Waiver of premium for disability benefit - ANSWERA supplemental life insurance policy benefit under which the insurer promises to give up - to waive - its right to collect premiums that become due while the insured is totally disabled.
Waiver of premium for payor benefit - ANSWERA supplemental l...
Waiver of premium for disability benefit - ANSWERA supplemental life insurance policy benefit under
which the insurer promises to give up - to waive - its right to collect premiums that become due
while the insured is totally disabled.
Waiver of premium for payor benefit - ANSWERA supplemental life insurance policy benefit under
which the insurer agrees to waive its right to collect a policy's renewal premiums if the policyowner
dies or becomes totally disabled.
Disability income benefit - ANSWERA supplemental life insurance policy benefit that provides a
monthly income benefit to the policyowner-insured if he become totally disabled when the policy is
in force.
Accidental death benefit - ANSWERA supplemental life insurance policy benefit that provides a death
benefit, in addition to the policy's basic death benefit, if the insured dies as a result of an accident.
Accidental death and dismemberment benefit - ANSWERA supplemental life insurance policy benefit
that provides an accidental death benefit and provides a dismemberment benefit payable if an
accident causes the insured to lose any two limbs or sight in both eyes.
Accelerated death benefit - ANSWERA supplemental life insurance policy benefit that gives a
policyowner-insured the right to receive all or part of the policy's death benefit before her death, if
certain conditions are met.
Terminal illness benefit - ANSWERAn accelerated death benefit under which the insurer pays a
portion of a life insurance policy's death benefit to a policyowner-insured who suffers from a
terminal illness and has a physician-certified life expectancy of 12 months or less.
Dread disease benefit - ANSWERAn accidental death benefit under which the insurer agrees to pay a
portion of the life insurance policy's face amount to the policyowner if the insured suffers from one
of a number of specified diseases.
Long term care insurance benefit - ANSWERAn accelerated death benefit under which the insurer
agrees to pay a monthly benefit to a life insurance policyowner if the insured requires constant care
for a medical condition.
, Spouse and children's insurance rider - ANSWERA supplemental life insurance policy benefit that
provides term life insurance coverage on the insured's spouse and children.
Fraudulent misrepresentation - ANSWERA misrepresentation that was made with the intent to
induce the other party to enter into a contract and that did induce the innocent party to enter into
the contract.
Grace period provision - ANSWERAn insurance policy provision that specifies a length of time
following each renewal premium due date within which the premium may be paid without loss of
coverage.
Reinstatement - ANSWERThe process by which an insurer puts back into force 1) an individual life
insurance policy that was terminated because of nonpayment of renewal premiums or 2) an
individual life insurance policy that has been continued under the extended term or reduced paid-up
insurance nonforfeiture option.
Reinstatement provision - ANSWERAn individual life insurance provision that describes the
conditions the policyowner must meet to put the policy back into force after it has been terminated
because of nonpayment of renewal premiums or has been continued under the extended term or
reduced paid-up insurance nonforfeiture option.
Misstatement of age or sex provision - ANSWERA life insurance policy provision that describes the
action the insurer will take to adjust the amount of the policy benefit in the event that the age or sex
of the insured is incorrectly stated.
Policy loan provision - ANSWERA cash value life insurance policy provision that grants the
policyowner the right to take out a policy loan for an amount that does not exceed the policy's cash
value less one year's interest on the loan.
Nonforfeiture provision - ANSWERA cash value life insurance policy provision that sets forth the
options available to the policyowner if the policy lapses or if the policyowner decides to surrender or
terminate the policy.
Net cash surrender value - ANSWERThe amount the owner of a cash value life insurance policy will
receive upon surrendering the policy.
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