The secondary beneficiary is the person named to receive benefits if the primary beneficiary is not...
Decreasing term life insurance refers to a term life insurance policy where the face amount declines by a stipulated amount on a periodic basis.
Decreasing term life insurance is often used to insure the reducing monthly balance of a home mortgage. An example of a decreasing term life insurance policy is a policy with an initial face amount of $250,000 that decreases by the amount of the remaining mortgage. It decreases as the mortgage is amortized.
The secondary beneficiary is the person named to receive benefits if the primary beneficiary is not...