20 Terms
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Life insurance
Industry: Insurance
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Life insurance
contestable clause
Insurance; Life insurance
That section of an insurance contract which states conditions under which the policy may be contested or voided.
saving age
Insurance; Life insurance
The act of backdating a policy to a date closer to the applicant’s last birthday in order to lower the premium. In backdating, premiums are payable as of the policy date.
replacement
Insurance; Life insurance
The act of substituting a new policy for another policy already in force. Replacement must be stated on the life insurance application.
issue age
Insurance; Life insurance
The age of an insurance application or an insured as used for insurance purposes. In some companies, the issue age is the age at last birthday. In others, it is the age at the nearest birthday
policy anniversary
Insurance; Life insurance
The anniversary of the date of issue of a policy, as shown in the policy schedule.
life expectancy
Insurance; Life insurance
The average duration of the life remaining to a number of persons of a given age, according to a given mortality table.
primary beneficiary
Insurance; Life insurance
The beneficiary specifically designated by the insured as the first in priority to receive policy proceeds.
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