Accident

An accident is an unforeseen event or occurrence causing damage or injury to a person

Age Limit

It is the stipulated minimum and maximum ages below and above which the company will not accept applications or may not renew insurance policies.

Agent

An insurance company representative who sells and services life insurance contracts for the insurer; He is an intermediary between the insurer and the policyholder

Annuity Plan

An insurance contract that provides for an income for a specified period of time, such as a number of years or for life

Application/Proposal Form

This is to be filled by the prospect and sometimes a medical examiner including information given by the proposer. In addition, it has to be signed by the proposer. It is one of the primary steps to get an insurance policy.

Assignment

An assignment is a legal transfer where a policyholder can transfer his interest to another. It can be made by an endorsement on the policy document or by a separate deed. Assignment can be either Conditional or Absolute.

Beneficiary

The beneficiary is the person or entity, named in the policy as the recipient of the life insurance benefit in the event of policyholder’s death.