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J
Joint and Survivor Option - A life insurance policy settlement option, which permits the recipient to have the death amount paid out in the form of a joint and last survivor annuity.
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Joint Plan - A life insurance policy plan, which insures two or more lives and pays sum at the time of the first death.
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Jumbo Risk - A risk involving extremely high benefits.
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K
Keyman Insurance Policy - It is a life insurance policy taken by a person on the life of one another person who is or was his employee/related to his business in any manner whatsoever.
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L
Lapse - The annihilation or discontinuance of an insurance policy due to default of a premium.
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Lapse Notice - Written notice by an insurance company that the policy has lapsed.
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Lapsed Policy - Policy discontinued for evasion of premiums. The term is at times limited to a extinction taking place before the policy has a cash or other surrender cash value.
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Lapse Ratio - Surrenders and lapses as a proportion of standard insurance in force for the year.
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Legal Reserve Company - A company, which upholds insurance policy reserves according to the standards recognized by the insurance laws of the various states.
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Level Premium - Rating organization under which the premium level stays the same all through the life of the policy.
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Level Premium Life Insurance - Life insurance for which the premium stays the same from one year to another year. The insurance premium is more than the real cost of guard during the last few years of the policy and less than the actual cost in the up coming years.
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Level Term Insurance - A type of Term Life policy where the face value stays the same from the effectual date until the date of expiration.
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Life Assured - The person whose life is covered by an individual life policy is known as life assured.
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Life Expectancy - The average number of years of life outstanding for persons of a given age according to a meticulous mortality table.
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Life Income - A settlement option under which equivalent installments are paid providing the recipient lives, even if the principal has been tired.
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Life Insurance - Insurance offered for payment of a mentioned amount on the insured's death, either to his or her estate or to a chosen beneficiary; or in the case of a bequest policy, to the policy holder at a particular date.
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Life Insurance in Force - The total of the face amounts, plus bonus additions, of life insurance polices due at a given time. Additional amounts owed under accidental death or other particular provisions are not included.
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Life Insurance Trust - It is a type of life insurance policy where a trust insurance company is named as the recipient and distributes the amount of the insurance policy under the terms of the trust agreement.
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Limited Payment Life Policy - Premiums required to be paid only for a specific number of years or until death if it comes within this period. Proceeds of the policy are decided to the beneficiaries whenever death of the insurance policy holder occurs. Again, this policy could even be as the "with profits " or "without profits" type.
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Limit - Maximum amount a policy would pay either on the whole or under a specific coverage.
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Living Benefits - A benefit obtainable to owners of life insurance agreement as the insured person is still living. This is other wise known as Accelerated Death Benefit.
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Loan - Borrowing from the insurer and protecting the amount of the loan with the cash value in any life insurance policy. If the insured dies when there is a due loan amount to be paid, the amount of the loan and any unpaid interest would be deducted from the proceeds.
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Loan Value - The amount that could be borrowed from the insurer, using the insurance policy cash value as collateral.
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Long Term Care Policy - A plan designed to cover the policy holders long-term care (nursing home) costs.
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Loyalty Additions - The loyalty addition is given upon the maturity of the any specific insurance policy, and actually not before. It's a small proportion of the sum assured.
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Lump Sum - It is a technique of settlement where the recipient receives the full proceeds of a policy at once rather than in installments.
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