When a property owner permanently gives all ownership rights of their property to someone else.
Extra money provided by an insurance company if the insured person dies in an accident, in addition to the basic death benefit.
A list of associated hospitals and doctors that are connected to the major medical plans.
The time between purchasing an annuity contract and when the periodic income payments begin.
The total value of an annuity, including the initial payment plus any interest earned, minus any withdrawals or fees.
A professional skilled in the mathematics of insurance, annuities, and financial instruments.
A licensed representative of an insurance company who helps clients obtain insurance or financial services, and provides ongoing service.
The process of paying off a debt with regular, equal payments over time.
The person whose life expectancy determines the duration of periodic income payments from an annuity contract.
A contract in which an insurance company promises to make regular payments to a named individual in exchange for premiums.
A form filled out by someone applying for life insurance, used by the insurance company to decide whether to issue a policy.
A report from a physician who has treated or is treating an applicant for insurance.
The legal transfer of one person’s interest in an insurance policy to another person.
A potential beneficiary of an insurance contract.
The current age of an insured individual.
Insurance that protects against financial losses resulting from vehicle operations.
When someone owes more money than they own and can’t afford to pay it back.
The legal person or group that gets money from an insurance company when the insured person dies.
The medical services covered by your health or major medical plan. This word can also be used to describe the payment received under a plan.
A type of investment where you lend money to a company or government, and they promise to pay you back with interest.
The person who lends money by buying a bond.
A person or registered company who arranges insurance coverage with insurers on behalf of their client.
Stopping an insurance policy before it’s supposed to end, either via the person who bought it or by the insurance company.
The amount of money a permanent life insurance policy owner gets if they decide to cancel the policy before the insured person dies.
A formal request for payment to cover the cost of a loss, such as a car accident or a stolen item.
A portion of expenses beyond the deductible that the insured person must pay.
Something valuable pledged to secure a loan, which the lender can take if the borrower doesn’t repay the loan.
Interest paid on both the original amount of money and on any interest already earned.
Calculating how much something will be worth in the future when interest is added to both the initial amount and any previously earned interest.
Insurance that covers a vehicle for losses caused by things like theft, not just accidents.
The person or organization that buys an annuity contract.
A group insurance plan where members have to pay some or all of the premium to be covered.
A type of term life insurance that lets the policyholder switch to permanent life insurance.
A severe health condition that poses a significant risk to life and typically requires extensive medical treatment and care, such as cancer, heart attack, stroke, or major organ transplant.
A type of life insurance where the payout decreases over time.
The amount of money you have to pay out of your own pocket before insurance kicks in.
An annuity where payments can be postponed to start later, either after a specific period or until the annuitant reaches a certain age.
A retirement plan where the employer guarantees a specific benefit amount at retirement.
A retirement plan where the employer specifies how much they’ll contribute annually for each employee.
Insurance that replaces lost income due to a disability.
A share of a company’s earnings paid to shareholders.
The date when the policy goes into effect, after the first premium has been paid.
The time you have to wait before receiving benefits under an insurance plan. Also known as waiting period.
The value of ownership that someone has in an asset, like a house or investment.
Planning to protect and distribute personal assets after death.
The end date of a term policy or when a policy loan plus interest exceeds the cash value of a permanent plan.
The amount paid out when the insured person dies.
An annuity guaranteeing a set interest rate and principal safety.
An annuity option where the payee receives fixed payments.
A legally enforceable contract meeting specific formalities.
The total value of an investment in the future.
The additional time after the due date during which a policyholder can pay the premium without losing coverage
The total premium amount charged by an insurer.
Coverage for medical expenses or lost income due to sickness.
Insurance protecting against home damage or liability.
A type of life insurance where the payout increases over time.
Health insurance covering medical expenses.
A contract meeting substance requirements, not form requirements.
The likelihood of loss for the policyholder or beneficiary.
Transferring financial risk to an insurance company.
The person covered under an insurance policy.
The insurance company assuming risk.
When someone who is named as a beneficiary cannot be changed by the policy owner without their permission.
When an insurance policy terminates due to missed premium payments.
Life insurance with a fixed death benefit.
The person whose life is insured.
Coverage protecting against economic loss due to death.
Additional charges on a policy to cover insurer costs.
The amount you can borrow from your insurance policy. If the policy ends and you haven’t paid back the loan, the borrowed amount plus interest is subtracted from what you receive.
Refers to the date that the policy agreement ends.
Rate of illness or injury within a group.
Shows sickness and injury rates by age.
Expected rate of death among insured people.
Shows expected deaths by age group.
Converts annual premiums to other payment frequencies.
A policy with no share in the insurer’s surplus.
A policy with no servicing advisor.
Insurance with all required premiums paid.
Time during which annuity payments are made.
Monthly income starting at retirement.
Employer plan providing retirement benefits.
Coverage for the entire life.
Policy remaining active due to paid premiums.
Written agreement between insurer and owner.
Policy effective date.
Loan secured by policy cash value.
Party transferring risk under a policy.
The amount of money your insurance policy has built up over time. It grows as you keep paying premiums, especially with certain life insurance plans that include savings or investment features. You can sometimes borrow from it, use it to help pay premiums, or cash it out, depending on your policy.
Payment to activate or maintain a policy.
Investment needed to reach future value.
Risk with no chance of gain.
Continued insurance at a reduced amount.
Insurance for insurers.
Company assuming risk from another.
Term insurance with renewal option.
Beneficiary whose rights can be changed.
Extra coverage added to a policy for more benefits beyond the basic coverage.
Possibility of unexpected outcome.
Annuity paid with a lump sum.
Ability to meet financial obligations.
Risk with potential for loss, gain, or no change.
Average likelihood of loss.
Ownership interest in a company.
Higher-than-average risk.
Amount payable under a policy.
Cash value of a policy.
Coverage for a specific period.
Time for loan repayment.
Life insurance on someone else.
Inability to work due to disability.
Evaluates risks for insurers.
Assessing proposed insured risk.
Flexible premium life insurance.
Policy with specified payout.
Life insurance with investment component.
Flexible premium life insurance with investment risk.
Unenforceable contract.
Enforceable contract but can be voided.
Time before disability benefits start.
If you get really sick or disabled, this helps you. You don’t have to pay your insurance premiums, but your coverage stays active.
This insurance keeps you protected for your entire life or until a specific age you choose.
A will is a legal document that tells what happens to your belongings after you pass away.
