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Terminologies associated with life insurance.
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[QUOTE="btaliat, post: 139444, member: 26390"] 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. [I]1.Insured[/I] : this is a person that the insurance policy covers. 2.[I]Premium[/I]: this is the money paid to the insurance company monthly or as agreed. 3. [I]Face amount[/I] : 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. [/QUOTE]
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Terminologies associated with life insurance.
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