1) life insurance in general Flashcards
1
Q
What is the Insurer
A
The insurer pays the benefit when the covered risk occurs
2
Q
what is the policyholder
A
The person who owns the insurance contract.
3
Q
What is the life insured
A
The person whose life the life insurance contract is taken on
4
Q
What is the beneficiary
A
The person who receives the benefits when the covered risk occurs
5
Q
What is mortality rate
A
The ratio of deaths for a given population. This is used by insurance companies to determine the premiums required to cover risk.
