Rider
A rider, also known as an endorsement or addendum, is a modification or addition to an existing insurance policy that alters the terms of the original policy.
Insurance Glossary
Glossary/Encyclopedia of insurance terms. In addition to the brief description of insurance terms, we have also provided detailed explanation of each term. By selecting ‘More Details’ in each term, you can view the detailed explanation of the term with examples.
Surrender Charges
Surrender charges are fees that may be assessed by an insurance company when a policyholder surrenders or terminates a life insurance policy with a cash value component, such as a whole life insurance or universal life insurance policy, before a specified period.
Surrender Value
Surrender value is the amount of money a policyholder receives when they surrender or terminate a life insurance policy with a cash value component, such as a whole life insurance or universal life insurance policy.
Survivorship Clause
A survivorship clause, also known as a survival clause, is a provision in a life insurance policy or annuity contract that requires the beneficiary or annuitant to survive the insured or annuitant for a specific period of time in order to receive the death benefit or annuity payments.
Term Life Insurance
A type of life insurance that provides coverage for a specific period of time (the “term”).
Universal Life Insurance
A type of permanent life insurance that allows for flexible premium payments and adjustable death benefits.
Whole Life Insurance
A type of life insurance that provides coverage for your entire life.