Accelerated Benefits - benefits provided by funds of a life insurance policy that allow the insured to receive a portion of their death benefit prior to passing, typically for medical reasons.

Accelerated Underwriting - makes the process of getting approved for life insurance quicker.

Accidental life- life insurance that only pays out if the insured dies in an accident. Is common as a rider.

Adjustable premium - a premium payment that is adjustable throughout the life of the policy. Both the owner and the insurance company can adjust the premium payment.

Agent- Insurance professional who represents only one insurance company.

Annuity - an agreement between the insured and the insurance company where the insurance company makes payments to the insured either immediately or at a later date after the annuity is purchased through a lump sum or series of payments.

Application- the document that provides the insurance company with the information the company needs about the proposed insured to determine eligibility for the insurance product. 

Beneficiary - the person who is designated to receive the life insurance payout when the insured dies.

Broker - an insurance professional who represents multiple insurance companies.

Burial Insurance - life insurance designed to cover the costs of a burial.

Cash Back Option- a surrender option that returns your cash value to you.

Company ratings - the financial ratings given to insurance and financial companies

Contestability Period - period of two years from policy issue date during which the insurer can contest any answers provided on the application to verify only the truth was told.

Contingent Beneficiary - the person or estate designated to receive the insurance payout if the initial beneficiary is no longer alive.

Cost of Insurance- how much it costs the insurance company to insure you.

Death Benefit - the money paid out to the beneficiary in the event of the insured's death

Death Claim - claim made to prove the insured has passed away and the death benefit is to be paid out.

Effective Date - the start date of a policy, or the date where any changes made take effect.

Estate- the insured persons house, trust, bank accounts, etc.

Evidence of Insurability - documentation a persons past and current health to prove they are able to get insurance.

Exclusions- a provision in a policy that waives coverage for certain types of risks taken by the insured

Executor - the person appointed by the insured or deceased to carry out the terms of the will

Extended term Option- a surrender option which term coverage is extended for no further payments.

Face Value - the death benefit amount of a policy

Fixed premium - a premium that cannot change for the duration of the policy

Fraternal - a non-profit, member owned organization that offers insurance to their members as a primary benefit

Free Look Period - the required time where a new life insurance owner can cancel their policy without penalty.

Fully Underwritten - full medical exam and personal history check to determine insurability

Grace Period - the amount of time after the premium is due where the insured can make payments without coverage lapsing

Group Insurance - insurance of a large group of people by a single contract, typically grouped together by a common factor, like age or employer

Guaranteed insurability - no matter of any health changes the insured can add or adjust coverage without any further proof of insurability

Guaranteed Issue - a life insurance policy that is guaranteed to be full coverage after the insured makes it past the required 2 or 3 year waiting period. Typically reserved for less healthy individuals.

Guaranteed policy - Universal life policy where the benefits are guaranteed for life or until a certain age determined at the beginning of the policy. 

Health Rating -  the rating by which your insurance premium rate is determined based on your health. 

Insurable Interest - type of life insurance protecting against financial loss if a key person were to pass away. 

Insured - the person whose interests are protected by a life insurance policy

Insurer -  the company who promises to pay the death benefit when the insured passes away in exchange for one large or a series of small payments

Irrevocable Beneficiary - this type of beneficiary is guaranteed to receive payout from the insurance policy and is required to sign off on any changes regarding the policy.

Key Person Life Insurance - life insurance on a key or essential person in a business. Typically the business will be the owner and beneficiary of key person insurance to protect against future losses like lost revenues and the costs of hiring a new employee.

Lapsed - a policy that was in force, but enough consecutive payments have been missed that the policy has terminated.

Member Benefits - benefits enjoyed by a member (or policyholder) of a certain company or organization.

Non-guaranteed policy- Universal life policy that is not guaranteed for life. This type of policy has an investment component and if not properly funded can expire.

Non-participating policy - life insurance policy that does not offer any dividend payouts.

Paid-Up Insurance- insurance that has built up in your policy and is a surrender option in cash value policies.

Participating policy- a life insurance policy that pays dividends to the policy holder based on the companies investment. Generally these are permanent policies that allow you to receive the dividends in cash, to pay your premium, or to keep in your policy to add more interest growth to your cash value.

Renewable Term - option to continue coverage once the initial term has expired in an insurance policy.

Simplified Underwriting - no medical exam required. Typically answering medical questions and submitting to medical a background check are all that is required.

Suicide Clause- statement in policies preventing payout due to suicide for a certain number of years.

Surrender Options- options available to keep the value your policy has created when you no longer want your policy.

Term Life - a life insurance policy designed to provide coverage for a predetermined amount of years then expire.

Underwriter - the person in charge of approving or not approving the eligibility of insurance prospects based on health information and array of background screening.

Underwriting -the process of determining whether any individual is qualified for a certain insurance product or not.

Universal Life - a type of life insurance policy that gives the insured flexibility not available in traditional whole or term life products.