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Glossary of Insurance Terms

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Face Amount: The amount of coverage provided by a life insurance policy. This is also referred to as Coverage Amount.

Face Page: One of the first pages of a life insurance policy. This page lists the policy specifications such as the name of the insured, the policy owner, the beneficiary, the policy number, the amount of insurance and the premium amount among other things.

Final Expenses: Expenses incurred at the time of a person's death including funeral costs, probate costs, current liabilities and taxes.

Fixed Benefit: An insurance policy benefit that remains the same and does not change.

Flat Extra: An extra dollar amount per $1,000 of insurance that is charged to cover any extra hazard or special risk such as aviation or hazardous activities. This is commonly referred to as Extra Premium.

Flexible Premium Policy: A type of permanent life insurance policy in which the policy owner may vary the amount or timing of premium payments.

Flexible Premium Variable Life Insurance: A type of permanent life insurance policy in which the policy owner may vary the amount or timing of premium payments. Policy values are variable and depend on the performance of a separate investment account.

Free Look Period: The period of time in which a policy owner has the legal right to examine a newly issued policy and return it for a full refund of premium if not satisfied for any reason. The period of time varies by state and is usually between 10 and 30 days with 10 being the most common.

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