Terms with Tag Life Insurance

  • Accelerated Benefit Option Definition,
    • An option that allows the insured to receive insurance benefits before they would ordinarily be available.
  • Accelerated Death Benefit (ADB) Acronym,
    • An option that allows the insured to receive insurance benefits before they would ordinarily be available.
    More commonly referred to as a Accelerated Death Benefit Rider (ADBR).
  • Accelerated Death Benefit Rider (ADBR) Acronym,
    • An option that allows the insured to receive insurance benefits before they would ordinarily be available.
  • Accidental Death and Dismemberment Insurance Definition,
    • Insurance coverage for death or dismemberment (the loss of a body part).
  • Accidental Death Benefit (ADB) Acronym, Very Important,
    • An additional benefit that pays an additional sum to a beneficiary if the cause of death is deemed to be accidental.
    A life insurance policy rider.
  • Additional Insured Renewable Term Rider (AIRTR)Acronym,
    • Alternate Cash Surrender Value (ACSV)Acronym,
      • Annual Premium Equivalent (APE)Acronym,
          A standardized measure of the volume of new life insurance business written.
        • Annual Renewable Term (ART)Acronym,
          • Assignee Definition,
            • In the insurance industry, an assignee is someone who is assigned ownership of another person's insurance policy.
            • A person appointed to acquire (take) an item, such as a property.
          • Assignor Definition,
            • Associate, Academy of Life Underwriting (AALU)Acronym, United States and Canada,
              • Attained Age Definition,
                • The current age of an insured individual.
              • Beneficiary Definition,
                • An individual or entity chosen to receive benefits from a will, trust, deed or insurance policy.
              • Binding Death Benefit Nomination (BDBN)Acronym, Australia,
                • A legally binding document given to a trustee that states the beneficiaries of a life insurance death benefit.
                Mostly an Australian insurance term.
              • Burial Insurance Definition,
                • Insurance that provides coverage for funeral expenses.
              • Canadian Life and Health Insurance Association (CLHIA) Company Est. 1894, Canada, Very Important,
                • A voluntary non-profit association with member companies accounting for 99 per cent of Canada’s life and health insurance business.
                Legislative and regulatory representative for Canada's insurance industry.
              • Capital Adequacy Requirement (CAR)Acronym,
                  A level of capital required in order to support an insurance business.
                • Cash Surrender Value (CSV) Bank, Important,
                  • The liquid value of an insurance policy if the policyholder voluntarily cancels the policy before maturity or an insured event.
                • Cash Surrender Value of Life Insurance (CSVLI)Acronym,
                  • Charity Lump Sum Death Benefit (CLSDB)Acronym,
                    • Chartered Life Underwriter (CLU)Acronym, Canada, Important,
                        A professional designation demonstrating knowledge of life insurance products.
                      • Commutation Bank,
                        • An option given to the beneficiaries of annuities and life insurance policies that allows them to modify the frequency and size of benefit payments.
                      • Competent Definition,
                        • Legal ability to make decisions and enter into contracts.
                      • Conference for Advanced Life Underwriting (CALU) Acronym, Canada,
                        • Contingent Beneficiary Bank,
                          • A beneficiary who only receives his or her benefit when specific conditions have been met.
                        • Convertible Life Insurance Definition,
                          • A type of term life insurance policy that has the option to be converted into a permanent life insurance policy such as whole or universal life insurance.
                        • Credit Life Insurance Definition,
                          • Life insurance that repays the insured's debts upon their death. The death benefit decreases as the debt is paid off.
                        • Critical Illness (CI) Acronym,
                          • Insurance that covers individuals in the event of a critical or catastrophic illness.
                          A health insurance policy rider.
                        • Critical Illness Insurance (CII) Acronym, Very Important,
                          • Insurance that covers individuals in the event of a critical or catastrophic illness.
                          A health insurance policy rider.
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