The person (or persons) whose risk of financial loss from an Insured peril is protected by the policy. Sometimes called the “policyholder”.
The person (or persons) whose risk of financial loss from an Insured peril is protected by the policy. Sometimes called the “policyholder”.
The cessation of premium paying for a Whole Life or Endowment policy before the agreed upon time. This ends the coverage, and the insured receives one of the non-forfeiture values. The cessation of a policy that does not have or has not yet developed a cash value is termed a “lapse.”