A method of calculating an applicant's insurance age. This method uses the insured's actual age and is sometimes called Actual Age or Attained Age.

The person named in a life insurance application as the person whose life is to be covered by the insurance.

The appropriate price category to which an applicant qualifies according to an insurance company's underwriting guidelines. Common rate classes are Preferred Plus, Preferred, Standard Plus, Standard and Substandard.

The process of grouping term life insurance death benefit amounts. The rate per thousand typically changes at certain death benefit levels or band breaks.

A required form that must be completed if the applicant is replacing existing coverage. The replacement form notifies the existing insurer that the applicant is replacing their policy with a policy from another company.

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The transfer of ownership of a life insurance policy to a separate entity. The assignee becomes the new policy owner. Commonly used when banks require life insurance as collateral for a loan.

This benefit is included with many policies today. It provides for the payment of a portion of the death benefit prior to the insured's death should the insured be diagnosed as terminally ill. The specific requirements vary by company.

This benefit is optional with many policies today. It provides an additional death benefit when the insured's death is caused by an accident.