insurance policy endorsement definition beneficiary
Application - A statement of information made by a person applying for life insurance. It helps the life insurance company assess the acceptability of risk. Statement made in the application are used to decide on an applicant's underwriting classification and premium rates. Beneficiary - The person named in the policy to receive the insurance proceeds at the death of the insured. Anyone can be named as a beneficiary. Bonus Rate Annuity - An extra percent of interest credited to an annuity during the first year that it is in force.