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Life Insured:
The Persons Life Is coveredv by the insurance policy, obviously haha ?Life Coverage -
This type of life coverage lasts for only a specific period of time.
(the term) and has a defined ending date
Primary Beneficiary
The person or persons designated to receive the proceeds of the life insurance policy upon the death of the Insured.
Lapsed Policy
A policy will get terminated due to non payment of the premium amount. The policy will get lapsed, only when the due premium is not paid even after the grace period.Although some life insurance companies offer the body to revive the lapsed Policy I'd Outstanding premiums are paid by the supposed policyholder