Annuity

The amount paid by the policyholder to the insurance company for coverage, typically on a monthly, quarterly, or annual basis.

The written contract between the insurer and insured that outlines the terms, conditions, coverage, and exclusions of the insurance agreement.

The person or entity designated to receive the benefits or proceeds from an insurance policy.

Life insurance coverage for a specified period of time, providing a death benefit if the insured dies during the term.

Permanent life insurance that provides coverage for the insured's entire lifetime and includes a cash value component.

The savings component of a permanent life insurance policy that accumulates over time and can be borrowed against or withdrawn.