Life Insurance 13. Definitions

Question 1

1. Policy

Answer 1

the DOCUMENT that provides evidence of Insurance Coverage and Benefits, on the Insured.

Question 2

2. Policy Anniversary

Answer 2

The same month and day as the Policy Effective Date for each year this Policy remains in force.

Question 3

3. Policy Effective Date

Answer 3

Is the date insurance coverage begins, provided all coverage conditions listed in the Representation, Acknowledgement, and Authorization section of insured’s Application(s), have been met. It is shown on the Schedule. The Insurance Carrier uses the Polcy Effective Date to determine Policy Anniversaries.

Question 4

4. Premium

Answer 4

The amount required to be paid to the Insurance Carrier to keep the Policy in force.

Question 5

5. Rate Class

Answer 5

The MORTALITY or MORBIDITY classification assigned to the Insured under this Policy. It is used to determine the costs, charges and fees for the insurance coverage. The RATE CLASS of the Insured is shown on the Schedule.

Question 6

6. Proofs of Loss

Answer 6

documents that provide satisfactory evidence to the Insurance Carrier, that the Insured or you have incurred a loss covered by the Policy, its Riders or Endorsements.

Question 7

7. Reinstate

Answer 7

to restore coverage after this policy has lapsed.

Question 8

8. Reinstatement Date

Answer 8

the date the Insurance Carrier approves a reinstatement request and receive all overdue premiums.