November 6, 2007
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Insurance terms like “insurable interest”, “insurability” and “lifetime maximum” are insurance terms we need to understand to make insurance less complicated. |
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Insurability - Insurability is the process of being acceptable to an insurance company to issue a life insurance policy. Insurable Interest - Insurable interest exists if a person or entity would suffer a loss. Insured - The person on whose life the life insurance policy is issued. Irrevocable Beneficiary - Normally the policyowner of a life insurance policy has the right to change the beneficiary at any time, but with a named irrevocable beneficary this change cannot be made without the beneficary’s consent. |
Key Person Life Insurance - A life insurance policy purchased on a valuable business employee whose death would have a significant financial impact on the business.
Level Term Life Insurance - A type of term life insurance policy where the premium and death benefit remain the same or level for a specified period of time, not necessarily for the term of the policy. (See Guaranteed Level Term).
Lifetime Maximum - A health insurance term which specifies the total dollar amount that the plan will pay in the insured’s lifetime.
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