

Insurance Terms Flashcards part 3
Flashcard
•
Life Skills
•
12th Grade
•
Practice Problem
•
Hard
Melissa Ellis
FREE Resource
Student preview

12 questions
Show all answers
1.
FLASHCARD QUESTION
Front
Beneficiaries
Back
People who are designated by the policyholder to receive the death benefit of a life insurance policy.
2.
FLASHCARD QUESTION
Front
Death Benefit
Back
Benefit paid to the beneficiaries after the policyholder dies.
3.
FLASHCARD QUESTION
Front
Term Life Insurance
Back
Life insurance for a specified amount of time; at the death of the policyholder, the insurance company pays the death benefit to the beneficiaries.
4.
FLASHCARD QUESTION
Front
Whole Life Insurance (or Cash Value)
Back
Life insurance that lasts for the life of the policyholder and uses a portion of the premium as an investment.
5.
FLASHCARD QUESTION
Front
Self-Insured
Back
Having enough money saved and invested so a spouse or loved one could live off of it when you die, eliminating the need for life insurance.
6.
FLASHCARD QUESTION
Front
Dependent
Back
A person who relies on someone for financial support.
7.
FLASHCARD QUESTION
Front
Actuarial Life Table
Back
Life expectancy chart used by insurance agents to figure out life insurance premiums for an individual based on a variety of factors.
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