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It will pay the benefit (sometimes a lesser amount than the death benefit) under certain specified conditions, such as a terminal disease (check your policy for exact conditions and the maximum amount paid).

Age nearest birthday: A method use by some insurance companies to compute an insured’s age as that nearest the closest birthday.

Therefore, if the insured has passed six months after the last birthday, he or she is considered to be one year older (as opposed to age last birthday).

Age: For life insurance purposes, the age in years of an applicant or insured.

Some companies us the age at the last birthday, while others use the age at the nearest birthday, prior or succeeding.

An insurance company actuary determines, on the basis of existing experience, the monetary value of risk presented by age, sex, health and lifestyle factors.

As an example, an actuary can determine the extra cost of risk presented by a cigarette smoker and present the findings to the insurance company to help compute the extra premiums a smoker will pay.Application: A form supplied by the life insurance company and usually filled in by the agent and medical examiner (if applicable) on the basis of information received from the applicant.The form is signed by the applicant and becomes part of the insurance contract if a policy is issued.Agent: Anyone who solicits insurance or aids in the placing of and delivering of insurance policies and/or the collection of premiums on behalf of an insurance company.Annual Premium: The total premium amount due on an annual basis to meet the contractual requirements of a policy and to keep it in force.In this life insurance glossary, we have defined many of these terms used throughout this website and, perhaps in your policy).

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