English for the insurance sector

This is an activity divided up into alphabetical sections. You must drag the words and phrases in the ‘Sort elements box’ next to the corresponding definitions below.

Sort elements

Cash Benefits
Cash Value
Claim
Conditional Receipt
Contestable Clause
Contingent Beneficiary or Secondary or Tertiary beneficiary.
Coverage
Conversion Privilege
Convertible Term
Cross-Purchase Plan

Money that is paid to the insured upon settlement of a covered claim. Often found with Hospital Income Programs, this money is paid directly to the insured rather than the doctor or the hospital directly.

The equity amount or "savings" accumulation in a whole life policy.

Notification to an insurance company that payment of an amount is due under the terms of the policy.

Given to policy owners when they pay a premium at time of application. This binds the insurance company if the risk is approved as applied for, subject to any other conditions stated on tis document.

A provision in an insurance policy setting forth the conditions under which or the period of time during which the insurer may contest or void the policy. After that time has lapsed, normally two years, the policy cannot be contested. Example: Suicide.

Person or persons named to receive proceeds in case the original beneficiary is not alive. Also referred to as

Another word for insurance. Insurance companies use this term to mean either the dollar amounts of insurance purchased ($200,000 of liability), or the type of loss insured (theft).

Allows the policy owner, before an original insurance policy expires, to elect to have a new policy issued that will continue the insurance coverage.

A policy that may be changed to another form by contractual provision and without evidence of insurability. Most term policies can be changed into permanent insurance.

An agreement that provides that upon a business owner's death, surviving owners will purchase the deceased's interest, often with funds from life insurance.

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