A term which refers to the amount of money an insured can borrow using the cash value of his Life Insurance policy as security.

An annuity which is payable to the named annuitants during the period of their joint lives, which will continue to the survivor when the first annuitant dies.

The average number of years remaining for a person of a given age to live, as shown on the mortality or annuity table used as a reference.

Insurance written on two or more persons, with benefits usually payable only at the first death.

A form of Term Life Insurance that provides protection for a person’s “expectation of life.” This becomes the term of the policy, as opposed to the ordinary Term policies which are for a given number of years or to a stated age, such as 65.

A contract which provides income to two or more people, and continues in force as long as any one of them survives.

A settlement option under which equal installments are paid as long as the beneficiary lives, even if the principal has been exhausted.

This policy pays a benefit which continues throughout the joint lifetime of two people, but terminates at the first death.

A contractual system of risk sharing under which contributions are accumulated and redistributed to meet the economic consequences of the uncertain duration of life.

See Joint Insurance.