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A term used to describe insurance issued to a person who is a substandard risk at a premium rate which is higher than that charged for a standard risk.

Policyowners’ rights, by the terms of most life insurance policies, to reinstate lapsed polices within a reasonable time after lapse, provided they present satisfactory evidence of insurability.  The right is usually denied if a policy has been surrendered for its cash value.

Renewable Term:
Term life insurance under which the insured has the right, at the end of the term, to elect to continue the insurance for another term (at the premium for his or her then attained age) without submitting evidence of insurability.

The act of substituting a new policy for another policy already in force.  Replacement must be stated on the life insurance application.

Return of Premium (ROP) term life insurance:
A term life insurance policy in which all the premiums paid to the insurance company are returned to the policyowner at the end of the term, if he or she has outlived the term.

Revocable Beneficiary:
A beneficiary whose rights in a policy are subject to the insured’s reserved right to revoke or change the beneficiary designation and the right to surrender or make a loan on the policy without the consent of the beneficiary.

An attachment which adds something to a policy.  It is loosely used to refer to any supplemental agreement attached to and made a part of a policy, whether the conditions or coverage of the policy are expanded or some coverage or conditions are waived.

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