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  Insurance Terms

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Lapsed Policy
A policy terminated because of failure to pay the premium(s).

Level Premium Insurance
A policy in which the payments remain the same over the life of the policy.

Liability Insurance
Insurance coverage that offers protection against claims alleging that a property owner’s negligence or inappropriate action resulted in bodily injury or property damage to another party.

Life and Health Guarantee Association
An organization that operates under the supervision of a state insurance commissioner to protect policy owners, insured's, beneficiaries, and specified others against losses that result from the financial impairment or insolvency of a life insurer that operates in the state.

Lifetime Maximum
Is the total dollar amount the plan will pay for all types of medical expenses, for all benefit periods, while the insured person is alive and covered under the plan.

The conditions or circumstances for which benefits are not payable or are limited.

Limited Payment Life Insurance
Whole life insurance where the policyholder pays premiums for a specified number of years, or until death.

The maximum amount of benefits the insurance company agrees to pay on a loss.

Administration costs you pay when buying life insurance.

Borrowing against your policy’s accumulated cash value. The borrowed amount is deducted from the death benefit until you have repaid it.

The basis for a claim under an insurance policy.

Loss Ratio
The dollar amount an insurer pays in claims compared to the amount it collects in premiums.

Low Value Policy
A life insurance policy with a high premium and small death benefit.



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