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Chapter 38

AB
beneficiarythe person named in an insurance policy to receive the insurance benefits
cash valueThe amount of money or sum received should a policyholder decide to give up the protection provider by a policy.
convertible policyA term life insurance policy that may be changed into another type of permanent insurance without taking a physical examination.
decreasing term insuranceTerm life insurance on which the amount of protection gradually becomes smaller, but the premiums remain the same during the term.
group life insuranceLife insurance that covers a group ofpeople who are usually employed by the same company or are members of the same organization.
insurable interestA financial interest in or benefit from the continued life of a person.
level term insuranceTerm life insurance on which the amount of protection and the premiums remain the same while the insurance is in effect.
life insuranceInsurance designed to protect survivors against the financail loss associated with dying.
limited-payment policiesA whole life intended to be paid up ina a certain number of years.
mortgage insuranceA life insurance policy that protects homeowners from losing their home in case an insured dies before the mortgage is paid.
renewable policyA term life insurance policy that allows the policyholder to continue the term insurance for one or more terms without taking a physical examination to determine whether she or he is still a good risk.
straight life policyOne type of whole life insurance for which permiums remain the same each year as long as the policyholder lives.
term life insuranceA life insurance policy that provides financial protection from losses resulting from loss of life during a definite period of time.
universal life insuranceLife insurace which provides both insurance protection and a substantial savings plan.
variable life insuranceLife insurance thatlets the policyholder select from a range of investments.
whole life insurancePermanent insurance that extends over the lifetime of the insured.

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