Glossary
Plain-language definitions of insurance terms.
- Cash Surrender Value
- The amount a permanent life policyholder receives if they cancel the policy, equal to the cash value minus any surrender charges and outstanding loans.
- Cash Value
- The savings component of certain life-insurance policies (whole, universal) that grows over time and can sometimes be borrowed against.
- Contestability Period
- A window, usually the first two years of a life policy, during which the insurer can investigate and deny a claim for material misstatements made on the applica...
Life
Life
Life