A participating policy is one in which insurance policies pay out dividends to the policy holders.

They are essentially a form of risk sharing, in which the insurance company shifts a portion of
risk to policyholders.
A non-participating life insurance plan is one where the policyholder does not receive any
bonuses or add-ons in the form of dividends declared by the insurer from time to time.
Term insurance is a type of life insurance policy that provides coverage for a certain period
of time or a specified "term" of years. If the insured dies during the time period specified in
the policy and the policy is active, or in force, a death benefit will be paid.
The “parties” to a life insurance contract are the insured, the owner of the policy (if different
from the insured) and the insurer. The beneficiary has an interest in the policy but is not
a party to it.
On a universal whole life policy, the rider is known as a "waiver of cost of insurance." The rider
covers the cost of the insurance, but not the other portion of the premium that pays for the
investment component of the whole life policy.

Insurance Risk. The likelihood that an insured event will occur, requiring the insurer to pay a
claim. For example, in life insurance, the insurance risk is the possibility that
the insured party will die before his/her premiums equal or exceed the death benefit.
Life insurance coverage usually stays in effect during the grace period. If an insured dies
during the grace period, an insurer is obligated to pay the life ... If an insured dies after
a policy had lapsed, no benefits will be payable the beneficiary. ... when the premium is due
and when the policy will lapse if a premium is unpaid.

The owner is the person who buys an annuity. An annuitant is the individualwhose life is
used as the yardstick for determining when benefits payments will start and cease.
A convertible insurance policy is a term usually related to life insurance. ... This type
of policy provides the benefit of obtaining less expensive term life insurancenow while
maintaining the option to convert to a permanent policy at a later date asinsurance needs and
financial resources change.
Term insurance has two features that make it attractive: A guarantee on the premium and
survivor benefit for a defined amount of years, depending on the company, age of the insured,
and other factors. No capability of accumulating cash inside the policy. You can't pay an extra
premium to get extra benefit.3
Assuming you are talking about individual insurance that the deceased paid for himself, many
insureds fail to name beneficiaries for their insurance policies.
And ifone names no beneficiary, or the named beneficiary dies and there is no
"contingent beneficiary" named, the insurance company pays the estate.
In case the premium is not paid on the due date, the policy is considered as lapsed and
the policyholder loses its benefits. Most policy contracts, however, provide for a 'grace period',
which gives the policy holder an additional period of time after the due date for the payment
of the premium
Anti-selection is a term that is often used in conjunction with adverse selection. It is defined
as an increase in the chance for a person to take out an insurance contract because they
believe their health risk is higher than what the insurance company has allowed for in the
premium amount.