Insurance Glossary

Plain English explanations of insurance terms used by agents, companies and lawyers and found in your insurance policies.

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a wallet-size card issued by your insurance company to indicate your policy number and coverage.

a computer-generated printout of an insurance company’s explanation of how the life insurance policy will work for a prospective policyholder. It may project each year’s premium payment, cost index, dividends, and death benefit as well as guaranteed interest payments (if any). Sometimes called a “ledger statement”.

premium for a life insurance policy that may change over the policy’s life, depending on the company’s operating experience, but not higher than the maximum amount as stated in the policy.

a person on whose life an insurance policy is issued.

under such an agreement you transfer all of your rights to a third party and this agreement can never be changed.