Policy Terms Flashcards
Age
The Insured’s Age as of his/her last birthday as of the Issue Date, as shown on the Policy Data Pages.
Insured
The person You name whose life is covered by the Policy. If the Insured dies while this Policy is In Force, then the Death Benefit proceeds become payable.
Issue Date
The date coverage begins under this Policy, as shown on the Policy Data Pages. It is the date from which Monthiversaries, Policy Years, and Policy Anniversaries are measured. Suicide and Incontestability periods are measured from the Issue Date except where noted otherwise in the Suicide Exclusion section of this Policy.
Beneficiary
The person(s) chosen on the application to receive the Policy Proceeds on the death of the Insured unless later changed in accordance with the Policy provisions.
Home Office
AUL’s Home Office, as shown on the cover page of the Policy, or any other office as may be designated by the Board of Directors.
Issue Date
The date from which Policy Years and Policy Anniversaries are measured. Suicide and Incontestability periods are measured from the Issue Date except where noted otherwise.
In Force
The time or time period during which the Policy is in effect.
Loan Balance
The amount of all existing loans plus the accumulated interest to the next Policy Anniversary.
Loan Payoff Amount
The amount of all existing loans plus the accrued interest to the current date.
Maturity Date
The date the Policy endows, as shown on the Policy Data Pages.
Monthiversary
The same day of each month as the Issue Date.
Net Cash Value
The value of the Policy as explained in the Policy Values section.
Owner(s)
The Owner(s) named in the application, unless late changed in accordance with the Policy provisions.
Policy
The individual Premium-paying whole life insurance Policy that is an agreement between the Company and You.
Policy Anniversary
The same date each year as the Issue Date.
Policy Data Pages
The Policy Data Pages or the Supplemental Policy Data Page most recently sent to You by Us.
Policy Year
One year from the Issue Date and from each Policy Anniversary thereafter.
Premium
An amount paid to Us by or on behalf o the Owner for the Policy.
Proper Notice
Notice that is received as Our Home Office in a form acceptable to Us.
We, Our, Us, the Company
American United Life Insurance Company
You, Your
The Owner of the Policy as shown in Our records.
