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Sort By:- Annuitant:The person receiving the annuity. Read More
- Accident:
An unexpected event, unforeseen and unintended. Read More- Administrator (executor):
The person appointed by a court to settle an estate, sometimes called an executor. Read More- Alien Company:
An insurer organized and domiciled in a country other than the United States. Read More- Applicant:
The person making application to the insurance company for a policy. Read More- Assignee:
The person to whom policy rights are assigned by the policy owner. Read More- Authorized Company:
An insurer permitted to sell insurance within a state. Read More- Attained Age:
The current age of the insured Read More- Claim:
A demand for payment under the insurance policy. Read More- Assignment:
Transfer of rights in a policy to other than the policy owner. Read More- Certificate:
A statement or evidence that a policy has been written and stating the coverages in general. Read More- Deductible:
Dollars or percentage of expense that will not be reimbursed by the insurer. Read More- Cancellation (termination):
Termination of contract of insurance in force by voluntary act of the insurance company or insured. Read More- Application:
A form on which the prospective insured states facts requested by the insurer and on the basis of which the insurer decides whether or not to accept the risk Read More- Contract:
A legal agreement between two parties for consideration, such as an insurance policy. Read More- Accidental Death and Dismemberment insurance (AD&D):
A form of life insurance that provides payment if death or dismemberment of the insured results from accident. Read More- Death Benefit:
The policy proceeds to be paid upon the death of the insured. Read More- Classification:
The grouping of persons for the purpose of determining an underwriting or rating group into which a particular risk must be placed Read More- Annuity:
1) An amount of money payable yearly or, at other regular intervals. 2) An agreement by an insurer to make periodic payments that continue for a specified period. Read More- Dividend Options:
Ways an insured may receive policy dividends. Read More- Dividend:
The return of part of the premium paid for a Participating policy. Read More- Collateral Assignment:
Assignment of part of the proceeds of an insurance policy to a bank as collateral to settle the loan balance that may exist at the insured's death. Read More- Cancelable:
An insurance contract that may be terminated by the insurance company or insured at any time. Virtually every form of insurance is Cancelable except Life insurance and those Health policies designated .... Read More- Business Insurance:
Life or Health or Disability insurance written to cover business situations such as key person, sole proprietor, partnership, corporations, etc. Read More- Nonprofit Insurance Companies:
Companies organized under special state laws to supply medicalexpense insurance, usually on a Service basis. "Blue plans" are a historical example. Read More- Concealment:
The withholding of facts by an applicant for insurance that materially affects an insurance risk or loss. Read More- Cash Surrender Value (cash value):
The value in a policy that is the legal property of the policy owner, and that may be expected by him should he surrender it for cash. Read More- Conditional Receipt:
Provides that if premium accompanies an application, coverage shall be in force from the date of application (whether the policy has yet been issued or not) provided the insurance company would have issued .... Read More- Contingent Beneficiary (Secondary Beneficiary):
Person or persons named to receive benefits if the Primary Beneficiary is not alive. Read More- Coinsurance (participation):
1) In Property insurance, a clause under which the insured shares in losses to the extent that he is under insured at the time of the loss. 2) In Health insurance, a provision that the insured and insurance .... Read More- Conditionally Renewable:
A contract of Health insurance that provides that the insured may renew the contract to a stated date or an advanced age, subject to the right of the insurer to decline renewal only under conditions defined .... Read More- Deferred Annuity:
An Annuity on which payments to the annuitant are delayed until a specified future date. Read More- Convertible Term Insurance:
A Term policy that can be converted to a permanent type of coverage without proof of insurability. Read More- Conditions:
The part of an insurance contract setting out the responsibilities of both the Insured and the Insurer. Read More- Decreasing Term Insurance:
Term insurance whose amount of coverage starts out at the full amount, then gradually decreases until the expiration date of the policy. Read More- Effective Date:
The date on which an insurance policy or bond goes into effect and from which protection is furnished. Read More- Corridor Deductible:
