Terms with Tag Life Insurance

  • Death & Disability (D&D)Acronym, Important,
      A life insurance policy rider.
    • Death Benefit (DB) Acronym, Very Important,
      • A payment or series of payments made to the beneficiaries of a life insurance policy.
      An amount paid to a beneficiary in a life linsurance policy.
    • Death, Maturity, Surrender (DMS)Acronym,
      • Decreasing Term Life Insurance Definition,
        • A Term life insurance policy with benefits that decrease each year as the policyholder ages.
      • Disease Management (DM) Acronym, Important,
        • The process of discussing and agreeing to treatments and care plans for individuals with long-term health care needs.
        Heath care decisions made to manage a disease.
      • Disease Management Program (DMP)Acronym,
        • Dread Disease Rider Definition,
          • Insurance that provides a benefit if the policyholder is diagnosed with an illness that is deemed serious or terminal.
        • Estate Planning Definition,
          • The process of determining how assets will be dispersed after an individual's death, ideally in the most tax-efficient way possible.
        • Family Income Rider Definition,
          • A recurring or lump sum life insurance benefit that matches the policyholder's income.
        • Fellow of the Academy of Life Underwriting (FALU)Acronym, United States and Canada,
          • Fiduciary Definition,
            • An individual, company, or association that manages assets for another party. Fiduciaries include executors of wills and estates, trustees, receivers in bankruptcy, and those responsible for managing the finances of a minor.
          • Flexible Premium Variable Life Insurance (FPVLI)Acronym,
            • Foreign Variable Universal Life Insurance (FVUL)Acronym,
              • Group Life Insurance Definition,
                • Life insurance offered to a large number of people belonging to an organization, usually as part of a benefit package.
              • Guarantee Period Definition,
                • A time period where income payments from an annuity are guaranteed.
              • Guaranteed Minimum Death Benefit (GMDB)Acronym, Important,
                • The minimum amount of money promised to be awarded to a beneficiary, provided all premiums have been paid.
              • Home Office Specimen (HOS)Acronym,
                • Human Life Approach Definition,
                  • A method of estimating what the probable lifetime financial impact a life insurance policyholder's death would have on his or her beneficiaries.
                • Irrevocable Beneficiary Definition,
                  • A life insurance or segregated fund beneficiary whose benefit cannot be revoked or modified in any way without his or her consent.
                • Irrevocable Life Insurance Trust (ILIT)Acronym,
                  • Joint and Survivor Annuity Definition,
                    • An annuity with multiple annuitants (usually spouses) that makes payments as long as either of the annuitants are alive.
                  • Life Annuity Definition,
                    • An annuity that will continue to make payments until the death of the annuitant.
                  • Life Insurance Definition, Very Important,
                    • An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
                    CanEquity offers life insurance.
                  • Life Insurance Policy (LIP)Acronym,
                    • Life Insurance Trust (LIT) Acronym,
                      • A legal entity that is made the beneficiary of a life insurance policy, often arranged to evade taxation.
                    • Life Policy (LP)Acronym,
                        An insurance policy.
                      • Life Underwriters Association of Canada (LUAC)Company, Canada,
                        • Living Benefits Definition,
                          • The option for a life insurance policyholder to receive a portion of their death benefit in advance of their death.
                        • Lump Sum Death Benefit (LSDB)Acronym,
                          • A one time payment awarded to a beneficiary in a life insurance policy.
                        • Maturity Guarantee Definition,
                          • A guarantee that after a certain date a contract, such as a life insurance policy or annuity, will have a minimum dollar value.
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