In a previous post, we introduced you to some of the most common terms used by insurance 
companies, agents and brokers to describe certain details of various income insurance policies. In the last post we described what accident, accidental death benefit, benefit limit and benefit period all mean.
Part two of this short series will continue reviewing insurance terminology in alphabetical order, so you can further understand the language as it pertains to your own policy.
Change of Beneficiary
This is for policies that have an accidental death provision – this is the person designated by the insured to receive the death benefit in the event of the death of the insured – usually a spouse or child(ren). Revocable beneficiaries can be changed by the insured, but irrevocable beneficiaries cannot be changed, so pay attention to this detail.
Change of Occupation: This provision basically says that if you change to a more or less risky occupation, the insurance company should be notified. Your premium would be adjusted according to the increased or decreased risk – however, if you don’t notify the insurance company of a change, the company reserves the right to adjust your benefit down from the original amount.
Claim Forms: You (the insured) fill out these forms when you have a claim. You may have these when you receive the policy documents, but if not, contact the insurance company – they have 15 days to submit the forms to you. No claim is processed without the forms filled out completely and in a timely fashion.
Consideration: This is the value each side gives to the insurance contract. As the insured, your consideration is the accurate information on the application for coverage and any or all premiums you pay. The insurance company’s consideration is its promise to pay the benefits stated in the policy.
Contestable Period: Generally, an insurance company may contest information on your application for up to two years from the first day the policy was in force. This is the contestable period. After those two years, any statement made on the application cannot be contested, though some states have eased that standard to three years or more.