A Major Medical deductible that applies between benefits paid by the Basic plan and the start of the Major Medical benefits. Read More- Consideration :
The exchange of value on which a contract is based. In Life and Health insurance, the Consideration is the premium and the statements in the application. Read More- Domestic Insurance Company:
An insurance company formed under the laws of the state in which the insurance is written. Read More- Endorsement (Rider):
A form attached to an insurance contract changing part of the contract. Read More- Hazard:
Any factor tending to make a policy owner a less-desirable risk for the insuring company. May be Physical or Moral (health, occupation, dangerous sports, criminality, immorality). Read More- Disability Income Insurance:
A form of Health insurance that provides periodic payments to replace income, actually or presumptively lost, when the insured is unable to work as a result of sickness or injury. Read More- Earned Premium:
That portion of the premium for which policy protection has already been given during the now-expired portion of the policy term. Read More- Endowment Policy:
A permanent life policy for which premiums are paid for a limited number of years. If the insured is alive at the end of this premium-paying period, she receives the face amount of the policy. If the .... Read More- Major Medical (health insurance):
A form of Health insurance that combines the coverage of Major Medical and Basic Medical Expense contracts into one broad contract that provides coverage for almost all types of medical expense usually .... Read More- Double Indemnity:
Payment of twice the basic benefit in the event of loss resulting from specified cause or under specific circumstances. Read More- Eligibility Period:
The period following the Probationary Period during which the employee is eligible to obtain non-medical coverage under the Group Life plan. Read More- Exclusions:
Causes, conditions, or property listed in the policy that are not covered and for which no benefits are payable. Read More- Direct Writer:
An insurance company that sells its policies through licensed producers who represent the insurer exclusively, rather than through independent local producers, who represent several insurance companies. Read More- Face Amount (coverage):
The amount indicated on the face of the policy that will be paid at death or when the policy matures. Read More- Foreign Company:
An insurer organized under laws of a state other than the one in which the insurance is written. Read More- Fraud (misrepresentation):
An intentional misrepresentation made by a person with intent to gain advantage, and relied upon by a second party that suffers a loss. Read More- Health Insurance:
Broadly, coverages to provide benefits upon the occurrence of disabling sickness or accident, or accidental death or dismemberment, or loss of income due to disability. Read More- Grace Period:
A period of time after premium. due date during which a policy remains in force without penalty, even though the premium due has not been paid. Read More- Fiduciary:
A person who occupies a position of special trust and confidence (for example, in handling or supervising the affairs or funds of another). Read More- Life Income Certain
The payee receives installments for life with a second payee receiving the payments if the first dies before the end of the time specified in the Certain Period. Read More- Individual Contract:
A contract of Health insurance made with an individual that covers her and, in certain instances, specified members of the household. In general, any insurance policy except Group or Blanket. Read More- Insurance:
A contract or device for the transfer of pure risk to an insurer, who agrees, for a consideration, to indemnify or pay a specified amount for losses suffered by the insured. Read More- Guaranteed Renewable:
A contract that gives the insured the right to continue in force by the timely payment of premiums for a substantial period of time as set forth in the contract. During that period of time, the .... Read More- Group Life Insurance:
Life insurance that a person is eligible to purchase through membership in a group. The group may not be formed just to buy insurance. Read More- Indemnity:
Insurance is designed to restore the policyholder to the same financial condition enjoyed prior to a loss. The intent is to cover the amount of the actual loss only and to avoid paying amounts that allow .... Read More- Insurability:
Acceptability of an applicant for insurance to the insurance company. Read More- Health Maintenance Organization (HMO):
An organization of health providers. Each member pays a premium for which he receives medical care when desired. The emphasis is on preventative medicine as an alternative to traditional employee benefit .... Read More- Hospitalization Expense Policy:
