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Identification Card
A wallet-size card issued by your insurance company to indicate your policy number and coverage.

Illustration
A computer-generated printout of an insurance company’s explanation of how the life insurance policy will work for a prospective policyholder. It may project each year’s premium payment, cost index, dividends, and death benefit as well as guaranteed interest payments (if any). Sometimes called a “ledger statement”.

Insurable Interest
The interest an insurance policy owner has in the risk that is insured.  The owner of a life insurance policy has an insurable interest in the insured when the policy owner is likely to benefit if the insured continues to live and is likely to suffer some loss or detriment if the insured dies. 

Insurance To Value
The amount of insurance written on property is approximately equal to its value. An insured most always wants to insure all property to value.

Insured
A person on whose life an insurance policy is issued.

Irrevocable Assignment
Under such an agreement you transfer all of your rights to a third party and this agreement can never be changed.

Irrevocable Beneficiary
A life insurance policy beneficiary who has a vested interest in the policy proceeds even during the insured’s lifetime because the policy owner has the right to change the beneficiary designation only after obtaining the beneficiary’s consent.

 

 




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