Beneficiary
The person or entity designated to receive policy proceeds.
Death benefit
The amount payable under a life-insurance policy when a covered death occurs.
Underwriting
The insurer’s process for evaluating risk, eligibility and pricing.
Cash value
A value that may accumulate inside certain permanent life-insurance policies.
Free-look period
A period after policy delivery during which the owner can review and return the contract according to state and policy rules.