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,
- Insurance that protects a lender if a homeowner fails to pay off his or her mortgage.
- 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.
➥ 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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Maximum Death Benefit -
Mortgage Insurance
Mortgage Insurance
