Probate Estate Property that passes to beneficiaries according to the terms of a will.

Probated Refers to a will that has gone through the legal process of probate and thereby determined by a court to be either valid or invalid. Once the probate process is complete and the will proven valid, the property in the estate can be distributed according to the terms of the will. In current usage, the term 'probate' has been expanded to generally include all matters and proceedings relating to the administration of to estates, guardianships, etc.

Provisions Words, sentences, and paragraphs in an insurance contract that specify the terms and limitations of the policy as well as the rights and obligations of the insured and the insurer.

Pure Insurance The difference between the face amount of a life insurance policy and and its cash value.