Life Insurance terms starting with P

7 terms

1. Paid-up Insurance Insurance on which all required premiums have been paid.
2. Participating Insurance Insurance on which the policyholder is entitled to share in the surplus earnings of the company through policy dividends that reflect the difference…
3. Policy The contract form issued by the company to explain the coverage provided. It is a legal document.
4. Policy Dividend (See Dividend.)
5. Policy Loan Under an insurance policy, the amount that can be borrowed at a specified rate of interest from the issuing company by the policyholder, who uses the…
6. Premium The price charged for insurance.
7. Producer An authorized representative of an insurance company who sells and services insurance contracts.