Life insurance

Life insurance

Industry: Insurance

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Life insurance

intestate

Insurance; Life insurance

One who dies leaving no will. Also, the condition of dying without a will.

trustee

Insurance; Life insurance

One who holds the legal title to the property for the benefit of another. This may be either an individual or a company such as a bank or trust company.

lump sum

Insurance; Life insurance

Payment of the entire proceeds of a life insurance policy in one sum. The method of settlement provided by most policies unless an alternate settlement is elected by the policyowner before the ...

Policyowners’ rights, by the terms of most life insurance policies, to reinstate lapsed polices within a reasonable time after lapse, provided they present satisfactory evidence of insurability. The ...

flat extra premium

Insurance; Life insurance

Premium added on top of the regular premium of a life insurance policy to cover added risk, typically that of high risk occupations or activities (e.g. flying an aircraft). The insurance company adds ...

key person life insurance

Insurance; Life insurance

Protection of a business against the financial loss caused by the death of a vital member of the firm. A means of protecting a business from the adverse effects of the loss of individuals possessing ...