Most life insurance policies include a non-repudiation clause.
The non-repudiation clause prevents providers from canceling coverage if an insured person misrepresents information after a dispute period, such as two or three years.
The dispute period starts from the date of purchase of the life insurance policy.
Death benefit is a payment to the recipient of a life insurance policy, an annuity or pension in the event of the death of the insured or the recipient of the annuity.
Reducing term insurance provides a death benefit that decreases each year according to a predetermined schedule, whereby premiums also decrease over time.
The free review period is a required period of time, usually 10 days or more, during which a new life insurance policy holder can terminate the policy without penalty such as restocking fees.
A group universal life policy is a universal life insurance offered to a group of people at a lower price than what is usually offered to an individual.
Living together payment is a payment structure for pensions and other retirement plans that provides income to a second person, usually a spouse, after the death of the account holder.
Level premium insurance is a type of life insurance in which premium payments remain at the same level throughout the entire term, and the amount of coverage offered increases.