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Insurance Glossary

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Insurance Glossary: Pages H - L

Incontestable Clause: A clause in a policy providing that a policy has been in effect for a given length of time (two or three years), the insurer shall not be able to contest the statements contained in the application. In life policies, if an insured lied as to the condition of his health at the time the policy was taken out, that lie could not be used to contest payment under the policy if death occurred after the time limit stated in the incontestable clause.

In Force: Insurance on which the premiums are being paid or have been fully paid.

Insurability: All conditions pertaining to individuals that affect their health, susceptibility to injury and life expectancy; an individual's risk profile.

Insurable Interest: Requirement of insurance contracts that loss must be sustained by the applicant upon the death of another and it must be sufficient to warrant compensation.

Insurance: A formal social device for reducing risk by transferring the risks of several individual entities to an insurer. The insurer agrees, for a consideration, to pay for the loss in the amount specified in the contract.

Insurance Policy: The printed form which serves as the contract between an insurer and an insured.

Insured: The party who is being insured. In life insurance, it is the person because of his or her death the insurance company would pay out a death benefit to a designated beneficiary.

Insurer: Party that provides insurance coverage, typically through a contract of insurance.

Irrevocable Beneficiary: A beneficiary that cannot be changed without that beneficiary's consent.

Increasing Term Insurance: Term life insurance in which the death benefit increases periodically over the policy's term. Usually purchased as a cost of living rider to a whole life policy.

Lapse: Termination of a policy upon the policy owner's failure to pay the premium within the grace period.

Level Term Insurance: Term coverage on which the face value and premiums remain unchanged from the date the policy comes into force to the date the policy expires.

Life Expectancy: The average number of years remaining for a person of a given age to live as shown on the mortality or annuity table used as a reference.

Life Insurance: An agreement that guarantees the payment of a stated amount of monetary benefits upon the death of the insured.

Limited Pay Policy: A type of whole life insurance designed to let the policyholder pay higher premiums over a specific period such as 10 or 20 years and then not pay any premiums for the rest of his or her life.

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