Term: Accelerated
Benefits
Definition:
Life
insurance benefits that become available because of a
long-term, catastrophic or terminal illness.
Term: Accidental
Death Benefit
Definition:
A provision added to a
life insurance policy for payment of an additional benefit in
case of death as a result of an accident.
Term: Actuary
Definition:
A professional
individual responsible for reviewing the technical and
financial aspects of an insurance policy, such as setting the
premium rates and assessing risks.
Term: Annuity
Definition:
A contract that provides
a series of payments, usually at regular intervals, for the
duration of life.
Term: Beneficiary
Definition:
The individual or
financial instrument named in the policy as the recipient of
the life insurance payment at the time of policyholder’s
death.
Term: Cash
Value
Definition:
The amount available in
cash given to an individual who surrenders their policy prior
to death or maturity.
Term: Convertible
Term Insurance
Definition:
Term insurance that
could be covered into a permanent life insurance policy
without evidence of insurability.
Term: Deferred
Anuity
Definition:
A series of payments
that will begin at a later or future date.
Term: Group
Life Insurance
Definition:
A life insurance policy
that is offered to a group of people under a master policy and
which does not require medical examinations.
It is usually issued to an employer for its employees
or to members of an association.
Term: Guaranteed
Insurability
Definition:
It provides the
policyholder with an option to purchase additional insurance
in the future without evidence of insurability.
Term: Individual
Retirement Account (IRA)
Definition:
An account by an
individual who allows deductions to be taken from their income
and creates earnings on contributions to accumulate
tax-deferred until retirement.
Term: Insurability
Definition:
The insurance
company’s acceptance of an applicant of insurance.
Term: Insured
Definition:
The individual to which
the policy is issued.
Term: Keogh
Plan
Definition:
A tax-favored retirement
plan for self-employed people.
Term: Life
Annuity
Definition:
A policy and contract
that provides income for life.
Term: Mortality
Table
Definition:
A table statistically
representing the death rates at various ages.
Term: Policyholder
Definition:
The owner of the
insurance policy.
Term: Premium
Definition: The amount paid at
regular intervals for the insurance policy.
Term: Reinstatement
Definition:
Restoring a lapsed
policy.
Term: Rider
Definition: An amendment of an
insurance policy that provides a modification, either by
expanding or restricting certain benefits and coverage.
Term: Risk
Classification
Definition: Characteristics of those
individual seeking a life insurance policy based on standard
criteria (age, sex, health condition, occupation).
Term: Waiver
of Premium
Definition:
A provision by which the
insurance company keeps an existing insurance policy in force
under certain conditions when the premium is not being paid.
[obtain
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Health Symphony provides information as a
general resource and does not guarantee any results, expressed or
implied, obtained from its use.
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