The day the coverage on the policy ends. A 10-year term policy would no longer be in effect 10 years and one day from the effective date.

A policy add-on that will have the Insurance Carrier pay out an additional benefits – up to the full amount of the death benefit – if either the insured’s death is the result of an accident or loses a [..]

See mortality table.

The tendency of people who are poor insurance risk to purchase and maintain insurance coverage.Insurers usually try to reduce their risk in insuring a bad risk by having rigid underwriting guidelines.

A Level term life policy that lasts for one year. Also called Yearly Renewable Term, it guarantees coverage for one year, and can be renewed annually at a higher premium or converted to permanent life [..]

If an underwriter decides it’s necessary to take a closer look at your health, either because of something you disclosed on the application or because of the results of your paramedical exam, then he [..]

An avocation would be a hobby or minor occupation, like skydiving, snowboarding or knitting.Certain avocations are considered higher risk, and may result in a rate-up when applying for life insurance. [..]

The cash surrender value (or just surrender value) is the amount of money you’ll receive if you cash in your permanent policy. It’s typically the current cash value of your policy minus any outstandin [..]

A type of life insurance policy that pays out upon the policyholder’s death, and also accumulates value during the policyholder’s lifetime.

A policy add-on that provides a death benefit if a policyholder’s child(ren) passes away.