WOLIGO'S LIFE INSURANCE - COMMON TERMS AND DEFINITIONS
WHAT IS THE ISSUE DATE IN A LIFE INSURANCE POLICY?
The life insurance issue date is when the insurance company finishes underwriting and approves your life insurance application.
WHAT IS THE EFFECTIVE DATE IN A LIFE INSURANCE POLICY?
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.
WHAT IS AN INSURED PERSON?
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.
WHAT IS A POLICYHOLDER?
A policyholder is the owner of an insurance policy.
WHAT IS A PREMIUM?
A premium is a regularly made payment for an insurance policy.
WHAT IS INSURED INTEREST?
When it comes to life insurance, an insurable interest is a potential hardship a beneficiary might face if the insured person passes away.
WHERE CAN I LEARN MORE ABOUT LIFE INSURANCE?
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