Some common legal terms and definitions:
Accidental death: A case where death was unintentional due to an accident or disaster which is usually covered under a specific clause of life insurance
Beneficiary: The person who receives the assets and monetary awards of the deceased, usually named in writing in both will and the insurance policy
Coverage: The amount and extent of protection against disaster covered by an insurer
Delay: A common insurance company tactic, delays may include dodging your calls, asking you to submit more forms or other actions that unreasonably put off payment
Life Insurance Denial: Refusal to pay policy benefits to a beneficiary, usually citing material misrepresentation as the reason for denial
Lapse: A period of time where the policyholder is not covered, usually due to lack of payment
Policy: A legally binding contract between an insurance company and a policyholder
Policyholder: The person named on an insurance policy
Premium: A set amount paid per month to the insurance company by the policyholder for continuation of coverage
Settlement: An agreement reached between two parties without the necessity of going to trial, and also a term for the sum of money paid to the grieving party
Will: A legal document outlining a person’s wishes regarding distribution of property, estate and assets after death
Wrongful death: A case where negligence or potentially harmful actions resulted in the death of another person
Do you have more questions? We’ll be happy to answer them in your free consultation. Contact the attorneys at Life Insurance Law today.
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