Life Insurance Terms You Need to Know

Health Insurance Plans

If you go to life insurance agents, they are going to throw a volley of terms related to Oregon life insurance plans. Before you get confused about those terms, here are the definitions to some of the basic terms used in relation to Oregon life insurance plans in no particular order.

Surrender Value

It is the amount paid to the person who is insured and terminates the policy before the actual tenure ends.

Premium

It is the amount paid by the insured to the insurance policy provider to keep the insurance policy active.

Reinstatement

When a lapsed policy is put back into force, but only in case when the grace period has expired, that’s reinstatement.

Nomination

When the policyholder authorizes another person to claim the policy amount, then that person is the nominee.

Maturity Claim

It is the amount that the insured person gets at the end of the maturity period.

Maturity Date

When the policy tenure ends and the total amount is given to the insured person, that date is the maturity date.

Lapsed Policy

When the insured person fails to pay the instalment, then the policy gets terminated. The policy lapses when the premium is not paid even after the grace period.

These are just the basic ones. There are more such terms in the life insurance plans that you need to understand. Contact Health Plans in Oregon to get the best Oregon life insurance plans. Talk to our life insurance agents today.

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