Every small or mid-size business typically has a key person or persons that are responsible for producing a majority of the revenue. Service businesses are typically dependent on a key person who regularly delivers revenue from their coveted client list. Should the business lose one or more key persons because of an unexpected death, the […]
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.
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.
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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Many people are under the impression that you cannot buy life insurance for marijuana users. In fact, many applicants lie about their usage and then are denied coverage, not because they use marijuana, but because they lied about it. Insurance companies refer to this as misrepresentation. The truth of the matter is using marijuana does […]
When we consider using life insurance as an investment, there are as many people in favor of it as there are opposed. Certainly, financial gurus like Dave Ramsey and Suze Orman are against life insurance for any reason other than a death benefit, but remember, while speaking out against most life insurance products, they are […]