Almost never sold any more because level term insurance is so much less expensive.Delivery: The actual placing of a life insurance policy in the hands of an insured.
Conditional Receipt: This is the more exact terminology for what is often called a receipt.
It provides that if premium accompanies an application, the coverage will be in force from the date of application, or medical examination, if any, whichever is later, provided the insurer would have issued the coverage at the rate applied on the basis of the facts revealed on the application, medical examination and other usual sources of underwriting information.
Age: Most insurance companies calculate their insurance rates and the premium you will pay by nearest age.
For example: You are 45 and it is December and your birthday is in March.
Some State laws often limit to six months but it varies by insurance carrier as well. Proceeds are paid to whomever is named as beneficiary, no matter what your Will or estate plan might say.
Beneficiary: The person designated to receive the death benefit when the insured dies. Business Insurance: Policies written for business purposes, such as corporate life insurance, key man insurance, buy-sell, business loan protection, etc.Everything you want to know about life insurance but were too bored to ask.These life insurance FAQ’s will give you real knowledge about how life insurance works.Because in 3 months you will turn 46, you are closer to age 46 (your nearest age) in the eyes of the insurance company.They will charge you the premium of your nearest age and not your current age.Note: Some insurance companies will not do this but most do.