages and find the right one for you.

Learn More
RV and Boat Icon

Life & Health

We browse through a wide variety of coverages and find the right one for you.

Learn More
Home > Blog > Understanding Life Insurance Terms - Insurance Associates
MONDAY, MARCH 8, 2021

Understanding Life Insurance Terms

Like many industries, the world of insurance has its own unique set of vocabulary to describe its products. Here are some basic terms to help you understand the world of insurance.a group of people in a garden  

The Basics of Life Insurance Terms 

A Helpful Glossary of Common Policy Types and Terms 

Beneficiary: The person or party named by the owner of a life insurance policy to receive the policy benefit. 

Cash value: The savings element of a permanent life insurance policy that represents the policy owner’s interest in the policy. 

Contingent beneficiary: The party designated to receive proceeds of a life insurance policy following the insured’s death if the primary beneficiary predeceased the insured.   

Convertible term insurance policy: A term life insurance policy that gives the policy owner the right to convert the policy to a permanent plan of insurance.  

Dividend: A return of part of the premium.  

Face amount: The amount of the death benefit payable under a life insurance policy. 

Irrevocable beneficiary: A life insurance policy beneficiary who has a vested interest in the policy proceeds even during the insured’s lifetime because the policy owner has the right to change the beneficiary designation only after obtaining the beneficiary’s consent.  

Insurable interest: The interest an insurance policy owner has in the risk that is insured. The owner of a life insurance policy has an insurable interest in the insured when the policy owner is likely to benefit if the insured continues to live and is likely to suffer some loss or detriment if the insured dies.   

Insured life: The person on whose life the policy is issued. 

Original age conversion: A conversion of a term life insurance policy to a permanent plan of insurance at a premium rate, based on the insured’s age when the original term policy was purchased.   

Permanent life insurance: Life insurance that provides coverage throughout the insured’s lifetime and also provides a savings element. 

Policy anniversary: As a general rule, the date on which coverage under an insurance policy became effective.   

Premiums: Amount paid to the insurance company to buy a policy and keep it in force. 

Renewable term life insurance: A term life insurance policy that can be renewed at the end of the policy term. 

Term life insurance: A life insurance policy which provides a stated benefit upon the holder's death, provided that the death occurs within a certain specified time period. Policy does not build up a cash value. 

Universal life insurance: A type of flexible permanent life insurance offering both term life insurance as well as a savings element, which is invested to provide a cash value buildup. Elements can be reviewed and altered as a policyholder's circumstances change.  
Posted 4:17 PM

Tags: basic, life, insurance, terms
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021
  • 2020

  • insurance(8)
  • coverage(5)
  • life insurance(3)
  • life(2)
  • premiums(2)
  • malpractice insurance(2)
  • business(2)
  • commercial(2)
  • costs(2)
  • business insurance(2)
  • liability(1)
  • general(1)
  • health insurance(1)
  • healthcare(1)
  • personal insurance(1)
  • personal umbrella(1)
  • cold(1)
  • medical(1)
  • terms(1)
  • basic(1)
  • options(1)
  • owners(1)
  • bop(1)
  • industry(1)
  • home insurance(1)
  • benefits(1)
  • malpractice(1)
  • policy(1)
  • flu(1)
  • homeowners insurance(1)
  • recreational vehicle(1)
  • medical malpractice insurance(1)
  • umbrella insurance(1)
  • health(1)

View Mobile Version

Contact Us Today!
888-423-2488

Social Social Social

Resources

  • Get A Quote
  • Customer Service
  • Payment Options
  • Report a Claim
  • About Us
  • Refer A Friend
  • Our Carriers
  • Blog
  • Contact Us

Contact Us

1061 North University Blvd.
Middletown, OH 45042

Toll-Free: 888-423-2488 | Fax: 513-425-9601 | info@insuranceassociates.net
© Copyright. All rights reserved. | Powered by Insurance Website Builder