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Key Life Insurance Terms You Should Know
Like many industries, the world of insurance has its own unique set of vocabulary to describe its products. To help you understand the information included in a life insurance policy, we’ve gathered some basic terminology in this easy-to-reference, alphabetical overview. Beneficiary: The person or party named by the owner of a life insurance policy to receive the policy benefit. Cash value: The savings element of a permanent life insurance policy, which represents the policy owner’s…
