Insurance Terms – Beneficiary & Premium

What is a Beneficiary?

What Is A Beneficiary

A beneficiary is the person or persons named in the policy to receive the insurance proceeds at the death of the insured.

What is an Insurance Premium?

What Is An Insurance Premium

A premium is the payment, or one of the periodic payments, a policy owner agrees to make for an insurance policy. Depending on the terms of the policy, the premium may be paid in one payment or a series of regular payments, e.g., annually, semi-annually, quarterly or monthly. The premium charged reflects the expectation of loss, expenses and profit contingencies.

Learn important common life insurance terms here: