009.08(A)(iv) LIFE INSURANCE TERMS.

Definitions regarding life insurance that may be used in determining eligibility are: (a) Cash surrender value is the amount the insurer will pay, usually to the owner, upon cancellation of the policy before death of the insured or before maturity of the policy. (b) Face value is the basic death benefit of the policy exclusive of dividend additions or additional amounts payable because of accidental death or under other special provisions. In determining the face value of a policy, the original face value of the policy is used. (c) Insured refers to the person whose life is insured. (d) Insurer refers to the company that insures others. (e) Owner refers to the person who has the right to change the policy.