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Backdating - It is a process for making the valuable date of an insurance policy previous than the application date. Backdating is regularly used to make the age of the consumer at policy issue lower than it essentially was in order to get a lower insurance premium.

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Beneficiary - The person(s) named on the insurance policy to get the life insurance documents upon the death of the insured.

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Benefit Period - A period of time classically one to three years during which disability amount or long term care advantages are paid after the coming up period is satisfied. When the benefit period actually ends, the insured needs to be generally satisfy a new waiting period in order to set up a new benefit period.

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Benefits - The sum of money mentioned on a life insurance deal to be paid to the beneficiary when any loss occurs.

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Binder - A written or oral deal issued provisionally to place insurance policy in force when it is not likely to issue a new insurance policy or approve the accessible policy immediately. A binder is a subject to the insurance policy premium and all the terms of the policy to be issued.

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Binding Receipt - A receipt given for a premium payment associated to the application for insurance. If in case the policy is accepted, this binds the insurance company to make the policy effectual from the date of the receipt.

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Blended Product - A broad term used to explain products structured with both Whole Life and Term components.

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Branch Office System - It is a type of life insurance marketing system under that branch offices are established in the different areas, salaried branch managers, who are actually employees of the insurance company, are accountable for hiring and training new agents.

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Broker - A licensed person or group paid by you to find for insurance company on your behalf.

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Burial Insurance - A life insurance policy of least face amount planned to offer just sufficient insurance to cover the burial and other funeral expenses.

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Business Life Insurance - Life insurance bought by a business enterprise on the life of a member of the firm.

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Buy-Sell Agreement - An agreement created by the owners of a business to buy the share of a disabled or lessened owner. The value of each owner's shares his business and the precise terms of the buying-and-selling course are recognized before death or the beginning of disability.

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