Financial Literacy – Life Insurance Example
Key Life Insurance Terminology
Owner: Person who controls rights to the policy and pays the premium (it’s usually you)
Insured: The person whose life is covered (again, you)
Insurer: The company who pays the death benefit if the insured dies.
Beneficiary: Person(s) who gets the money when the insured dies (in my case, mom).
Premium: Payments made by owner to the insurer (you pay this, usually monthly).
Death Benefit: The money paid to the beneficiary..
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