A designation for a specific individual beneficiary

A term for a group of beneficiaries, such as all of a person’s children

A legal term for the executor of an estate

A classification for assets in a trust

This option pays a fixed death benefit in specified installment amounts until the principal and interest are exhausted.

This option provides a variable death benefit based on market performance.

This option pays a lump sum death benefit immediately upon death.

This option allows for flexible installment amounts based on the policyholder's choice.

It allows creditors to claim policy proceeds upon the insured's death.

It prevents beneficiaries from spending benefits recklessly by requiring fixed payments.

It ensures that all policy proceeds are paid in a lump sum to the beneficiary.

It allows the policy owner to change the beneficiary at any time.

A beneficiary who receives benefits immediately upon the insured's death.

The beneficiary who’s second in line to receive death benefit proceeds if the primary beneficiary dies before the insured.

A beneficiary who is only entitled to benefits if the primary beneficiary is incapacitated.

The primary beneficiary who has the right to change the policy terms.

The amount of money paid out upon death of the insured.

The equity or savings element of whole life insurance policies.

The total premium paid for a life insurance policy.

The interest rate applied to a life insurance policy.

A settlement option where the beneficiary receives the entire death benefit immediately.

A settlement option where the insurance company pays only the interest earned on the death benefit to the beneficiary.

A settlement option that allows the beneficiary to invest the death benefit in stocks.

A settlement option that pays the death benefit in monthly installments over a fixed period.

A beneficiary that cannot be changed once designated.

A beneficiary that the policy owner may change at any time without notifying or getting permission from the beneficiary.

A beneficiary that is only valid for a limited time period.

A beneficiary that requires the consent of the beneficiary to be changed.

The total amount of premium that has been paid by the policy owner for coverage up to a specific point.

The amount of premium that is refunded to the policy owner if the policy is canceled early.

The premium amount that is considered as income for the insurance company.

The amount of premium that’s paid by the policy owner for policy coverage or insurance protection up to a specific point.

The act states that the primary beneficiary always receives the death benefit regardless of the circumstances.

The act states that if the insured and the primary beneficiary die in a common accident, the law assumes the insured died first.

The act states that if the insured and the primary beneficiary die in a common accident at approximately the same time, the law assumes the primary died first, and the death benefit proceeds are paid to the contingent beneficiaries.

The act states that the death benefit proceeds are always paid to the insured's estate.

The person who pays the life insurance premiums.

The person who receives the death proceeds from a life insurance policy.

The insurance agent who sells the policy.

The person who takes out the life insurance policy.

An agreement where a policy owner sells their life insurance policy for its full death benefit.

A financial product that guarantees a return on investment after a certain period.

An agreement in which a policy owner sells or transfers ownership in all or part of a life insurance policy to a third party for compensation that’s less than the expected death benefit of the policy.

A type of insurance that covers the policy owner in case of critical illness.

A measure of the profit margin for an insurance company.

Also referred to as the loading charge, this is a measure of what it costs an insurance company to continue to operate.

A calculation used to determine the risk associated with an insurance policy.

The total amount of claims paid out by an insurance company in a year.

The total amount paid for premiums over the policy term.

The amount actually paid as a death, surrender, or maturity benefit.

The face value of the policy only, without any deductions.

The amount paid only in case of policy cancellation.

The first beneficiary to receive death benefit proceeds.

The second beneficiary in line to receive death benefit proceeds.

The third beneficiary in line to receive death benefit proceeds. The tertiary beneficiary will only receive the death benefit if both the primary and contingent beneficiaries die before the insured.

A beneficiary who receives benefits only if the primary beneficiary is not available.

A policy funding option where the policy owner pays a single premium that provides protection for life as a paid-up policy.

A funding method that requires multiple premiums paid over time for coverage.

A type of insurance that only covers accidental death.

A policy that allows the owner to withdraw funds at any time without penalties.

The department responsible for marketing insurance products.

The department that handles customer service inquiries.

The department responsible for reviewing applications, approving or declining applications, and assigning risk classifications.

The department that manages claims and payouts.

The method by which a policy owner can change their coverage

The frequency in which a policy owner elects to pay premiums

The total amount of premiums paid over the life of the policy

The type of insurance policy that offers the most benefits

This option pays the death benefit proceeds in a lump sum.

This payment option pays the death benefit proceeds in equal installments over a set number of years.

This option allows the beneficiary to choose the investment strategy for the proceeds.

This payment option provides a variable amount based on market performance.

A provision in life insurance that guarantees a fixed cash value.

A provision that allows the cash value to increase faster than the guaranteed rate if the insurer earns a greater return.

A clause that limits the cash value growth to the guaranteed rate only.

A feature that reduces the cash value if the insurer's returns are lower than expected.