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Birthdate: January February March April May June July August September October November December 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 1910 1911 1912 1913 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Gender: Male Female

Smoker/Tobacco: Yes No

Health Class: Preferred Plus Preferred Regular Plus Regular

Type of Insurance: 10 Year Level Term 15 Year Level Term 20 Year Level Term 25 Year Level Term 30 Year Level Term To Age 100 Level To Age 121 Level (No Lapse U/L)

Face Amount: $10,000 $25,000 $50,000 $50,000 $75,000 $100,000 $125,000 $150,000 $175,000 $200,000 $225,000 $250,000 $300,000 $350,000 $400,000 $450,000 $500,000 $550,000 $600,000 $650,000 $700,000 $750,000 $800,000 $900,000 $1,000,000 $1,100,000 $1,250,000 $1,500,000 $1,750,000 $2,000,000 $2,500,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 $8,000,000 $9,000,000 $10,000,000

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State: Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

Birthdate: January February March April May June July August September October November December 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 1910 1911 1912 1913 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Gender: Male Female

Smoker/Tobacco: Yes No

Health at Purchase: Do not know Same or worse as now Somewhat better than now Significantly better than now

Type of Insurance: Convertible Term Last To Die with 1 insured deceased Universal Life Whole Life

Face Amount: 250,000 300,000 350,000 400,000 450,000 500,000 550,000 600,000 650,000 700,000 750,000 800,000 850,000 900,000 950,000 1,000,000 1,050,000 1,100,000 1,150,000 1,200,000 1,250,000 1,300,000 1,350,000 1,400,000 1,450,000 1,500,000 1,550,000 1,600,000 1,650,000 1,700,000 1,750,000 1,800,000 1,850,000 1,900,000 1,950,000 2,000,000 2,050,000 2,100,000 2,150,000 2,200,000 2,250,000 2,300,000 2,350,000 2,400,000 2,450,000 2,500,000 2,550,000 2,600,000 2,650,000 2,700,000 2,750,000 2,800,000 2,850,000 2,900,000 2,950,000 3,000,000 3,050,000 3,100,000 3,150,000 3,200,000 3,250,000 3,300,000 3,350,000 3,400,000 3,450,000 3,500,000 3,550,000 3,600,000 3,650,000 3,700,000 3,750,000 3,800,000 3,850,000 3,900,000 3,950,000 4,000,000 4,050,000 4,100,000 4,150,000 4,200,000 4,250,000 4,300,000 4,350,000 4,400,000 4,450,000 4,500,000 4,550,000 4,600,000 4,650,000 4,700,000 4,750,000 4,800,000 4,850,000 4,900,000 4,950,000 5,000,000 5,050,000 5,100,000 5,150,000 5,200,000 5,250,000 5,300,000 5,350,000 5,400,000 5,450,000 5,500,000 5,550,000 5,600,000 5,650,000 5,700,000 5,750,000 5,800,000 5,850,000 5,900,000 5,950,000 6,000,000 6,050,000 6,100,000 6,150,000 6,200,000 6,250,000 6,300,000 6,350,000 6,400,000 6,450,000 6,500,000 6,550,000 6,600,000 6,650,000 6,700,000 6,750,000 6,800,000 6,850,000 6,900,000 6,950,000 7,000,000 7,050,000 7,100,000 7,150,000 7,200,000 7,250,000 7,300,000 7,350,000 7,400,000 7,450,000 7,500,000 7,550,000 7,600,000 7,650,000 7,700,000 7,750,000 7,800,000 7,850,000 7,900,000 7,950,000 8,000,000 8,050,000 8,100,000 8,150,000 8,200,000 8,250,000 8,300,000 8,350,000 8,400,000 8,450,000 8,500,000 8,550,000 8,600,000 8,650,000 8,700,000 8,750,000 8,800,000 8,850,000 8,900,000 8,950,000 9,000,000 9,050,000 9,100,000 9,150,000 9,200,000 9,250,000 9,300,000 9,350,000 9,400,000 9,450,000 9,500,000 9,550,000 9,600,000 9,650,000 9,700,000 9,750,000 9,800,000 9,850,000 9,900,000 9,950,000 10,000,000

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Life Settlement Glossary

P

paid up additions

A dividend option common to participating whole life policies that allows annual dividends to buy small amounts of guaranteed single premium life insurance that are payable in addition to the original face amount of the policy.

paid up death benefit guarantee

A life insurance policy provision that guarantees the contract will not lapse and the death benefit will never be less than the face amount.

paid up policy

A life insurance policy that requires no further premiums.

