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Actual Cash Value An amount equivalent to the fair market value of the stolen or damaged property immediately preceding the loss.
Binder A temporary or preliminary agreement which provides coverage until a policy can be written or delivered.
Cancellation The termination of insurance coverage during the policy period. Flat cancellation is the cancellation of a policy as of its effective date, without any premium charge.
Credit Life Insurance Insurance issued to a creditor (lender) to cover the life of a debtor (borrower) for an outstanding loan.
Disability Insurance Health insurance that provides income payments to the insured wage earner when income is interrupted or terminated because of illness, sickness, or accident.
Face Amount The dollar amount to be paid to the beneficiary when the insured dies. It does not include other amounts that may be paid from insurance purchased with dividends or any policy riders.
Grace Period A specified period immediately following the premium due date during which a payment can be made to continue a policy in force without interruption.
Guaranteed Insurability An option that permits the policy holder to buy additional stated amounts of life insurance at stated times in the future without evidence of insurability.
Incontestable Clause A policy provision in which the company agrees not to contest the validity of the contract after it has been in force for a certain period of time, usually two years.
Peril The cause of a possible loss. For example, fire, theft, or hail.
Surrender To terminate or cancel a life insurance policy before the maturity date. In the case of a cash value policy, the policyholder may exercise one of the non-forfeiture options at the time of surrender.
Workers Compensation Insurance Coverage providing four types of benefits (medical care, death, disability, and rehabilitation) for employee job-related injuries or diseases as a matter of right (without regard to fault).
Whole Life Insurance To keep the premium level, the premium at the younger ages exceed the actual cost of protection. This extra premium builds a reserve (cash value) which helps pay for the policy in later years as the cost of protection rises above the premium.
Universal Life Insurance works by treating the three elements of the policy, premium, death benefit and cash value separately. Cash values are accumulated by crediting premium payments and interest to a fund from which deductions are made for expenses and cost of insurance.
Variable Life Insurance combines the flexibility of universal life insurance with the investment account features of variable life insurance.
Life Annuity The company will pay you an income for as long as you live.
Period Certain Annuity The company will pay you an income for a specified amount of time (5 years, 10 years, 20 years, etc.).
Life Annuity with Period Certain The company will pay you an income for as long as you live, but if you die before the period certain that you choose, the income will be paid to a survivor you designate until the end of that period.
Joint and Survivor Annuity The company will pay an income to you during your life, and after your death will pay a percentage of that income (50% or 75%, for example) to a survivor you designate during his or her life.
Fixed Annuities guarantee that your money will accumulate at a minimum specified rate of interest. However, the company will pay you a higher rate of interest if its investment experience is better than the minimum guarantee.
Variable Annuities owners direct the distribution of their money among several different accounts and their accumulated funds reflect the experience of those accounts rather than that of the company.
Accidental Death Benefit A rider added to a policy that provides an additional benefi t if the insured dies from accidental causes.
Accumulation Phase The phase in which you pay into your annuity
Annuitization Phase The phase in which you receive monthly payment from your annuity
Illustration A document used in life insurance sales presentations showing year-by-year numbers indicating how a policy will work. Usually it assumes that amounts being paid today will continue in all future years.
Mortality and Expense (M&E) The fee the insurance company charges you to provide you with a lifetime income, and your beneficiaries with a death benefit should you die during the accumulation phase.
Nonforfeiture Options A provision in the policy that allows the policyowner to choose how the cash value of the policy will be used if the policy is surrendered or lapses due to nonpayment of premium.
Non-Qualified Annuity - An annuity that is funded with after-tax dollars.
Participating Insurance Participating Insurance - Insurance on which the policyowner is entitled to share in the surplus earnings of the company through dividends, which reflect the difference between the premium charged and the actual earnings and cost of providing coverage
Qualified Annuity - Annuity that is funded with pre-tax dollars.
Rated Policy A policy issued with an additional premium to cover the extra risk involved if an insured has impaired health, a hazardous occupation or hobby, or is a private pilot.
Term Certain Annuity An annuity that provides you with income payments for a specifi c period of time, such as 10 or 20 years, rather than a lifetime.
Consequential Bodily Injury In Workers Compensation, special circumstances can arise when a work-related injury causes some sort of non-work related injury.
Dual Capacity n Workers Compensation, an employer may be liable two ways to an employee who incurs bodily harm on the job as a result of using a product or service produced by that employer
Hazard A circumstance that increases the likelihood or potential severity of a loss.
PPO network (or group) of preferred providers.
EPO Exclusive provider organization
Automatic Premium loan Loan that prevents the unintentional lapse of a policy
Extended term insurer uses the policy cash value to convert to term for the same face amount as former permanent policy
Reinsurance A contract where one insurance company indemnified another insurance company for part or all of its losses
Popular Insurance sets




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