The commencement of coverage is the date at which insurance protection begins, indicating the starting point for the validity of an insurance policy.
The date when an insurance company formally issues a policy. This date can differ from the actual effective date of the insurance coverage.
Duration of benefits refers to the period over which disability income insurance provides financial support to an eligible policyholder following an illness or injury causing disability.
The face amount, also known as the face value or coverage amount, is the sum of insurance provided by a policy payable at death or maturity.
A Fully Paid Policy is a type of limited pay whole life insurance policy under which all premium payments have been made. This status indicates that no further premium payments are required, yet the policy remains active for the life of the insured.
The section of a property and casualty insurance policy that details the parties involved, policy duration, premium requirements, insurance limits, insured property specifics, considerations, covered perils, and policy assignment conditions.
Lapse occurs in insurance when a policy becomes inactive due to non-payment of the renewal premium, impacting both property and casualty and life insurance sectors.
A Master Policy is a single insurance contract that provides coverage on a group basis, typically issued to an employer, with group members receiving certificates summarizing the benefits provided.
A life insurance policy in which all premiums have been paid. These policies require premium payments for a limited number of years, and once all premiums have been paid, the policy is considered fully funded and requires no more payments. The policy remains active until the insured dies or cancels the policy.
