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

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.

One of the first pages of a life insurance policy. This page lists the policy specifications such as the name of the insured, the policy owner, the beneficiary, the policy number, the amount of insura [..]

HMO: A Health Maintenance Organization. A HMO plan requires you to select a Primary Care Physician (PCP) to coordinate your care. Visits to specialists require a PCP referral. There is generally no co [..]

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 a [..]

Information provided by a proposed insured’s physician covering medical history and results of medical examinations. It is used to determine the appropriate underwriting classification for the propose [..]

A formal document which corrects or revises an insurance policy. When authorized by the insurer and the policy owner, the amendment attaches to or becomes part of the policy.

To begin a series of payments from an annuity. This term also refers to the settlement of a life insurance policy under the contract’s annuity options.

A contract sold by a life insurance company that provides fixed or variable payments to an annuitant, either immediately or at a future date.

The person applying for the insurance policy. The applicant may be different from the proposed insured or the policy owner.