Terminology.

Common Life Insurance Terms

AssuranceA term interchangeable with insurance (normally used to describe life policies where one is “assured” of their family being provided for in the event of death).
BeneficiaryThis is the person designated to receive some defined benefit when the insured person dies.
BenefitA payment to be made upon the death (or permanent disability) of the assured in accordance with their insurance policy.
CedeTo surrender possession (usually a policy is ceded to a bank, for example when a person applies for a home loan).
ClaimA demand made by the insured or their beneficiaries in the case of life insurance policies for the payment of the benefit after the occurrence of an event covered by the policy.
LapseTo deviate from the prescribed terms of the agreement—in insurance, this usually means that people are no longer covered by the policy (normally as a result of not paying premiums).
UnderwritingThe process of evaluating and pricing an application for insurance. Factors typically considered include age, gender, health, and in AllLife’s case, CD4+ count and HIV treatment stage (for people living with HIV) and HbA1c (for people living with Diabetes).

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