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MI Pre-Insurance Lic

D-G - Vocabulary Words

Death Benefit Life insurance policy proceeds paid to the beneficiary upon death of the insured.
Decreasing Term Insurance A type of term insurance, associated with a debt or loan. i.e. a mortgage. Protects the lender if the insured dies.
Deductible The amount of loss paid by the policyowner before the health insurance policy pays the claim.
Deferred Annuity Annuity contract that will not pay income benefits until a later date, usually age of retirement.
Disability A physical or mental impairment caused by sickness or accident that limits a persons ability to work.
Disability Buy-Sell Agreement A type of business continuation plan that gives remaining bus. owner the legal right to purchase disabled owners interest - predetermined price. Proceeds come from a disability income policy.
Disability Income Insurance A type of health insurance policy that replaces the insured's income if he or she becomes disabled/unable to work. AKA - loss of income insurance
Dividend A policyowner's share of divisible surplus (profit after expenses have been meet) paid by participating policy. AKA policy dividends
Dividend Participating policyowners have choices with regard to policy dividends: cash, reduction of future premiums, additional paid-up insurance, accumulate with interest.
Divisible Surplus Extra money resulting from the insurance company's savings in mortality, interest earnings and/or reductions in operational expenses which can be divided equitably among the company's policyholders or stockholders.
Do Not Call List Consumers register private phone numbers with national registry in an attempt to stop telemarketing calls. Exemptions include an establish relationship between a business & consumer.
Domestic Insurer An insurance company organized and incorporated in a state & selling policies to residents of that state.
Dread Disease Policy A health insurance policy that provides coverage only for a specified named illness, i.e. a cancer policy
Effective Date The date the insurance policy begins or goes into effect.
Eligibility Period The time which employees enroll in the group insurance plan w/out providing evidence of insurability. After an employer probationary period has been met.
Elimination Period With a disability income policy, it's the period of time beginning with the insured's disability and the start of disability income benefits paid. A waiting period to receive policy benefits.
Employee Retirement Income Security Act (ERISA) Federal Law - protects the interest of employees (& beneficiaries) in employer sponsored benefit plans.
Endorsement An attachment or rider to a policy that alters coverage (restricts or increases). The terms take precedent over the policy.
Endowment Policy A type of permanent life insurance that provides for a death benefit if the insured dies during the term or pays the proceeds at the end of the term as a living benefit.
Entire Contract A policy provision - the application, policy & any attached riders constitutes the entire contract between the insurer & policyowner.
Equity-Indexed Annuity A type of fixed or guaranteed annuity that offers excess interest based on the insurance company's investment of premium compared to a stock index, such as the S&P 500 index.
Evidence of Insurability A statement, or proof of physical condition or occupation, that the proposed insured is insurable.
Exclusion Rider A health insurance rider that takes away coverage that the policy would normally provide because of a preexisting condition.
Exclusions A list of conditions not covered by the policy.
Extended Term Insurance A nonforfeiture option, allows the policyowner to use cash value of lapsed permanent policy - as a net premium to purchase term insurance with the same amount of protection as the lapsed policy.
Face Amount The principal sum of the insurance contract. AKA - death benefit of a life insurance policy.
Fair Credit Reporting Act Federal Law - protects the consumer when their credit rating is examined with an insurance application. Law requires disclosure of credit inspection.
Federal Insurance Contribution Act (FICA) Mandatory payroll tax to the SS program made by employers and employees to fund present and future SS benefits
Fee-For-Service A payment system were the medical provider is paid at the time the service is rendered.
Fiduciary A person, in a position of trust, responsible for someone else's money. i.e producer receives check for premium.
First Dollar Coverage A health insurance policy that does not have a deductible. The company pays first when a claim is submitted.
Fixed Amount Settlement A life insurance settlement option that pays the policy proceeds in periodic installments of a fixed dollar amount (as opposed to a lump sum)
Fixed Annuity Guarantees the interest rate on premiums & the amount of payments received. Does not guarantee to keep pace with inflation.
Fixed Period Settlement A life insurance settlement option that pays the policy proceeds in periodic installments for a stated number of payments.
Flexible Premium A premium method that allows the amount and timing to vary upon the policyholder's discretion.
Flexible Spending Account (FSA) Employees pick from a selection of qualified benefits. Employee pays into the FSA via payroll deductions.
Foreign Insurer An insurance company organized & incorporated in a state selling policies to residents of other states.
Fraud The deliberate attempt to deceive another for financial gain.
Free Look A provision that gives the policyholder the right to review the policy for a stated number of days, usually 10, and receive a full refund if the policy is returned to the insurance company.
Fully Insured A status of eligibility under SS that provides for complete benefits.
Gatekeeper An arrangement were a primary care physician coordinates all healthcare for the HMO member.
General Account The insurance company's account for investing policyholder premiums in safe and conservative investments.
Government Insurer Social insurance programs, i.e. Medicare and Medicaid - provided by federal or state government.
Grace Period A period of time after the due date of a premium were the policy remains in force
Gross Premium The amount paid by a policyowner that was calculated by an actuary using 3 factors: risk + operating expense (Loading) - investment income.
Group Insurance Policy that covers persons with a common affiliation of interest, such as an employer group, under one master policy.
Guaranteed Insurability An option or rider that allows the policyowner to purchase additional coverage without evidence of insurability.
Guaranteed Renewable A health contract that allows the policyowner to continue the policy for a substantial period of time by paying the premium. Continued coverage is guaranteed, premium rate can change.
Created by: Rosemj42
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