Life insurance terms

Term Life insurance

• Term Life Insurance is a type of life insurance that provides coverage for a specific period.
• Term Life Insurance provides investment opportunities for policyholders.
• Term Life Insurance is a type of health insurance.
• Term Life Insurance covers the insured for their entire life.

Universal life insurance

• A type of term life insurance with no cash value.
• A flexible permanent life insurance policy that includes a cash value component.
• A life insurance policy that only covers accidental death.
• A fixed premium life insurance policy with no flexibility.

whole life insurance

• Whole life insurance is only for a specific term.
• Whole life insurance is a type of health insurance.
• Whole life insurance is a permanent life insurance policy that provides lifelong coverage and includes a cash value component.
• Whole life insurance does not accumulate cash value.

straight life insurance

• Straight life insurance is a type of whole life insurance that provides lifelong coverage and cash value accumulation.
• Straight life insurance is only valid for 10 years.
• Straight life insurance has no cash value.
• Straight life insurance only covers accidents.

graded premium

• Graded premium is a type of life insurance policy.
• Graded premium is a fixed insurance premium.
• Graded premium is an insurance premium that decreases over time.
• Graded premium is an insurance premium that increases over time.

Modified premium

• Modified premium refers to a fixed insurance rate.
• Modified premium is a type of life insurance.
• Modified premium is a penalty for late payments.
• Modified premium is an adjusted insurance premium.

Endowment

• A loan that must be repaid.
• A government grant for education.
• A financial asset used to generate income for a specific purpose.
• A type of insurance policy.

Conditional receipt

• A document that cancels existing insurance policies.
• A receipt for payment of a premium without coverage.
• A document indicating temporary insurance coverage pending approval.
• A policy that guarantees full coverage immediately.

Individual Disability income

• Individual disability income is financial support for those unable to work due to disability.
• Individual disability income provides funds for retirement planning.
• Individual disability income is a government grant for education.
• Individual disability income is a type of health insurance.

Consideration Clause

• A clause that specifies the value exchanged in a contract.
• A clause that details the penalties for breach of contract.
• A clause that outlines the responsibilities of each party.
• A clause that describes the duration of the contract.