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) — Acronym, 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 — Definition,
- 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 — Definition,
- 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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