4. Dividend
A return of part of the premium on participating insurance that is based on the insurer’s investment, mortality and expense experience. Dividends are not guaranteed.

5. Face Amount
The amount stated on the face of the policy that will be paid in case of death. It does not include additional amounts payable under accidental death or other special provisions, or acquired through the application of policy dividends.

6. Insurability
Acceptability to the company of an applicant for insurance.

7. Insured or Insured Life
The person on whose life the policy is issued.

8. Level Premium Life Insurance
Life insurance for which the premium remains the same from year to year. The premium is normally more than the actual cost of protection during the earlier years of the policy and less than the actual cost in the later years. The building of a cash value is a natural result of level premiums over a long period. Term policies generally have level premiums for the initial term, though they generally have no cash value. The payments in the early years, together with the interest that is to be earned, serves to balance out the underpayment of the later years.

(Source:MetLife)