Insurance Glossary

Life Insurance Terms Explained

98 plain-English definitions with Nevada-specific context, real-world examples, and guidance on how each term affects your coverage.

A B C D E F G I K L M N P R S T U V W Y

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Policy Basics

29

Fundamental terms that define how a life insurance policy works.

Underwriting

12

Terms related to how insurers evaluate and price risk.

Financial

18

Terms related to the financial mechanics, value, and tax treatment of policies.

Legal

17

Legal and regulatory terms governing life insurance contracts.

Policy Types

22

The different categories and structures of life insurance products.

A–Z Index

All 98 Terms

A

Accelerated Death Benefit Policy Basics

Accidental Death Benefit Policy Basics

Actuary Underwriting

Agent (Insurance Agent) Legal

Annuity Financial

B

Beneficiary Legal

Burial Insurance Policy Types

C

Cash Surrender Value Financial

Cash Value Financial

Claim Policy Basics

Collateral Assignment Legal

Commissions Legal

Conditional Receipt Underwriting

Contestability Period Legal

Conversion Privilege Policy Basics

Cost of Insurance (COI) Financial

D

Death Benefit Policy Basics

Decreasing Term Policy Types

Deferred Annuity Financial

Disability Waiver of Premium Policy Basics

Dividend (Life Insurance) Financial

Double Indemnity Policy Basics

E

Endowment Policy Types

Estate Planning (Life Insurance Role) Financial

Exclusion Legal

F

Face Amount Policy Basics

Final Expense Insurance Policy Types

Free Look Period Legal

G

Grace Period Policy Basics

Group Life Insurance Policy Types

Guaranteed Insurability Policy Basics

Guaranteed Issue Underwriting

Guaranteed Universal Life (GUL) Policy Types

I

Illustration (Policy Illustration) Policy Basics

Incontestability Legal

Indexed Universal Life (IUL) Policy Types

Insurable Interest Legal

Irrevocable Beneficiary Legal

Irrevocable Life Insurance Trust (ILIT) Financial

K

Key Person Insurance Policy Types

L

Lapse Policy Basics

Level Premium Policy Basics

Level Term Life Insurance Policy Types

Life Settlement Financial

Living Benefits Policy Basics

Loan Provision (Policy Loan) Financial

Long-Term Care Rider Policy Basics

M

Material Misrepresentation Legal

Maturity Date Policy Basics

Medical Information Bureau (MIB) Underwriting

Modified Endowment Contract (MEC) Financial

Mortality Charge Financial

Mutual Insurance Company Policy Types

N

No-Lapse Guarantee Policy Basics

Non-Forfeiture Options Policy Basics

Non-Medical Life Insurance Underwriting

P

Paid-Up Additions (PUA) Financial

Paid-Up Insurance Policy Basics

Participating Policy Policy Types

Permanent Life Insurance Policy Types

Policy Anniversary Policy Basics

Policy Loan Financial

Policy Owner Legal

Premium Policy Basics

Premium Financing Financial

Premium Waiver Policy Basics

R

Rated Policy Underwriting

Reduced Paid-Up Insurance Policy Basics

Reinstatement Policy Basics

Renewable Term Policy Types

Replacement Legal

Return of Premium (ROP) Policy Types

Revocable Beneficiary Legal

Rider Policy Basics

Risk Classification Underwriting

S

Settlement Options Policy Basics

Simplified Issue Underwriting

Single Premium Life Insurance Policy Types

Standard Rate Underwriting

Stock Insurance Company Policy Types

Substandard Risk Underwriting

Suicide Clause Legal

Supplemental Term Insurance Policy Types

Surrender Charge Financial

Surrender Value Financial

T

Table Rating Underwriting

Term Conversion Policy Basics

Term Life Insurance Policy Types

Terminal Illness Rider Policy Basics

U

Underwriting Underwriting

Universal Life Insurance (UL) Policy Types

V

Variable Life Insurance Policy Types

Vesting (Group Insurance) Legal

Viatical Settlement Financial

W

Waiver of Premium Policy Basics

War Clause Legal

Whole Life Insurance Policy Types

Y

Yearly Renewable Term (YRT) Policy Types

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