• Insurance/Insurance
    Collective term for insurance
  • Life insurance/Life Insurance
    Generally refers to life insurance
  • Policy Holder/Insured
  • Policy owner/Policy Owner
    Both of the above are policy owners only, who may be different from the insured. For example, the mother is the policy owner and the child is the insured.
  • The insured/Insured Person
    The benefits of the insurance are given to the insured person.
  • The insurer/Underwriters
    Usually the insurance company
  • Premium/Premium
  • Cost of purchasing insurance
  • Beneficiary/Beneficiaries
  • If an insured person dies in an accident during the policy period, the insurance company should make compensation according to the terms and conditions, then whoever gets this compensation at this time is the beneficiary. The beneficiary can be one person or more than one person.
  • Coverage/Coverage
  • The scope of claims that can be settled by the insured
  • Face amount/Coverage amount
  • The amount of the insurance company's claim
  • Payment period/Payment Cycle
  • There are usually annual pay/annual, semi-annual pay/semi-annual, seasonal pay/quarterly, and monthly pay/monthly.
  • Term Insurance/Term Insurance
  • Insurance that is only valid for a certain period of time
  • Cash Value Insurance/Insurance that adds value
  • Insurance with a certain cash value
  • Whole Life Insurance/Whole life insurance
  • Universal Life Insurance/Comprehensive Life Insurance
  • Variable Life Insurance/Investment universal life insurance
  • Long term care/Long-term care
  • Care requiring external assistance
  • Terminal illness/End-stage disease
  • Diseases that cause death in a very short time
  • Critical illness/Major diseases
  • Diseases that may pose a personal risk
  • Chronical illness/Chronic Diseases
  • Diseases that will be used for a long time
  • Living Benefit/Living Benefits
  • Insurance can provide a portion of the money that can be used when a person passes away
  • Underwriting/Underwriting
  • The process of review by the insurance company after enrollment
  • Lapse/Break the warranty
  • Failure to pay premiums for a period of time causes the insurance to lapse
  • Grace period/Grace Period
  • You usually have 2 months to pay the premium before the insurance lapses
  • Insurance policy/Insurance Policy
  • Contract between the insured and the insurer
  • Pre-existing Condition/Pre-existing conditions
  • For example, pre-existing diseases such as high blood pressure, such as diabetes, hypertension, etc.
  • Net worth/Net Assets
  • Annuity/Annuities
  • withdraw/withdraw money
  • Some insurance policies with cash value can support withdrawal of money at certain times
  • Death benefit/Death Benefit
  • When the insured person dies, the amount the insurance company can pay
  • Rider/Additional insured
  • Life insurance can often be completed with additional coverage
  • Modified Endowment Contract/The maximum annual premium you can pay
  • Accelerated Benefits/Early payout
  • Some life insurance policies support early withdrawal of a certain amount of money when the insured person needs it.