Life insurance Terminologies associated with life insurance.

[btaliat]

Insurance is becoming one of the most discussed topics these days. This is because people are now getting to realize the importance of this wonderful saver.


Insurance has many types and today, I will discuss some terminologies associated with the life insurance so that we will get ourselves familiar with some words use in it.

1.Insured : this is a person that the insurance policy covers.

2.Premium: this is the money paid to the insurance company monthly or as agreed.

3. Face amount : this is the amount that the instance company will pay to the insured person upon his death.

4. Primary beneficiary : this is the person that will receive the face amount of the insured person dies.

5. Contingent beneficiary : this is the person that will receive the money if the primary contingent is not available maybe as a result of death.

6. Term life coverage. This is type of insurance that lasts for a specific period of time.

7. Whole life coverage. It covers till the insured person dies.

 

[Augusta]

Good to have given us the different meaning of the terms that we would come across when trying to understand the area of insuring our lives. The last definition is it whole or while life coverage. I think whole make more sense so please check and do the needful there

 

[btaliat]

Good to have given us the different meaning of the terms that we would come across when trying to understand the area of insuring our lives. The last definition is it whole or while life coverage. I think whole make more sense so please check and do the needful there

Thanks for the observation. This is truly due to the typographical error and I didn't see it while proof reading. This shows that you truly went through all the topics for you to have noticed the error. And for the compliment, thanks as well, there are many new things that I have learnt here as a result of your write up here as well.

 

[Mika]

Well, if you want life insurance, you need to understand these concepts but before you buy a policy, you need to carefully study the terms even if the terms are printed on very small letters and multiple pages. You need to understand what will be covered and what benefits you will receive upon maturity. Well, you missed explaining "maturity."

 

[btaliat]

Well, if you want life insurance, you need to understand these concepts but before you buy a policy, you need to carefully study the terms even if the terms are printed on very small letters and multiple pages. You need to understand what will be covered and what benefits you will receive upon maturity. Well, you missed explaining "maturity."

Thank very much for your comment and the correction as well. I am very sure that there is no way I can exhaust all the terminologies associated with the life insurance policy. Those terms are too many and just like you advised, it is better for anybody that wants to invest in life insurance should take their time to read through

 

[Mika]

That's true, in a short post you cannot explain every terminology associated with insurance, and you cannot tell everything about insurance in just one article. However, if you are trying to be concise in explaining the insurance terminology, you should be explaining key concepts and policy maturity is the key concept in insurance.

 

[Jasmine]

If you are tying to buy an insurance policy, you need to properly understand the terminologies associated with your policy. It is also important that you understand all the terms of conditions. You will understand the terms of use only when you understand the terminologies associated with the policy you are buying.

 

[Mandy96]

Well this is somehow true but I am not sure I can agree to that in a place like Nigeria because generally people in this country do not really value insurance and that is because they are not well enlightened about the importance of it, what most people here think about it is the fact that they are making money from you trying to give you an assurance

 

[Kennysplash]

To be honest, I have not even heard of most of these terminologies before. So thanks for putting this together. I am just learning one or two things in the insurance sector and need every information I can get, most especially health insurance. Many of us here are not familiar with what it has to offer.

 

[Wisdom01]

I am actually more informed about most of this term that you have listed most especially the premium which is paid by the insurer at a specified period of time ,and the term insurance ,which could be short term and long term insurance policy, depending on the one you want to choose

 

[dagm]

If you're looking to get an insurance coverage, you'll need to be familiar with the terms used in the policy. It's also critical that you comprehend all of the terms and conditions. Only by understanding the terminologies related with the insurance you are purchasing will you be able to comprehend the conditions of usage.

 

[Wisdom01]

If you're looking to get an insurance coverage, you'll need to be familiar with the terms used in the policy. It's also critical that you comprehend all of the terms and conditions. Only by understanding the terminologies related with the insurance you are purchasing will you be able to comprehend the conditions of usage.

Yeah you really need to note the terms and conditions also the policies attached before buying any insurance policy ,I think many insurance company I have actually heard of have different insurance policy ,it's just best you pick the right one that go with your plans and conditions I think tho ,

 

[Nite]

These terminologies are necessary for everyone to get familiar with, if they want to purchase a life insurance policy. And you have made it easy for everyone to understand them. Life insurance is important for ensuring you and your family's financial security, so understanding these terminologies are as important as that.

 

[Wisdom01]

These terminologies are necessary for everyone to get familiar with, if they want to purchase a life insurance policy. And you have made it easy for everyone to understand them. Life insurance is important for ensuring you and your family's financial security, so understanding these terminologies are as important as that.

The terminologies would be very impossible in some certain cases ,when the insurer would be required to sign some documents and they need to know about what they are trying to sign up for before signing any type of documents, so to seal up the life insurance policy they need to know the terms

 

[sincerem]

Thanks a lot dearie for taking your time well explaining vividly about the terms of insurance and their whole - sole meaning. Now I've learned what 'Face amount means, primary and contingent beneficiaries via insurance company stand for. It's all very important that insurance companies put this in place, because they know all this things are simply inevitable to man.