Life Insurance terms

Life Insurance terms

Terms Related To Insurance

Life Insurance terms
Terms Related To Insurance

Emirateslifeinsurance has life insurance and financial planning solutions. Our glossary provide list of terms and definitions related to life insurance.

Accidental Death Benefit: This benefit provides payment if the insured’s death results from an accident.

Agent: An authorized representative of an insurance company who sells and services insurance contracts.

Annuity: A scheme under which a certain amount is paid at regular yearly/half yearly/ quarterly/monthly intervals.

Beneficiary: On the death of the life insured, the person mentioned in the policy will receive the insurance.

Claim: Notification to an insurance company that payment of an amount is due under the terms of the policy.

Death Benefit: The amount of money paid to the beneficiary when the insured person dies.

Face Amount: The amount stated on the face of the policy that will be paid in case of death. It does not include additional amounts payable under accidental death.

Grace Period: Period of time after the due date of a premium during which the policy remains in force without penalty.

Guaranteed Term: Form of renewable term insurance that remains in force as long as the premiums are paid on time

Insurance: The equitable transfer of the risk of a loss, from one entity to another, in exchange for payment.

Insurance policy: A contract between the insurer and the insured.

Life Insurance: An agreement that guarantees the payment of a stated amount of monetary benefits upon the death of the insured.

Policy Holder: The person who owns a life insurance policy.

Premiums: Premiums can be paid yearly, monthly, quarterly throughout the premium paying term.

Waiver of Premium: Provision included in most life insurance policies exempting the insured from paying premiums after he or she has been disabled for a specified period of time..