Family Policy
Contract providing whole life insurance on the father and term insurance on the mother and all children, including newborns after reaching a stated age, usually 15 days. Children, upon reaching the age of majority, have the right to convert their insurance to a permanent policy up to the amount of term coverage without having to show evidence of insurability (take a physical examination). The premium is the same regardless of the number of children covered.
Popular Insurance Terms
Act by a company that authorizes an agent to act on its behalf. ...
Form of insurance whereby the buyer (reinsurer) assumes the entire obligation of the cedent company, effected through the transfer of the policies from the cedent to the books of the ...
Commission paid to a broker for selling an insurance company's products. This fee may or may not include an expense allowance depending on the amount of business the broker places with the ...
Central fund into which employees contribute untaxed earnings to pay for the insurance premiums and uninsured medical costs. When the employee submits evidence of unreimbursed medical ...
same as term Lost Policy Receipt: life insurance company form to be signed by a policyholder who wishes to surrender a policy that has been lost. The signed receipt then becomes evidence ...
Insurance or annuity contract used in pension plans to purchase increments of retirement benefits through contributions for each employee paid into a fund. Benefits are guaranteed to ...
Private pension plan credit given for an employee's past service with an employer prior to establishment of a pension plan. Usually, a lower percentage of compensation is credited for ...
Type of excess of loss reinsurance in which the insurance company (cedent) is reinsured in the event there is a casualty loss resulting in at least two insureds generating losses from the ...
Automobile purchased or leased by the insured or the insured's spouse that is in addition to the insured or the insured spouse's present car as covered under the personal automobile policy ...
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