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Life Insurance Terminology by Mind Map: Life Insurance Terminology
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Life Insurance Terminology


the individual who contracts the policy with the insurance company.


the individual whose life is insured by the life insurance policy.


the insurance company.


the insurance contract that contains the legally enforceable agreement between the insurer and insured.

Face value of the policy

the sum of money paid by the insurer in the event of death


the individual named to receive the face value of the policy.


the amount of money the insured pays the insurer for the policy. Payments are made in advance and may be made monthly, semi-annually, or annually.


The policyholder and the insured are often the same person, but they could be two different people.]