A policy that covers daily hospital Room and Board charges and also covers Miscellaneous Hospital Expenses (such as X-rays). It also often covers Emergency Treatment charges and many times will also include .... Read More- Immediate Annuity:
A lump-sum Annuity on which the income payments to the annuitant are to begin at once. Read More- Incontestable Clause:
Provides that after the policy has been in force a certain length of time, the company can no longer contest it or void it, except for nonpayment of premiums. The time period is usually two years. Read More- Insurer:
The insurance company assuming risk and agreeing to pay claims or provide services. Insuring Clause: The clause in a policy that specifies in brief the contract's intent and benefits. Read More- Indemnify:
To restore the victim of a loss, in whole or in part, by payment, repair, or replacement. Read More- Hospital Expense or Income Policy:
A policy that pays a stated amount per week or month while the insured is hospitalized, without reference to expenses actually incurred. It might be viewed as a Disability Income policy with disability .... Read More- Insurance Age:
An age upon which current premium rates may be established. It is commonly based on age at last birthday, age next birthday, or age at nearest birthday. Read More- Insurance Policy:
A contract, a legal document, which establishes the terms of agreement between the insurer and insured. Read More- Joint Life and Survivorship Annuity:
Payments are made to two annuitants with the survivor continuing to receive payments after the first annuitant dies. Read More- Insurable Interest:
An interest in the life of an individual by which there will be a loss if the insured dies. The interest may be based on either an emotional or economic factor. Must exist at the time of application, .... Read More- Irrevocable Beneficiary:
Cannot be changed without named beneficiary's consent. Read More- Insured:
The party to an insurance arrangement to whom, or on behalf of whom, the insurance company agrees to indemnify for losses, provide benefits, or render service. In Prepaid Hospital Service plans, .... Read More- Straight Life Income
The payee receives a specified income for life, with no refunds upon death. Read More- Lapse:
Termination of a policy because of failure to pay the premium. Read More- Non-medical:
Insurance issued without a medical exam. Read More- evel Term Insurance (Regular Term):
The amount of insurance protection in the Term policy remains constant during the policy period. Read More- Joint Life Annuity:
Payments continue to two annuitants for only as long as both live. Read More- Key Person Insurance:
Life or Health insurance on important employees whose absence would cause the employer financial loss. The insurance is usually owned by or payable to the employer. Read More- Joint and Survivor Life Income
Two payees are recipients of the income for the life of the first. The surviving payee then receives a lesser amount. Read More- Limited Pay Life:
A Permanent life-insurance policy on which premiums are paid for a specified number of years or to a specified age of the insured. Protection continues for the entire life of the insured. Policy .... Read More- Life Insurance:
Insurance paying a specified amount on the death of the insured, to his estate or to a beneficiary. Read More- Rated-Up Policy:
A policy issued to an applicant that reflects a higher rate, due to the presence of a greater risk, in the eyes of the underwriter. Rated-up policies often result from substandard health cases revealed .... Read More- Long-Term Disability:
1) A disability having a duration longer than a short-term disability, the exact duration being variable and a matter of reference; commonly, anything longer than 90 days. 2) A form of Group Disability .... Read More- Loss:
An unpredictable reduction in the quality, quantity, or value of something. For example, bodily injury, disease, property damage, physical disappearance of property, incurred expenses, death, etc. Read More- Lifetime Income Option:
A Settlement option that provides for payments during the entire life of the payee. There are four methods: Read More- Medicare Benefits:
Benefits provided by a federal program as part of the Social Security program. It applies to persons over 65 years of age and certain disabled beneficiaries under the Social Security program. Read More- Maturity:
A Life policy is mature when the face amount is payable. Whole Life matures at age 100. Read More- Material Misrepresentation:
A misrepresentation that would have been important or essential to the underwriter's decision to issue the policy. Read More- Medicaid:
A medical-benefits program administered by states and subsidized by the federal government. Under this plan, various medical expenses will be paid to those who qualify, regardless of age, subject .... Read More- Major Medical Insurance:
