Life insurance glossary

A type of insurance that provides cover to the insured for his/her whole life.

The period of time that must pass before the policyholder makes any claims for a particular benefit.

The person who holds the policy but is not the insured.

The person who is third in line to get benefits of an insurance policy if both the primary and secondary beneficiaries die before the insured.

The length of time which covers the life of an insurance policy.

A form of life insurance payable to a beneficiary if the policyholder dies within a specified period.

The amount of money assured received by the insured at fixed intervals before the maturity date.

The amount of money a policyholder would receive after surrendering his/her insurance policy or annuity before the date of maturity.

A person or entity that, by the company’s underwriting standards, attracts special coverage restrictions and has to pay higher premiums.

A person who, by the company’s underwriting standards, is entitled to insurance protection without restrictions or surcharges.