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Main Insurance Terms standard provisions, life insurance

standard provisions, life insurance



elements common to all life insurance policies. While state insurance laws do not prescribe the exact words that must be in a life insurance policy, certain standard provisions must be included to provide specified basic benefits for an insured, who cannot be charged extra for them. Additional benefits can be provided, if the insurance company desires. Standard provisions include thebeneficiary-grace period-incontestable clause-nonforfeitability(cash surrender benefit, reduced paid-up benefit, extended term benefit)-policy loanreinstatement-suicide clause-war exclusion clause.

Referring Terms: insurance contract, life
insurance contract, property and casualty
standard insurance contract provision
standard policy


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standard provisions, life insurance