Insurance Glossary

Simplified Issue Life Insurance

Life

Definition

Life insurance that requires answering health questions but no medical exam, offering faster approval than fully underwritten policies with moderate coverage amounts.

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Related Terms

Guaranteed Issue Life Insurance

Life insurance that doesn't require a medical exam or health questions, guaranteeing acceptance but typically offering lower coverage amounts and higher premiums.

Underwriting

The process by which an insurer evaluates the risk of insuring a person or property and determines coverage terms and premium rates.

Accident Insurance

Insurance coverage for unforeseen bodily injury resulting from an accident.

Beneficiary

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

Term Life Insurance

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

Motorcycle Insurance

Specialized insurance coverage for motorcycles including liability, collision, comprehensive, uninsured motorist, and optional coverages like accessory coverage and roadside assistance.

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