insurance vocab quiz!

a contract with your insurance company

• Term

• Policy

• Beneficiary

• Premium

how much you pay for your insurance policy

• mutual insurance company

• cash value

• convertibility

• premium

a period of time that your insurance is good for

• face value

• term

• accumulated dividends

• lapse

person/company that receives the money from your life insurance

• term

• death benefit

• beneficiary

• deductible

a policy that ensures your insurance will be renewed under any and all circumstances

• rider

• cash value

• automatic renewability

• convertibility

amount you have to pay before the insurance covers anything

• deductible

• lapse

• cash value

• face value

amount of money your beneficiary gets when you pass away

• term

• accumulated dividends

• face value

• death benefit

cash accumulated in the life insurance policy

• accumulated dividends

• cash value

• mutual insurance company

• lapse

policy holder is able to change insurance coverage

• cash value

• convertibility

• double indemnity

• rider

insurance company owned by the policy holder

• death benefit

• mutual insurance company

• face value

• double indemnity