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Learn more about life insurance terms and their definitions. More information about life insurance also can be found on the Life Insurance main product page.
The life insurance issue date is when the insurance company finishes underwriting and approves your life insurance application.
The life insurance effective date is the most important part of a policy. It is the actual date that your policy becomes active, and the life insurance company will provide coverage.
An insured person is who the life insurance contract is based on and is the only one whose death triggers the payout of the death benefit.
A policyholder is the owner of an insurance policy.
A premium is a regularly made payment for an insurance policy.
When it comes to life insurance, an insurable interest is a potential hardship a beneficiary might face if the insured person passes away.