A policy that pays an income to the beneficiary starting after the death of the insured and continuing for a stated period of time. At the end of the income period the face amount of the policy is paid to the beneficiary.

One of the options in a Life Insurance policy which allows the policyholder to leave any premium dividends with the insurer to accumulate at compound interest. (LI)

Coverage written on an applicant who has been examined, and who has signed the application but has paid no premium.

An option whereby the insured can leave dividends with the insurer, and each dividend is used to buy a single premium life insurance policy for whatever amount it will purchase. Also called Paid-Up Additions.

A physician appointed by the medical director of a Life or Health insurer to examine applicants.

Alternative ways in which insureds under participating Life Insurance policies may elect to receive their policyholder dividends.

Interest credited to an insured’s contract, in excess of the amount guaranteed by the terms of the contract.

Payment of twice the basic benefit in the event of loss resulting from specified causes or under specified circumstances. For example, a Life Insurance contract may provide for twice the basic benefit if death is due to an accident. Accident policies may provide double indemnity coverage for death due to an elevator accident. See also Multiple Indemnity.

The average number of years of life for persons of a given age, according to a particular mortality table. Also called Life Expectancy.

A form of Life Insurance combining Whole Life and an equivalent amount of Term, with the Term expiring at a stated future date, usually at 65 years of age. For example, an individual may purchase $50,000 worth of Life Insurance protection, $25,000 of it being Term Insurance and the other $25,000 Whole Life. The provision would state that the $25,000 of Term Insurance ceases when the insured reaches age 65.