Your american family agent is the perfect person to ask. As with any insurance product, there are some terms that may be specific to your plan. Beneficiary the person or persons eligible to receive the life insurance proceeds upon the death of the insured. Adjustable life insurance age at entry age at maturity age limits annual premium annuity annual premium payment mode. A health insurance policy you buy directly from a health insurance company or broker rather than through an employer. It is the proposers or life insureds age when the policy matures or the contract comes to an end. An independent agent represents more than one company. It provides you and your family the financial security and certainty to deal.
Understand words and phrases you may need to know when buying insurance. Generalinsurancedefinitions institute and faculty of. A group of health care providers who give coordinated care, chronic disease management, and thereby improve the quality of patient care. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. 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. Whole life insurance policies also provide taxdeferred buildup of cash value, payable upon surrender or payment default. Learning about a subject often requires learning the specialized words used in the subject. 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. It is the proposers or life insureds age at the time of filling the proposal form or entering into a contract. We have provided this life insurance glossary to aid you in your research of life insurance. Like any form of insurance, it may seem like people are speaking a different language when talking about life insurance. Browse our life insurance glossary of common terms intelliquote. Permanent life insurance policies offer a cash value component that makes them more expensive than term policies and is usually only a good option for people with particular circumstances. Term used in universal life policies to describe the total of all premiums and earnings credited to the.
Actuary business professional who analyzes probabilities of risk and risk. Consumer glossary national association of insurance. Unlike term insurance, whole life insurance provides insurance coverage for the lifetime of the insured. The coverage that is issued by a life insurance company. In life and health this document would be called an actuarial memorandum. Insurance concerned with the insiders legal liability for injuries to others or damage to other persons property. If youre feeling baffled by all the new terminology, read through our glossary of life insurance terms and get some. American psychiatric associations diagnostic and statistical manual of mental disorders.
Life insurance learn more glossary, life insurance faq. Before you sign your name and make your first payment, though, you want to be sure you understand what youre getting. Life insurance terms and definitions glossary efinancial. 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. Life insurance glossary terms and definitions from nobleoak. Glossary of healthcare terms health insurance and reform accountable care organization aco. 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. But, sometimes the insurance jargon can be confusing were here to help. If interested, you can unlock another 20 additional.
Premiums are significantly higher than for policies that insure one person, since the probability of having to pay a death claim is higher. Whole life insurance whole life insurance is also know as ordinary, standard or permanent life insurance. If you cannot pay your premiums, the insurance company takes money from your policys cash value to pay the premiums, assuming there is sufficient cash value. A life insurance plan is a contract that is held between an insurance firm and the policy buyer. Agent the insurance company representative who sells policies on behalf of the insurer. We could add words to this glossary based on your comments and suggestions. Life insurance terms glossary and facts from netquote. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. Your attained age is a factors life insurance companies use to determine premiums. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. Event which causes a loss of extraordinary magnitude, such as a hurricane or tornado. Glossary of terms general insurance prepared by david forfar, ma, ffa with the assistance of david raymont, librarian of institute of actuaries, london.
A verification of the financial records, usually payroll or receipts, of an. Life insurance terminology can be confusing when trying to find the right plan. Life insurance calculator how much life insurance do i need. Glossary of life insurance terms department of financial services. To make an informed and hasslefree decision when you purchase your next life insurance policy, make sure to read through this glossary of life insurance definitions to better understand what the various terms mean. Hundreds of websites on the internet perpetuate insurance myths. 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. Iii we are the trusted source of unique, datadriven. Bold text indicates a term defined in this glossary. In this life insurance glossary, we have defined many of these terms used throughout this website and, perhaps in your policy. An area within each states government that administers and regulates the insurance industry within the state. In the case of life insurance, the beneficiary and the insured would be different people. Coverages may be underwritten by the manhattanlife entities which consist of the manhattan life insurance company, family life insurance company, manhattanlife assurance company of america, or western united life assurance company. The purpose of this communication is the solicitation of insurance.
You should consult a qualified professional for interpretation of terms in a. See how easy it is to shop online for life insurance. Well, this nonmartian life insurance glossary should help. Glossary of health insurance and medical terms this glossary has many commonly used terms, but it isnt a full list. 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. Joint life insurance provides coverage for two or more persons with the death benefit payable at the first death.
Invitations for application for life insurance on are made through spectrum direct insurance services, inc. 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. The term property insurance includes many lines of available insurance. Glossary of commercial insurance terms commercial insurance is divided into two main categories. Learning objectives 254 qualified and nonqualified retirement plans 254 vesting 256. The reserve reflects the present value of all future payments to an open long term disability claimant, and is revalued on a regular basis. Life insurance policy gives you the protection against financial losses resulting from the insured individuals death. 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.
An easy guide to these terms is provided below to help you understand your cover and how it works. Group life insurance 245 doctrine of economic benefit 245 federal estate tax 246 charitable uses of life insurance 246 gifts of life insurance 246 transfer for value rules 247 section 1035 policy exchanges 247 business insurance 247. Glossary of life insurance terms department of financial. For disability insurance, the beneficiary may be the same person as the insured. Glossary of life insurance terms arizona department of.
Term life insurance provides coverage for a specific period of time, while permanent life insurance provides coverage for the insured persons entire life. Browse our glossary of common life insurance terms to clear up any confusion and better understand how life insurance works. Seymour alter is a licensed life insurance agent in all 50 states, including the district of columbia, and his resident state is california. Universal life insurance adjustable life insurance under which premiums and coverage are adjustable, company expenses are not specifically disclosed to the insured but a financial report is provided to policyholders annually. Get up to speed with this helpful glossary of important life insurance terms. Protect your loved ones with help from aaa life insurance. Life insurance glossary insurance compare insurance. Glossary of healthcare terms health insurance and reform. Term life insurance language seems to have come from another planet. Life insurance resource center glossary of life insurance terms agent an insurance company representative licensed by the state who solicits and.
Glossary of group insurance terms disabled life reserve dlr. The life insurance products featured on this website are issued by nobleoak life limited abn 85 087 648 708 afs licence afsl 247302. Those can be found in your insurance policy or certificate. State inheritance tax chart below is a chart that summarizes the details of the current laws that govern inheritance taxes in the six states that collect them. Insurance terminology north american training group. A proprietary software program developed by quickquote to estimate the amount of life insurance protection an individual needs. 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. 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.
Beneficiary the beneficiary of the policy is the person or entity that receives the benefits. Life insurance terms glossary american family insurance. 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. A life insurance policy that is active for the entirety of the policyholders life. Whole, universal, and variable life insurance each has their own provisions, but all cover you for the remainder of your life. An agent can be independent agent who represents at least two insurance companies or a direct writer who represents and sells policies. Both types pay what is known as a death benefit, which is the amount of money paid out upon the insureds death. If you have any questions about the use or meaning of a term or expression in any particular product or literature, you should raise them with the provider concerned. In this article, we have summarized all the insurance myths we are aware of and catalogued them by type, starting with home insurance, followed by auto insurance, life insurance etc. Also called the coverage amount, face amount or sum insured. Find out how much life insurance you need with bankrate.
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