Terms with Tag Life Insurance

  • Maximum Death Benefit (MDB)Acronym,
    • Minimum Guaranteed Death Benefit (MGDB)Acronym,
      • The minimum amount of money promised to be awarded to a beneficiary, provided all premiums have been paid.
      More commonly referred to as a Guaranteed Minimum Death Benefit (GMDB).
    • Mortality Rate Doubling Time (MRDT)Acronym,
      • Variable derived from the Gompertz equation that determines the time required for a mortality rate to double.
    • Mortgage Insurance Definition, Very Important,
      • A policy covering a mortgagor from which the benefits are intended (a) to pay off the balance due on a mortgage upon the death of the insured, or (b) to meet the payments on a mortgage as they fall due in the case of his death or disability.
      • Insurance that protects a lender if a homeowner fails to pay off his or her mortgage.
      CanEquity offers mortgage insurance.
    • Mortgage Life Insurance Definition, Very Important,
      • Insurance that covers the costs of paying off a mortgage if the insured dies or becomes disabled.
    • Mortgage Protection Plan (MPP) Acronym, Very Important,
      • Needs Approach Definition,
        • A way of determining how much life insurance an individual should purchase by examining the future obligations and needs of the beneficiaries.
      • Net Cash Surrender Value (NCSV)Acronym,
        • No-Load Annuity Definition,
          • An annuity that pays the salesperson no commission and has low fees and expenses. A no-load annuity is often sold by an insurer directly.
        • No-Load Life Insurance Definition,
          • A type of life insurance policy that is sold without a commission for the selling agent.
        • Optional Death Benefit (ODB)Acronym,
          • Additional insurance riders that can be added to a policy that offer protection against specific circumstances.
        • Permanent Life Insurance Definition,
          • A class of life insurance policies, which include both universal and whole life insurance, with guaranteed death benefits at the end of their terms.
        • Policy Loan Definition,
          • A loan where a life insurance policyholder's death benefit is used as collateral.
        • Private Placement Variable Universal Life Insurance (PPVUL)Acronym,
          • Probate Sale Definition,
            • Sale of property after the death of the owner, supervised by a court, with proceeds divided among creditors and heirs.
          • Public Service Death Benefit Account (PSDBA)Acronym, Canada,
              (Consolidated Revenue Fund)
            • Public Service Superannuation Act (PSSA)Acronym, Canada,
              • An Act to provide for the superannuation of persons employed in the public service.
            • Qualified Pre-Survivor Annuity (QPSA)Acronym,
                Death benefit.
              • Qualifying Life Event (QLE)Acronym, Very Important,
                  An event where you apply or change an insurance policy due to marriage, new dependants or employment status.
                • Revocable Beneficiary Definition,
                  • A beneficiary whose benefit can be modified without his or her consent.
                • Risk-Adjusted Mortality Rate (RAMR)Acronym,
                    Predicted risk of death.
                  • Risk-Standardized Mortality Rate (RSMR)Acronym,
                    • Second-To-Die Insurance Definition,
                      • Life insurance that only pays a death benefit when both spouses have died, commonly used in estate planning.
                    • Single Premium Variable Life (SPVL)Acronym,
                      • Single-Premium Life Insurance Definition,
                        • Life insurance where all premiums are paid up front in a single lump sum payment.
                      • Spin-Life Definition,
                        • A financial industry that specializes in buying life insurance policies from individuals or convincing individuals to take out new life insurance policies with an investor as a beneficiary.
                      • Split-Funded Annuity Definition,
                        • Two annuities purchased together, one with a deferred payout and the other with an immediate payout.
                      • Straight Life Annuity Definition,
                        • An annuity that stops all payments upon the annuitant's death.
                      • Substandard Health Annuity Definition,
                        • An annuity with increased income payments for people with shorter life expectancies due to medical conditions.
                      • Supplementary Death Benefit (SDB)Acronym, Canada,
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