A type of Health insurance that provides benefits for most types of medical expenses incurred up to a high limit, subject to a deductible. Such contracts may contain a Percentage Participation clause .... Read More- Medical Examination:
Examination by a physician on behalf of an applicant for insurance or in substantiation of a claim. Read More- Mode Premium:
Premium paid according to the Mode of Payment selected by the policy owner, that is, monthly, quarterly, semi-annually, or annually. Read More- Mortgage Insurance Policy:
In Life and Health insurance, a policy from which the benefits are intended to pay off the balance due on a mortgage or meet the payments on a mortgage as they fall due upon or after the death or disability .... Read More- Non-cancelable:
A contract of Health insurance that the insured has a right to continue in force by payment of premiums, as set forth in the contract, for a substantial period of time, and that the insurer has .... Read More- Paid-Up:
Life insurance on which all premiums have been paid but has not yet matured by death or endowment. Read More- Loss Ratio:
The percentage of losses to premiums - usually losses incurred to premiums earned. Lump Sum: Proceeds of a policy taken all at once. A single amount. Read More- Other Insurance:
The existence of another contract covering the same interest and perils. Outpatient: A patient who is not a bed patient in the hospital in which she receives treatment. Read More- Noncontributory:
Any plan or program of insurance (usually Group) for which the employer pays the entire premium and the employee contributes no part of the premium. 100% participation is required. Read More- Premium:
1) Consideration for the insurance. 2) Periodic payment made to keep a policy in force. Read More- Mutual Insurance Company (Insurer):
An incorporated insurance company whose governing body is elected by the policyholders. The policyholders share in the success of the company through possible receipt of dividends. Read More- Permanent and Total Disability:
Total Disability from which the insured does not recover. When used as a definition of disability in a policy, "Permanent" is presumed after a stated period of time. Read More- Misrepresentation:
The use of written or oral statements of the insured or insurance company misrepresenting the risk, terms, coverages, benefits, privileges or estimated future dividends of any policy. Read More- Pro Rata Cancellation:
The termination of a contract with premium charge being adjusted in proportion to the exact time the protection has been in force. Read More- Protection:
Tenn used interchangeably with the word "coverage" to denote insurance provided under the terms of a policy. Read More- Proceeds:
Amount payable by a policy, usually used in reference to the face amount of a Life policy payable at death of the insured. Read More- Non-forfeiture Option:
A legal provision whereby the policy owner may take the accumulated values in a policy as I) Paid-Up Permanent insurance for a lesser amount; 2) Extended Term insurance, or 3) LumpSum Payment of cash .... Read More- Nonparticipating:
Insurance that does not pay policy dividends. Sometimes called a Non-Par policy. Read More- Waiting Period:
A period of time between the beginning of a disability and the date benefits begin. Also known as Elimination Period. Read More- Rated:
A policy issued with an extra premium charge because of physical or moral impairment. A surcharge. Read More- Permanent Insurance:
Life insurance with some type of cash-value accumulation. Read More- Rate:
The per-unit cost of insurance. Life insurance is rated based on units of $1,000. Read More- Pre-existing Condition:
A condition of health or physical condition that existed before the policy was issued.. Read More- Nonresident Producer:
A producer licensed in a state in which he is not a resident. Read More- Policy owner:
The person who has the right to exercise the privileges and rights in the policy contract. Also called policyholder. Read More- Policy Loan:
A loan taken by the policyholder from the insurer using the insurance cash value as collateral. May be deferred up to six months. Read More- Primary Beneficiary:
Named beneficiary first to receive proceeds or benefits, if living, when proceeds or benefits are due. Read More- Probationary Period:
A period of time between the effective date of a Health policy and the date coverage begins for certain pre-existing conditions. Read More- Reserve:
The amount that, when increased by future premiums on outstanding policies and interest on those premiums, will enable the company to meet the future Death claims that will arise because of those contracts .... Read More- Partial Disability:
A condition in which, as a result of injury or sickness, the insured cannot perform one or more of the duties of his occupation but can perform some. Follows a period of Total Disability. Read More - Accident: