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Insurance Glossary Directory
Policy Holder: The person who owns a life insurance policy. This is usually the insured person, but it may also be a relative of the insured, a partnership or a corporation.

Preferred Risk: A risk whose physical condition, occupation, mode of living and other characteristics indicate a prospect for longevity superior to that of the average longevity of unimpaired lives of the same age.

Premium: The periodic payment required to keep an insurance policy in force.

Premium Flexibility: The policy holder's right to vary the amount of premium paid each
month towards a universal life policy.

Primary Beneficiary: In life insurance, the beneficiary designated by the insured as the first to receive policy benefits.

Primary Policy: The insurance policy that pays first when you have a loss that's covered by
more than one policy.

Probate Costs: The legal fees and other costs incurred in the probate process, which is the legal processing of your will. Assets that you leave to other people through your will cannot be distributed until the will is probated.

Provisions: Statements contained in an insurance policy which explain the benefits, conditions and other features of the insurance contract.

Rate: Coverage's issued at a higher rate than standard because of some health condition, or impairment of the insured.

Re-entry Option: An option in a renewable term life policy under which the policy owner is guaranteed, at the end of the term, to be able to renew his or her coverage without evidence of insurability, at a premium rate specified in the policy.

Reinstatement: Putting a lapsed policy back in force by producing satisfactory evidence of insurability and paying any past-due premiums required.

Renewable: Term/Annual Renewable Term Term insurance that may be renewed for another term without evidence of insurability. Level term usually turns into renewable term with increasing premiums after the level premium period.

Replacement: A new policy written to take the place of one currently in force.

Representation: Statements made by applicants on their applications for insurance that they represent as being substantially true to the best of their knowledge and belief but that are not warranted as exact in every detail.

Revocable Beneficiary: The beneficiary in a life insurance policy in which the owner reserves the right to revoke or change the beneficiary. Most policies are written with a revocable
beneficiary.

Rider: An attachment to a policy that modifies its conditions by expanding or restricting benefits or excluding certain conditions from coverage.

Risk: The chance of injury, damage, or loss.

Risk Selection: The method a home office underwriter uses to choose applicants that the insurance company will accept. The underwriter must determine whether risks are standard, substandard or preferred and set the premium rates accordingly.

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