Named perils are the specific dangers a policy insures you against – such as fire, windstorm, and hail in a homeowner’s policy, for example. These perils are “named” or listed in the policy.
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Whole Life Insurance
Insurance which may be kept in force for a person’s whole life and which pays a benefit upon his death, whenever that may be. All Whole Life policies build up non-forfeiture values, but they are paid for in 3 different ways. Under a Straight or Ordinary Life policy, premiums are paid for as long as the insured lives. A single premium policy is paid for at one time in one premium. Between these two types there are many limited-payment plans, under which the insured pays premiums for a certain period or until reaching a certain age. Contrast with Term Insurance.