Benefits available in some life insurance policies before death, usually triggered by longterm, catastrophic or terminal illness. Learning objectives 128 introduction 128 term insurance 128 whole life insurance 2 flexible policies 7 industrial life insurance 143 credit life insurance 144 specialized policy forms 144 viatical life settlements 149. This is a short list of key insurance terms, listed in alphabetical order. Offer available to insuranceline customers who complete an application for a life insurance, income protection or funeral insurance policy between 20 november 2017 and 30 june 2020 inclusive and are issued with a policy with a commencement date prior to 00. Life insurance terms glossary american family insurance. An event or occurrence which is unforeseen and unintended. One method of insurance rating which rates people according to their age as of their last birthday, with such rating held until the next birthday. Oecd glossary of statistical terms nonlife insurance. Insurance glossary insurance terms and definitions from advantage 1. Life insurance glossary insurance compare insurance. If available, some optional coverages and benefits might be offered at an additional charge. A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. Whole life insurance whole life insurance is also know as ordinary, standard or permanent life insurance.
Glossary of commercial insurance terms commercial insurance is divided into two main categories. Agent an insurance company representative licensed by the state who solicits and negotiates contracts of insurance, and provides service to the policyholder for the insurer. A type of life insurance that provides coverage for a specified period of timegenerally one, 10, 20, or 30 years, or until the insured reaches 65 or 70 years of age. Glossary of life insurance terms department of financial. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. A person other than a participant who may become eligible to receive, or is receiving, benefits under an insurance policy. Whole life insurance policies also provide taxdeferred buildup of cash value, payable upon surrender or payment default. Arizona department of insurance 100 north 15th avenue, suite 261 phoenix, az 850072630 starting july 1, 2020, we will be the department of insurance and financial institutions difi. Bold text indicates a term defined in this glossary. Dictionary of insurance terms a absolute liability. Before you sign your name and make your first payment, though, you want to be sure you understand what youre getting. Browse our life insurance glossary of common terms intelliquote.
Global lifestyle, which provides mobile device solutions and extended service products and related services for consumer electronics and appliances. A provision added to a life insurance policy for payment of an additional benefit in case of death that results from an accident. Invitations for application for life insurance on are made through spectrum direct insurance services, inc. It is the proposers or life insureds age when the policy matures or the contract comes to an end. London, april 28, 2015 prnewswire this study analyses over a 1,000 merger and acquisition deals in the life and health insurance industry. Statement regarding the acquisition of control of or merger with a domestic insurer household life insurance company name of domestic insurer by pavonia holdings us, inc. Agent the insurance company representative who sells policies on behalf of the insurer. Articles of merger of protective life insurance company.
Event which causes a loss of extraordinary magnitude, such as a hurricane or tornado. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. Keeping up with insurance company mergers trinity wealth. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan or health insurance policy. For life insurance purposes, the age in years of an applicant or insured. Glossary of insurance terms the az for insurance practitioners terms generally associated with reinsurance ab initio a term used to describe avoidance of a contract from its inception or its beginning. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. One onehundredth of a percentage point, used to express the movement of interest rates or index pricing. Consumer glossary national association of insurance. If you have any questions about the use or meaning of a term or expression in any particular product or literature, you. Nonlife insurance claims are the amounts payable in settlement of claims that become due during the current accounting period claims become due at the moment when the eventuality occurs which gives rise to a valid claim accepted by the insurance enterprise, but excluding payments to households in the form of social insurance benefits.
If youre feeling baffled by all the new terminology, read through our glossary of life insurance terms and get some clarity. Iec, developed the general insurance code of practice the code. Glossary of terms general insurance prepared by david forfar, ma, ffa with the assistance of david raymont, librarian of institute of actuaries, london. The code is a selfregulatory form of regulation, that is, the insurance industry, not the government, is. A life insurance rider that allows for the early payment of some portion of the policys face amount should the insured suffer from a terminal illness or injury. Life insurance that is paid only if the insureds death is as a result of an accident accidental death and dismemberment insurance. But, sometimes the insurance jargon can be confusing were here to help. Glossary of insurance terms actuary a professional trained in the mathematics of insurance and risk management, including the calculations of premiums, policy reserves and other values.
Generally, permanent insurance has fixed premiums and death benefits. For disability insurance, the beneficiary may be the same person as the insured. A mandatory provision that gives the policyholder a period of time to pay the. One onehundredth of a percentage point, used to express the. Seymour alter is a licensed life insurance agent in all 50 states, including the district of columbia, and his resident state is california. Insurance concerned with the insiders legal liability for injuries to others or damage to other persons property. Those can be found in your insurance policy or certificate. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. When it comes to protecting what matters most, life insurance is an easy and proactive way to ensure youre financially taking care of your loved ones.
Life insurance terms glossary and facts from netquote. Unlike term insurance, whole life insurance provides insurance coverage for the lifetime of the insured. We feel it is important for you to be informed about the rates available to you in order to make intelligent decisions about your coverage. An agent can be independent agent who represents at least two insurance companies or a direct writer who represents and sells policies. Mergers and acquisitions archives insurance journal. Form of life insurance allowing the owner to change the face amount, premium amount. Accidental death and dismemberment insurance providing payment if the insureds death results from an accident or if the insured accidentally severs a limb above the wrist or ankle. The insurance contracts act allows an insurer to avoid. Non life insurance claims are the amounts payable in settlement of claims that become due during the current accounting period claims become due at the moment when the eventuality occurs which gives rise to a valid claim accepted by the insurance enterprise, but excluding payments to households in the form of social insurance benefits.
