Life insured – This the person whose life is insured. If this persons dies during the policy period then that is when the policy will pay out
Insured – This is the original owner of the life insurance policy and usually the person who took the policy out. So for instance a wife may as the ‘insured’ take a life policy out on her husband who would be the ‘life insured’
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Life office – This simply means the insurance company who is issuing the life insurance policy
Sum insured – The amount that is payable if the ‘life insured’ dies during the period of the policy.
Premium – The cost of the life insurance policy. Usually described as a certain amount each month
Underwriting – This is the process where the insurance company look at your details and decided whether or not to accept the risk and agree to issue you with a life insurance policy. This might be a quick and simple process or it may take some time and involve medical reports with perhaps the insurance company imposing certain extra terms to the policy
Proposer – This is the person who applies for a life insurance policy
Term life policy – This refers to a life insurance policy which pays out on the death of the ‘life insured’ if that person dies within the ‘term’ (period) of the policy. The policy for example could run for ten,
twenty or twenty five years
Decreasing term life policy – This refers to a ‘term life insurance policy’