Agent – A person licensed in your state to sell insurance. Agents affiliated with the Mutual of Omaha companies can offer you a wide selection of insurance products that can help secure your family's financial future.

Benefit – This is the amount of money that a policy pays in the event of a covered loss or expense.

Benefit Period – The time frame when the benefit may be paid out.

Cash Value Life Insurance – Whole life insurance that accumulates a cash value that the policyholder may borrow against. The available cash value is paid out to the policyholder if the insurance is canceled.

Certificate of Insurance – A statement of coverage issued to an individual insured under a group insurance contract, outlining the insurance benefits and principal provisions applicable to the insured. The coverage under the certificate will cease in the event that the Master Policy under which the certificate was issued is cancelled.

Claim – A request to the insurance company for payment due to a covered loss or expense.

Endorsement – This is an addendum to a policy that changes the benefits.

Exclusion – An expense or loss that is NOT covered under an insurance policy.

Family Coverage – This refers to insurance that covers a person and all eligible members of his or her family on the same policy.

Graded Benefit – A life insurance policy which pays a reduced benefit if death due to natural causes occurs during an initial period (usually two years from the day the policy is issued). This graded death benefit always is greater than the amount of premiums paid prior to the insured’s death, but less than the policy’s face value.

Insured – the individual covered under the policy. For example, if you have a life insurance policy that pays a death benefit to your beneficiary in the event of your death, you’re the insured.

Insurer – This is the company issuing the policy.

Policy (or Certificate) Date – This refers to the date that the coverage is issued and takes effect.

Policyholder – This is the individual who owns the insurance policy.

Pre-Existing Condition – an Illness, injury or medical condition that the insured had prior to the insurance coverage went into effect. The insurance policy may exclude or provide only limited benefits for pre-existing conditions, as defined by the policy.

Premium – The payment that the insured makes to keep insurance coverage in force.

Universal Life Insurance – A cash value insurance product that allows policyholders to change their premium amounts and face value at certain times.