Lingo
Person who recieves the death benefit is called?
Benificiary
Only covers for a certain time period (ex 10,20, or 30 years)
Term Life insurance
The person who is actually covered by the insurance policy.
Insured
Regular payment made to keep policy active?
Premium
Designed to last for the insurde's entire life.
Whole Life insurance
The person who buys the policy and pays the bills
Policy Holder
Someone who's reliant on you is called?
Dependant
Cash value grows over time
Whole life insurance
Most people name this person, their husband or wife, as their main beneficiary.
Spouse