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.
