Attained Age
Insured's age at a particular point in time. For example, many term life insurance policies allow an insured to convert to permanent insurance without a physical examination at the insured's then attained age. Upon conversion, the premium usually rises substantially to reflect the insured's age and diminished life expectancy. Since later in life rates become prohibitive, many insureds do not make an attained age conversion.
Popular Insurance Terms
Liability limit on a fidelity bond or surety bond. A fixed-penalty bond is one with a fixed liability limit that the surety company will pay in the event of nonperformance. ...
Coverage designed to protect against loss exposures of business firms, as opposed to those of individuals. ...
Method of underwriting by which one or a group of Lloyd's underwriters write business on behalf of a number of Lloyd's syndicates and other insurance companies. Among the benefits of ...
1965 federal law that provides for medical assistance to those who cannot afford to pay for it. Four categories of the needy can qualify: aged, blind, disabled, and families with dependent ...
Determination of: property covered, property excluded; perils covered, perils excluded; location covered, location excluded; time period the policy is in force;persons covered, persons ...
coverage for contingent liability exposure. ...
Basis for calculating life insurance premiums and benefits using current interest and mortality rates, rather than historic rates. Current assumptions are critical to interest-sensitive ...
Equity of shareholders of a stock insurance company. The company's capital and surplus are measured by the difference between its assets minus its liabilities. This value protects the ...
Insurance company's net investment income divided by its invested assets. The greater the yield, the better the investments that are being made. ...
Have a question or comment?
We're here to help.