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Mutual of Omaha

Life and Health

TermDefinition
Adverse Selection insuring of risks that are more prone to losses than the average risk.
Agent/Producer a legal representative of an insurgence company; the classification of producer usually includes agents and brokers; agents are the agents of the insurer.
Applicant or proposed insured a person applying for insuance
Beneficiary a person who receives the benefits of an insurance policy
Death benefit the amount paid upon the death of the insured in a life insurance policy
Insurance policy a contract between a policyowner(an/or insured) and an insurance company which agrees to pay the insured or beneficiary fir loss caused by specific events
Insured person covered by the insurance policy; may or may not be the policyowner
Insurer the company who issues an insurance policy
Lapse policy termination due to nonpayment of premium
Life insurance coverage on human lives
Policyowner the person entitled to exercise the rights and privileges in the policy
Premium the money paid to the insurance company for the insurance policy
Know this! Insurance is the transfer of risk. insureds' losses are transferred over to the insurer
Created by: 2611137362544919
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