C
CASH VALUE
In a life insurance policy, cash value is the amount of money, before adjustment for
factors such as policy loans or late premiums, that the policyowner will receive if the
policyowner cancels the coverage and surrenders the policy to the insurance company.
Cash value is a feature of most types of permanent life insurance, such as whole life
and universal life insurance.
CONTINGENT BENEFICIARY
The person entitled to life insurance or annuity benefits if the primary beneficiary
predeceases the insured
CONVERSION PRIVILEGE
The right to change insurance coverage in certain prescribed situations from one type of
policy to another, for example, the right to change from an individual term insurance
policy to an individual whole life insurance policy or universal life insurance policy.
CONVERTIBLE TERM INSURANCE
A type of term insurance that allows the policyowner to exchange the term insurance policy
for a permanent life (e.g., whole life, universal life, variable life) policy without providing
new evidence of insurability. The premium rate is normally based on the age of the insured at the time of the conversion.
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