"From the onset, I have met with competence, consideration and kindness in support that was much needed... While not used by me for years, when I did need it, it was there and ready to do it's very good job for me."

H.L., St. George

Insurance terminology can often provoke questions. Here's a list of explanations and definitions that will help.

Accidental Death Benefit - An additional benefit that is paid out to the beneficiary if the insured person's death is due to an accident.

Accelerated Death Benefit Rider - A life insurance policy rider that allows the policy owner to receive a portion of the policy's death benefit while still living, providing the insured person is inflicted with a terminal illness and has a limited life expectancy. Also referred to as a living benefits rider.

Beneficiary - The person(s) or party that the policy owner names to receive the death benefit in the event of the policy owner's death. A primary beneficiary is the party that will receive the death benefit upon the death of the insured person. A contingent beneficiary is the party that will receive the death benefit if the primary beneficiary dies before or at the same time as the policy owner.

Conversion Privilege - A policy provision that allows the yerm life policy owner to convert his or her policy to a permanent term life insurance policy without providing medical evidence of insurability.

Dependents' Insurance Rider - An optional life insurance policy rider that provides term insurance coverage on the life of each of the policy owner's children.

Decreasing Term Life Insurance - A form of life insurance policy in which the policy's death benefit decreases over the term of the plan.

Disability Insurance - A form of insurance which provides income replacement benefits to an insured person who cannot return to employment due to an illness or injury.

Evidence of Insurability - Proof, usually in the form of a medical examination, that a person can be insured for life or disability insurance.

Exclusion - A policy provision which describes circumstances under which policy proceeds would not be paid by the insurer.

Fraternal Benefit Society - A company that is formed to provide insurance and social benefits to a group of people (members) sharing some common background, such as culture, religion or occupation.

Grace Period - A specified period of time that a policy owner has to pay renewal premiums without the policy being lapsed (canceled).

Income Replacement - This type of insurance solution addresses your concerns about securing your children's education and leaving them tax-free gifts, even after your retirement. Income Replacement insurance is important especially because your Board coverage will not last.

Insurable Interest - A condition in which the person applying for an insurance policy and the person who is to receive the policy benefit will suffer an emotional or financial loss if the event insured against occurs. Without the presence of the insurable interest, an insurance contract is not formed for a lawful purpose and, thus, is void from the start.

Insured Life or Insured Person - The person whose life is being covered by an insurance policy.

Lapse - The cancellation of an insurance policy due to non-payment of renewal premiums during the grace period.

Level Term Life Insurance - A form of life insurance in which the death benefit remains the same throughout the term of the plan.

Open Contract - A type of contract under which a society's charter, constitution, and bylaws become a part of the insurance contract, and any amendments to them automatically become amendments to the insurance contract.

Paid up Policy - A policy that remains active without any further requirement of premium payments.

Pension Maximization - Most couples are concerned that their retirement income will be insufficient. With the Pension Maximization insurance solution, your survivor pension income will be maximized. Neither you or your partner will have financial concerns if the other dies.

Permanent Insurance - A form of life insurance that provides lifetime coverage to the policy owner. This type of policy also provides a savings element that builds a cash value in the policy.

Policy Owner - The person who owns an insurance policy.

Pre-Existing Condition Provision - A provision in the insurance policy which stipulates that benefits will not be paid for any injury or sickness that occurred prior to issuance of the policy, until the insured person has been covered under the policy for a specified period of time.

Premium - Payments made by the policy owner to the insurer for the insurance policy.

Reinstatement - The process of re-activating a life or disability insurance policy that was previously terminated due to non-payment of premiums. Reinstatement of a policy may be subject to certain stipulations. Payment of premiums back to the cancel date is usually required.

Supplemental Coverage - Your board/group insurance coverage is often a condition of employment and does not guarantee you the same protection throughout your career. With supplemental insurance, you have a plan that is unique to your needs; one that you control; one that you can adjust to give you the coverage you want every stage of you life.

Term Life Insurance - A form of life insurance that provides coverage for a specified period of time.