Beshak Insurance dictionary

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Policy Life Stages
Term Life Insurance

Issued Active Policy (In Free-look)

Policy-in-force (Outside Free-look)

Policy Void (Suicide)

Policy Expired (in grace period)

Policy Forfeited / Lapsed (in revival period)

Policy Forfeited (Misrepresentation found in first 3 years)

Policy Terminated (after revival period)

Free Look period > Grace period > Revival Period

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