9.5 Vocab Flashcards
beneficiaries
people who are designated by the policyholder to receive the death benefit of a life insurance policy
people who are designated by the policyholder to receive the death benefit of a life insurance policy
beneficiaries
death benefit
benefit paid to the beneficiaries after the policyholder dies
benefit paid to the beneficiaries after the policyholder dies
death benefit
term life insurance
life insurance for a specified amount of time; at the death of the policyholder, the insurance company pays the death benefit to the beneficiaries
life insurance for a specified amount of time; at the death of the policyholder, the insurance company pays the death benefit to the beneficiaries
term life insurance
whole life insurance (or cash value)
life insurance that lasts for the life of the policyholder and uses a portion of the premium as an investment
life insurance that lasts for the life of the policyholder and uses a portion of the premium as an investment
whole life insurance (or cash value)
self-insured
having enough money saved and invested so a spouse or loved one could live off of it when you die, eliminating the need for life insurance
having enough money saved and invested so a spouse or loved one could live off of it when you die, eliminating the need for life insurance
self-insured
dependent
a person who relies on someone for financial support
a person who relies on someone for financial support
dependent
actuarial life table
life expectancy chart used by insurance agents to figure out life insurance premiums for an individual based on a variety of factors
life expectancy chart used by insurance agents to figure out life insurance premiums for an individual based on a variety of factors
actuarial life table
