Life insurance policy that combines whole life and decreasing term insurance. In this type of agreement, the beneficiary is paid during a specific period of time if the insured dies before the end of the period specified and in addition receives the face amount of the policy either at the end of the specified period or after death of the insured.
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Family income policy (Life Insurance)
An insurance policy that provides income until a date in the future. This date is named in the policy after the insured’s death. The time frame during which income will be paid is calculated from the policy’s inception date. At the end of the income payment period, the total amount of the policy is paid to the policyholder.
Family insurance policy
One life insurance contract that gives coverage to all members of a family. Generally this is whole life insurance on the wage earner, whole life or term insurance on the spouse, and smaller amounts of term insurance on the children including automatic insurance with no premium increase for children born after the policy is issued.
Family Maintenance Policy
A policy that pays an income to the beneficiary starting artier the death of the insured and continuing for a stated period of time. AT the end of the income period, the face amount of the policy is paid to the beneficiary.
Family maintenance policy (Life Insurance)
An insurance policy that pays the beneficiary an income from the date of the insured’s death for a stated timeframe. When this is over, the face amount of the policy is paid out to the beneficiary.
Family member
Under Medicare Secondary Payer guidelines, a person enrolled in a group health plan based on another person’s enrollment (e.g., spouse, adopted child, stepchild, parent, sibling).
Family membership
Health insurance plan that covers a subscriber or member and one or more dependents.
Family policy
Life insurance contract that insures all or several family members. Usually the husband is under a whole life arrangement and the rest of the family is under term insurance, as well as those born after issuance of the policy.
Family policy (Life Insurance)
A policy made up of whole life insurance for the head of a household and term coverage on the rest of the family.
Family practice physician
See: family practitioner (FP) .