An agreement that guarantees the payment of a stated amount of monetary benefits upon the death of the insured, or under other circumstances specified in the contract, such as total disability.

A popular name for a Life Insurance contract written on the life of a child, usually in units of $1,000. When the child reaches a prescribed age, generally 21, the face of the policy is increased automatically without the imposition of either an additional premium charge or a medical examination. Hence the term “jumping” juvenile.

See Ordinary Life Insurance.

Life insurance written on a child.

See Ordinary Life Insurance.

(1) Insurance on the life or health of a key employee, the loss of whose services would cause an employer financial loss. The policy is owned by and payable to the employer. (2) In Health Insurance the term is also used to designate Salary Continuation Insurance or a medical benefit plan payable to the key employee himself, with the employer paying all or part of the premium.

A type of Life Insurance policy where a trust company is named as the beneficiary and distributes the proceeds of the policy under the terms of the trust agreement.

The ratio of the number of Life Insurance contracts lapsed within a given period to the number in force at the beginning of that period.

See Whole Life Insurance.

A settlement option under which the proceeds are guaranteed to be paid in equal installments for a specified period of time.