paramedical report

Most commonly a life insurance physical examination completed by someone other than a physician, and describing a proposed insured's health and medical history .

participating policy

A dividend paying life insurance policy that is often, but not always, issued by a mutual life insurance company.

payor

The individual or entity that pays the premiums of a life insurance policy.

payout options

The distribution options available to receive payouts under an annuity contract.

per capita beneficiary designation

A life insurance policy beneficiary designation that provides equal distributions to the named beneficiaries.

per stirpes beneficiary designation

A life insurance policy beneficiary designation that divides benefits among a class of beneficiaries.

period certain

The specified period that benefits are payable under an annuity certain distribution.

permanent and total disability

A condition that prevents an individual from engaging in any form of gainful employment.

permanent life insurance

A life insurance policy that can be kept in force for the insured's entire lifetime. Usually develops a cash value, but not always.

persistency

The measurement insurance companies use to determine what percentage of customers keep their policies inforce over various time horizons.

planned periodic premium

The amount of premium the policyowner elects to pay into a universal life policy with the flexibility to change it at any time according to the terms of the policy contract.

policy or policy contract

The written insurance contract between the policyowner and the life insurance company including the application, endorsements, and attachments - but excluding the policy illustration.

policy anniversary

The annual anniversary of the original date the policy was issued.

policy date

The date the policy actually became effective, generally indicated on the policy specifications page.

policy dividend options

The options available to a policyowner to use the dividends under a participating life insurance policy.

policy exchange

Generally a tax free exchange of one life insurance policy for another under the terms of section 1035 of the Internal Revenue Code.

policy lapse

The termination of a life insurance policy resulting from non-payment of premiums or insufficient values necessary cover current monthly deductions. During the lapse status a grace period applies that allows policy owners to out more money into the policy in order to preserve coverage.

policy loan

A loan from the insurance company to the policy owner using the cash value of the policy as the sole collateral.

policy owner

The individual or entity that holds all rights to a life insurance policy.

policy year

The individual or entity that holds all rights to a life insurance policy.

policyholders' surplus

Essentially, the "net worth" of a life insurance company after subtracting liabilities from assets.

preferred risk class

In life insurance underwriting, a class or group of insured's who have a statistically lower probability of death than the median for the entire group.

premium

The amount of money paid by the policyowner to the life insurance company under the terms of the policy contract.

premium finance

A transaction between a lender and a policyowner whereby the lender advances premiums subject to the terms specified in the loan agreement.

premium mode

The frequency premiums are scheduled to be paid to the life insurance company by the policyowner. Typically - single, annual, semi-annual, quarterly, or monthly.

premium reduction option

Pertaining to participating whole life policies, the second dividend option which allows annual premiums to be deducted from the premium so the policyowner can pay just the "net" amount.

premium tax

The state tax residents and businesses pay on premiums, collected by the insurance company according to the terms of the policy contract.

premiums in force

The amount of ongoing premiums a life insurance is collecting at a point in time.

premiums written

The amount of premiums a life insurance is anticipated to collect on its applications written.

primary beneficiary

The individual's or entity chosen by the policy owner as "first in line" to receive the death benefit upon the insured's death.

primary company

For life insurance reinsurance purposes, the original writing company for a policy, the one who is seeking reinsurance. From an agent's standpoint, the one company they are most obligated or inclined to place business with.

primary market

Four life insurance or life settlements, the demographic profile of those most sought after for new business.

prime rate

The interest rate banks charge their best customers. Although it often moves in conjunction with rates established by the Federal Reserve or Central Bank, individual banks establish their own prime.

prior approval states

State that require life insurance companies are required to gain regulatory approval for proposed rate changes before they can go into effect.

professional liability

InsuranceLiability insurance carried by an agent, producer, or broker to protect a policyholder from the negative consequences of neglectful acts and/or omissions caused by the agent, producer, or broker.

proof of loss

Evidence presented by the policyowner to the insurance company evidencing a covered loss has occurred.

provider (life settlement)

Unlike a broker who represents and owes a fiduciary responsibility to the seller, a life settlement provider represents the buyer in funding life settlement transactions. They may also buy policies for their own portfolio, for resale to others, or for use in a securitized transaction. Uninformed sellers should exercise extreme caution when dealing directly with providers on their own or through agents who only represent one provider.

purchase agreement

The agreement executed between a provider and a buyer to purchase a life insurance policy or group certificate or an interest in a life insurance policy or group certificate.

purchasing group

An entity that helps insure groups of similar businesses who have similar risk exposures

pure endowment

An outdated form of life insurance that pays the face value in cash if the insured lives to the end of the endowment period.

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