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Avoiding an act that would create a risk
Risk avoidance
what is the person who owns the life insurance policy and is responsible for paying the premiums.
A policyholder
What is determined by factors such as the policyholder’s age, health, and lifestyle, with younger and healthier individuals paying lower rates.
Life insurance premiums
Any activity that reduces the probability that a loss will occur.
Loss prevention
Premiums are the payments you make to your insurance company to keep the policy active
Regular payments
Life insurance designed to offer ongoing insurance coverage over the course of an insured's entire life.
Whole Life
The amount of cash you can get if you cancel your policy before it matures or pays ouT
Cash surrender value
What is the money your loved ones receive when you die.
Death Benefit
Insurance that provides only death benefits, for a specified period, and does not provide for the accumulation of cash value.
Term Life
The person or entity that receives the insurance money after the policyholder dies
Beneficiary
two main types of life insurance
permanent life insurance, and term life insurance
Permanent cash-value insurance that combines term insurance (death benefits) with a tax sheltered savings/ investment account that pays interest, usually at competitive money market rates
Universal Life
An additional benefit paid if the policyholder dies in an accident.
Accidental death benefit
provides beneficiaries with an additional payout if you die due to an accident.
Accidental death benefit rider
A term insurance policy written for a given number of years, with coverage remaining unchanged throughout the effective period.
straight term