Glossary of Insurance Terms

Term Conversion: A policy provision that allows a term life insurance policy to be converted to a permanent life policy offered by the company for a specified period of time. Usually the insured can convert to a permanent policy at the same amount of coverage without providing evidence of insurability.

Term Life Insurance: A life insurance product that provides death benefit protection for a specified period of time. The policy pays benefits only if the insured dies during the term.

Third-Party Owner: A policy owner who is not the insured.

Tobacco: Examples include, but are not limited to cigarettes, cigars, chewing tobacco, and snuff. Use of these products can have an impact on the rating class you receive.

Twisting: The illegal practice of inducing a policy owner to replace a policy by providing inaccurate, incomplete or misleading information.