Chapter 3- terms

TERMS TO KNOW

Accumulate — build up Attained age — the insured's age at the time the policy is renewed or replaced Cash value — a policy's savings element or living benefit Deferred — withheld or postponed until a specified time or event in the future Endow 赋予— to have the cash value of a whole life policy reach the contractual face amount Face amount — the amount of benefit stated in the life insurance policy Fixed life insurance products — contracts that offer guaranteed minimum or fixed benefits Lapse — policy termination due to nonpayment of premium Level premium — the premium that does not change throughout the life of a policy Nonforfeiture values — benefits in a life insurance policy that the policyowner cannot lose even if the policy is surrendered or lapses Policy maturity — in life policies, the time when the face value is paid out Securities — financial instruments that may trade for value (for example, stocks, bonds, options) Variable life insurance products — contracts in which the cash values accumulate based upon a specific portfolio of stocks without guarantees of performance