Life Insurance 10. Definitions

Question 1

1. Absolute Assignment

Answer 1

The transfer of the Owner’s rights and privileges to another person or entity. Actual ownership does not transfer.

Question 2

2. Age

Answer 2

the insured’s age as of the nearest birthday

Question 3

3. Application

Answer 3

The document and any additional document used to provide Evidence of Insurability to apply for this insurance coverage or any reinstated coverage. It is a part of the policy.

Question 4

4. Attained age

Answer 4

The insured’s age, on any give date, at most recent recent Policy Anniversary

Question 5

5. Base Policy

Answer 5

This policy without any added benefits provided by Riders or Endorsements.

Question 6

6. Beneficiary

Answer 6

The person or entity named in the Application, or in the most recent change recorded by AAA, to receive the death benefit.

Question 7

7. Contingent Beneficiary

Answer 7

The person or entity named in the Application, or in the most recent change recorded by AAA, to receive the death benefit if no primary Beneficiary is alive at the Insured’s death.