Backdating life insurance
Premiums would be required back to the backdated policy date.
Backdating a policy may not necessarily be worth the added cost of the premiums.
After this time has lapsed, typically two years, the policy cannot be contested. Contingent Beneficiary: Person or persons designated to receive the value of an insurance policy in case the original beneficiary is not alive.Accelerated Benefits Rider: An adjustment (rider) to a life insurance policy that allows for the early payment of some portion of the policy’s face amount should the insured suffer from a terminal illness or injury.Accidental Death Benefit Rider: An adjustment (rider) to a life insurance policy that provides for payment of an additional cash benefit when death occurs by accidental means. Accidental Death Insurance: An Insurance poicy that provides payment if the insured’s death occurs as a results from an accident.Backdating is often used to make the age of the applicant lower than it actually was at the time of application so that he/she can get a lower premium. Bailee Coverage: Coverage on property left in the care of the insured for storage, repair or servicing Basic Cause of Loss Form: Property coverage for named perils: Fire, Lightening, Explosion, Smoke, Windstorm, Hail, Riot, Civil Commotion, Aircraft, Vehicles, Vandalism, Sprinkler Leakage, Sinkhold Collapse and Volcanic Action Basic Limits: The minimum limits of liability that can be carried by an insured Beneficiary: The designated person set to receive the death benefit if the insured should die. A binder is given to an applicant for insurance during the time it takes the an insurance company to complete the policy paperwork.Bodily Injury by Accident Limit: The most an insurer will pay under Part Two of a Workers’ Compensation Policy for claims arising out of any one accident, regardless of how many employee claims arise out of the accident Bodily Injury by Disease, Each Employee : The most an insurer will pay under Part Two of a Workers’ Compensation Policy for damages due to bodily injury by disease to any one employee Bodily Injury by Disease-Policy Limit : The most an insurer will pay under Part Two of a Workers’ Compensation Policy employee bodily injury by disease claims during the policy period regardless of the number of employees who make such claims Bodily Injury Liability Limit: The insured is legally liable for damages due to bodily injury, sickness, or disease, including resulting death Boiler & Machinery Insurance: Coverage for loss caused by mechanical or electrical equipment breakdown, including damage to the equipment Bond: A written agreement in which one party, the surety, guarantees the performance or honesty of a second party, the principal (obligor), to the third party (obligee) to whom the performance or debt is owed Brands and Labels Endorsement: Property insurance coverage that allows the insured to remove labels from damaged goods or mark the items as ‘salvage,’ provided the goods are not damaged in the process Broad Causes of Loss Form: Property coverage for the named perils: Fire, Lightening, Explosion, Smoke, Windstorm, Hail, Riot, Civil Commotion, Aircraft, Vehicles, Vandalism, Sprinkler Leakage, Sinkhole Collapse, Volcanic Action, Breakage of Building Glass, Falling Objects, Weight of Snow, Ice or Sleet, Water Damage (in the form of leakage from appliances) and Collapse from Specified Causes Building Ordinance Coverage: Covers against loss caused by enforcement or ordinances or laws regulating construction and repair of damaged buildings Burglary: Theft of property by forcible entry, which is evidenced by visible signs, in a premises, by a person Business Auto Policy: Auto Policy for businesses that includes auto liability and auto physical damage coverages Business Income Coverage: Insurance covering loss of income by a business when operations are interrupted due to property loss that is a covered cause of loss Business Interruption Coverage: See Business Income Coverage Business Owners Policy (BOP): A policy that combines property and liability coverages for special types of small businesses Care, Custody or Control: An exclusion of liability insurance which eliminates coverage for damage to property in the insured’s care, custody or control Carrier: The insurance company which provides coverage Cash Benefits: The Money that is paid to the policy holder upon settlement of a covered claim.