Variable life a type of whole life policy in which the death benefit and the cash value relate to the investment performance of a separate account fund that the policyholder selects. An individual plan can cover you andor any of your eligible family members. Global mergers and acquisitions activity plunged 28% in the first quarter to its lowest level since 2016 as the devastating economic effects of the coronavirus pandemic took hold in march. Mergers and acquisitions in the global life and health. Getting acquainted with insurance terms knowing the common insurance terms will help you understand your policy better. As with any insurance product, there are some terms that may be specific to your plan. Life insurance resource center glossary of life insurance terms agent an insurance company representative licensed by the state who solicits and negotiates contracts of insurance, and provides service to the policyholder for the insurer. Term used in universal life policies to describe the total of all premiums and earnings credited to the account before deductions for any expenses, loans, and surrenders. Some companies us the age at the last birthday, while others use the age at the nearest birthday, prior or succeeding. A system for reducing risk by transferring the risks of several individual entities to one entity, such as an insurance company. Glossary of health insurance terms december 12, 2008 broker a salesperson who has obtained a state license to sell and service con tracts of multiple health plans or insurers, and who is considered to be an agent of. An easy guide to these terms is provided below to help you understand your cover and how it works.
This glossary is intended as a general aid to help you understand some of the commonly occurring phrases and jargon used in the insurance world. Talanx international ag tint is a direct 100% subsidiary of talanx, which in turn is a 100% subsidiary of the german mutual insurance company hdi v. Insurance policy on two lives, with a death benefit to be paid to the surviving insured upon the death of one of the insureds also called joint life contracts. These general definitions are provided for educational purposes. A permanent life insurance policy designed to cover immediate expenses related to the policyholders death, such as the cost of the funeral or medical bills. Coverages and benefits listed below may not be available in your state. An agent can be independent agent who represents at least two insurance companies or a direct writer who represents and sells policies for one company only.
A sales and service representative of an insurance company. Get up to speed with this helpful glossary of important life insurance terms. Iii we are the trusted source of unique, datadriven. You can find more terms in the the insurance bureau of canadas glossary. Aia life insurance holding company subsidiary of aig that focuses on nonu. The companies of national life group and their representatives do not offer tax or legal advice. Name of acquiring person applicant filed with the office of financial and insurance regulation of the state of michigan dated. Talanx provides life and nonlife insurance products and is active in the market for reinsurance. Administrative expense the life insurance companys operating costs. The term property insurance includes many lines of available insurance. Arizona department of insurance 100 north 15th avenue, suite 261 phoenix, az 850072630 starting july 1, 2020, we will. It covers salaries, medical examinations, building rent, underwriting, advertising, printing costs, agency expenses and premium taxes. A life insurance policy providing insurance on all or several family members in one contract, generally whole life insurance on the principal breadwinner and small amounts of term insurance on the other spouse and children, including those born after the policy is issued. If you have any additional questions, ask a life insurance professional.
Life insurance designed to cover the insured for a specified period of time or term. Bradley drake, sidley austin llp 35 the completion of a successful merger or acquisition involving insurance companies requires careful planning and specialised skill sets to deal with the many important ways insurance companies differ from other. Like any form of insurance, it may seem like people are speaking a different language when talking about life insurance. Successors rights to insurance assets in corporate transactions by tom baker, john buchanan, and marianna horton1 h tom baker is the connecticut mutual professor of law and the director of the insurance law center at the university of connecticut school of law, in hartford. Glossary of health insurance and medical terms this glossary has many commonly used terms, but it isnt a full list. Each individual entity contributes monetarily premiums to cover the risk assumed by the insurance company. It is the proposers or life insureds age at the time of filling the proposal form or entering into a contract. Browse our glossary of common life insurance terms to. Liability for damages even though fault or negligence cannot be proven. Term policies provide life insurance protection without any cash value features which can increase the cost of the coverage. The insurance companys process for determining whom it will insure. Life insurance holding company subsidiary of aig that focuses on nonu. A form of life insurance combining whole life and an equivalent amount of term, with the term expiring at a stated future date, usually at 65 years of age. A health insurance policy you buy directly from a health insurance company or broker rather than through an employer.
Insurance policy on two lives, with a death benefit to be paid to the surviving insured upon the death of one of the insureds also called jointlife contracts. Adjustable life insurance age at entry age at maturity age limits annual premium annuity annual premium payment mode. Final expense life insurance policies are typically guaranteed issue, never expire, and are level premium. Life insurance glossary of common terms we recognize you are looking to make the best decisions for you and your family by comparing online insurance quotes.
Successors rights to insurance assets in corporate transactions by tom baker, john buchanan, and marianna horton1 h tom baker is the connecticut mutual professor of law and the director of the insurance law center at the university of con. Life insurance terms glossary life insurance definitions when it comes to protecting what matters most, life insurance is an easy and proactive way to ensure youre financially taking care of your loved ones. If you have any questions about a life insurance term, consult the free advice glossary for assistance. Replacement cost of damaged or lost property less depreciation. Glossary of health insurance terms december 12, 2008 experimental or investigational services. Glossary of aig terms federal reserve bank of new york. Your life insurance glossary here are a few common terms youll want to be familiar with when you shop for permanent or term life insurance coverage. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. A company that provides insurance coverage through the issuance of insurance. Glossary of healthcare terms health insurance and reform accountable care organization aco. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. Beneficiary the person or persons eligible to receive the life insurance proceeds upon the death of the insured.
50 110 1298 1099 413 1013 366 1524 298 791 1155 188 342 790 364 1524 1433 233 1280 1118 389 1200 1156 491 1491 1466 218 1021 1246 1175 1109 933 396 208 1033 180 697 890 656 1299 786 1183 515 502 308 1312 1477