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T-EPF M4L5 Key Terms

Traditional EPF Module 4 Lesson 5 Key Terms

TermDefinition
Executor The person responsible for carrying out the actions of a will.
Beneficiary Person who will benefit financially from an insurance policy payout.
Premium Monthly sum of money paid for an insurance policy whether the policy is used or not.
Deductible The amount of money an individual must pay when using an insurance policy before the company will pay its portion.
Insurance Financial protection from life events that could be devastating financially for a person without coverage.
Will Legal document that determines what happens with a person’s assets when they die.
Estate All of the financial assets and debts that a person has at the end of their life.
Claim Filed after an event that requires an insurance policy to go into effect.
Created by: dmcsorley13
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