New York Life

Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Beginning of Policy Year Cash Value
The Cash Value at the beginning of that policy year.

Beneficiary
The individual or entity designated to receive a life insurance or annuity death benefit upon the death of the insured or the annuitant.

Beneficiary, Contingent
A secondary or alternate beneficiary.

Beneficiary, Irrevocable
A beneficiary whose interest cannot be revoked without that individual's written consent, usually because the policyowner has made the beneficiary designation without retaining the right to revoke or change the designation.

Beneficiary, Primary
Those who, if living, are first entitled to the proceeds.

Beneficiary, Secondary
Those entitled to receive the policy's proceeds if no primary beneficiary is living when the insured dies.

Broker
In insurance, an agent who places business with more than one company and who has no exclusive contract with one company.

Business Continuation Insurance
Life or disability coverage intended to help a business remain operational in the event of the death or disability of an owner.

Buy-Sell Agreement
In business, a legally binding agreement, generally between several owners or an owner and a key employee, which provides that, if an owner dies, his or her business interest will be purchased by the designated survivor(s). Life insurance is often used to make sure that the money is available to purchase the business interest at the owner's death.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

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