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The beneficiary is the recipient (or recipients) of your policy’s death benefit. This can be one or several people, trusts, or organizations. You choose who you want to receive the death benefit and what percentage of it each receives. For example, if you have kids, you may choose to make them your beneficiaries since they depend on you financially.

This is the dollar amount that you are insured for, which will be paid out in the event of your death while the policy is inforce. Coverage is sometimes referred to as the Coverage Amount and Death Benefit Amount.

Life insurance companies categorize people into risk groups based on various factors, including your individual and family health profile, lifestyle, driving record, financial condition, and more. The premium amount required for your policy will be based on your health rating. The health rating is known as "Risk Class" in your quote and policy.

A premium is the amount that you pay to purchase life insurance coverage. The premium is related to the amount of coverage, your age when you purchase the coverage, and your health rating.

The process by which an insurance company determines the risk of insuring you.