Dividend
A partial return of premium, reflecting the difference between the premium charged and the amount needed to cover the company's operations and payments on claims.

Endowment insurance
Life insurance payable to the insured if he or she is living on the maturity date stated in the policy, or to a beneficiary if the insured dies before that date.


Exclusions
Provisions that explicitly limit the coverage provided by an insurance policy.


Expiration date
The date when an insurance policy ends.

Grace period
A period of time following the date the premium is due, during which a policy remains in force even though the premium has not been paid.







Group insurance
Any insurance plan that covers a number of individuals under a single contract. It is typically issued to an employer for the benefit of employees.


Guaranteed insurability
A life insurance policy provision permitting the purchase of additional insurance at stated times regardless of the condition of the insured person's health.

Incontestable clause
A policy provision that prevents the insurer from challenging or contesting claims after a stated period of coverage, regardless of any misstatements made by the applicant.