General conditions for life insurance

Ever did you find yourself completely confused on certain life insurance term? You are not alone, we all have at one time or another. Well, here's a quick guide in understanding many of the General conditions for life insurance.

Accelerated benefits

This term insurance is a provision in a life insurance policy allows someone diagnosed with a terminal illness to receive part of the death benefit at the earliest. You can also apply to someone who is permanently restricted to living in the home.

Convertible term life insurance

Life insurance policy for convertible term allows you to convert to another type of life insurance policy as a whole life without having to medical.

Reduction of term life insurance

Decreasing term life policies decreased by a specified amount each year for the duration of the period of the policy.

Evidence of the applied

Medical information about you that a life insurance company used to determine if the right to life. This may include other information about you and the financial and credit information.

Amount of person

This is the total amount of life insurance, which will be paid after the death of the insured's beneficiary.

Grace period

This term describes the insurance for a period of time after the due date for the premium for the policy, which may be paid without penalty. The standard grace period is 30 days, but every company can have different conditions.

Guaranteed apply

This is an option for life insurance, which allows the policyholder can purchase additional amounts of life insurance in the future without having to medical.

The insured person

This is the person who is covered by a life insurance policy

Expiry

Insurance term which describes the suspension of the life insurance policy of not paying the required premium.

Level term life insurance

This is a fixed amount of life insurance term which remains constant throughout the life of the policy.

Value of the loan

The total amount you can borrow against life insurance policy.

Mortality table

Table showing statistical mortality at each age.

Paid-up insurance

This term insurance life shows the policy that is fully paid by additional premiums payable.

Premium

The cost of life insurance policy. This can be on a monthly, quarterly, annual or semi-vitreous.

Evaluation of the policy

Life insurance policy issued by a higher than normal because of the increased risk premium, included within the category of insureds health, hobbies or employment.

Refund

Reimbursement of life insurance policy which has expired.

Option settlement

Options granted to the recipient in deciding how they wish to have policy benefits paid.

Surrender

This term for life insurance is used when someone voluntarily suspended its policy of monetary value.

Term life insurance

Life insurance policy that provides coverage for a certain period of time.

Waiver of premium

Provision of policy, which provides relief of future premium payments to the disability of the insured.

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