What is an insurance applicant?
The person applying for an insurance policy is an applicant. The applicant is usually the intended policyowner after a policy is issued. In automobile insurance, typically the applicant is the registered owner of the vehicle to be insured.
What do you need for a life insurance policy?
Obviously, the life insurance company will need basic information such as your name, address, phone number, date of birth, state/country of birth, citizenship, marital status, occupation (including details of job duties and salary), net worth, driver's license number and social security number.
Who is the insured on a life insurance policy?
The first person, if you will, is the insured, whose life is being insured. That's the person that has to take the physical to get the policy. That's usually the person who's going to pay the premium. And every life insurance policy has a named insured.
How long is the grace period for an individual's life insurance policy?
Most policies have a 31-day grace period after your premium's due date. You can make a late payment without being charged interest and still be covered. If you die during the grace period, your beneficiary gets the death benefit minus the past due premium.