Terms with Tag Life Insurance

  • Surrender Charge — Definition,
    • A charge levied when a life insurance policyholder cancels his or her policy.
  • Surrender Rights — Definition,
    • The contractual right for a life insurance or annuity policyholder to cancel his or her policy.
  • Survival Analysis — Definition,
    • A statistical analysis of how likely someone or something will survive to a set date.
  • Survivorship — Definition,
    • The right of a person to secure ownership by reason of his/her outliving someone with whom s/he shared undivided interest in the land.
  • Term Life Insurance — Definition,
    • Life insurance that provides coverage for a set period of time, often from five to forty years.
  • Transferable Insurance Policy — Definition,
    • A life insurance policy that can be sold to another party through a viatical settlement.
  • Trustee — Definition,
    • A person who holds and manages assets for the benefit of beneficiaries.
  • Underwriters Association of Toronto (UAT) — Company, Toronto, Ontario, Canada,
    • Unit Linked Insurance Policy (ULIP) — Acronym,
        ➥ A life insurance policy.
      • Universal Life (UL) — Acronym, Important,
          ➥ An insurance policy.
        • Universal Life Insurance — Definition,
          • A form of life insurance that offers flexible investment options and tax efficiency for estate management.
        • Universal Life Policy (ULP) — Acronym,
            ➥ An insurance policy.
          • Value of In-force Business (VIF) — Acronym,
            • Vanishing Premium Policy — Definition,
              • A life insurance policy where policy dividends are used to pay the policy's premiums.
            • Variable Death Benefit — Definition,
              • A life insurance death benefit that differs depending on how well the insurance company's investment portfolio fares.
            • Variable Life (VL) — Acronym,
              • Life insurance that provides the policyholder the option to place some of his or her premiums into the insurer's investment portfolio, providing beneficiaries with a variable death benefit.
              ➥ An insurance policy.
            • Variable Life Insurance (VLI) — Acronym,
              • Life insurance that provides the policyholder the option to place some of his or her premiums into the insurer's investment portfolio, providing beneficiaries with a variable death benefit.
            • Variable Universal Life Insurance (VULI) — Acronym, Important,
              • A form of life insurance with adjustable premiums, flexible investment options, and tax efficiency.
            • Viatical Settlement — Definition,
              • A contract where an individual agrees to sell his or her life insurance policy to a third party before their death.
            • Viator — Definition,
              • A person who agrees to sell his or her life insurance policy to a third party.
            • Voluntary Accidental Death and Dismemberment (VADD) — Acronym, Important,
                ➥ A life insurance benefit that applies to an employee and their family.
              • Voluntary Life Insurance — Definition,
                • Life insurance offered as part of an employee benefit package where the employee agrees to pay the insurance premiums.
              • Waiver of Premium Disability (WPD) — Acronym,
                • Whole Life (WL) — Acronym, Very Important,
                  • Permanent life insurance with level premiums for the policyholder's entire lifetime.
                  ➥ A life insurance policy.
                • Whole Life Insurance — Definition,
                  • Permanent life insurance with level premiums for the policyholder's entire lifetime.
                • Will — Definition,
                  • A document that states what must be done with a person's estate after his or her death.
                • With-Profits Policy — Definition,
                  • Insurance that pays the policyholder a portion of the insurer's profits.
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