35

POLICY FACE PAGE

Although the placement of the provisions may vary from company to company, the face pages of most life insurance contracts are quite similar. The face page of the contract usually has the following information:

the name of the insurance company

some specific details for that policy�for example, the name of the insured and the name of the policyowner, the face amount of the policy, the policy number, and the policy date or issue date (some include both dates)

a general description of the type of insurance provided by that policy contract. For example, the face page of a traditional participating whole life policy might read as follows:

Whole Life�Level Face Amount Plan. Insurance payable upon death. Premiums payable for life. Policy participates in dividends. Dividends, dividend credits, and policy loans may be used to help pay premiums.

statement about the policy�s free look provision. This is a provision that gives the policyowner a period of time, usually 10 days, to return the policy after acceptance. The following is an example of such a provision:

Not later than 10 days after you get this contract, you may return it to us. All you have to do is take it or mail it to one of our offices or to the agent who sold it to you. The contract will be canceled from the start, and a full premium refund will be made promptly.

the insurer�s promise to pay. This is the heart of the insurance contract. Three different but typical statements read as follows:

We will pay the beneficiary the sum insured under this contract promptly if we receive due proof that the insured died while this policy was in force. We make this promise subject to all the provisions of this contract.

· · ·

We will pay the benefits of this policy in accordance with its provisions.

· · ·

We agree to pay the death benefits of this policy to the beneficiary upon receiving proof of the insured�s death; and to provide you with the other rights and benefits of this policy.

the signatures of the officers (usually the president and the secretary) of the company, which binds the company to the terms of the contract

The remainder of the required and optional provisions are not usually included on the face page.

Top