Procedure of obtaining legal permission to sell an insurance product within a specific area.

Transmission of an insurance policy to an insured by the insurance company.

Amount of money (cash surrender value) that the policy owner of a life insurance policy may borrow at interest from the insurer.
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UK: a loan made by a life insurer to a policyholder on the security of the surrender value of the policy.

Identification number that is given to a group insurance contract. It contains the account number of the policy together with the policy code number.

MEDICAL,USA: Amount of time an insurance contract is in force.
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Means the period of time between the inception date and time and the expiration date and tie, each as shown in the Schedule, unless the Policy is earlier terminated, in which even such period of time shall end as of the date and time of such earlier termination.
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The amount of time during which the policy is valid.
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The term of duration of the policy. The policy period encompasses the time between the exact hour and date of policy inception and the hour and date of expiration.

Amount of money that the beneficiary of a life insurance policy receives. Also called net policy proceeds.