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

Policyholder

the individual who contracts the policy with the insurance company.

Insured

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

Insurer

the insurance company.

Policy

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

Beneficiary

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

Premium

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.

*Note*

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