Government Life Insurance
Definition of "Government life insurance"
Coverage for present and past U.S. uniformed services members under one of these programs:
- United States Government Life Insurance (USGLI) established in 1919 to provide RENEWABLE TERM LIFE INSURANCE up to $10,000.This program is no longer available.
- National Service Life Insurance (NSLI) established in 1940 to take the place of USGLI; terminated in 1950. Today NSLI exists for amounts ranging from $1000 to $10,000 under five-year renewable term and permanent forms of life insurance. The latter policies have the same non forfeiture benefits and OPTIONAL MODES OF SETTLEMENT as COMMERCIAL FORMS of life insurance.
- SERVICE MEN'S GROUP LIFE INSURANCE (SGLI) established in 1965 to cover active members of the U.S. uniformed forces; purchased through commercial insurance companies on a group basis at a government subsidized rate. Each service person pays a premium that reflects nonmilitary mortality expectation and administrative expenses. The federal government subsidizes the premium by paying for any extra mortality and administrative expenses associated with the military exposure. Upon discharge, a SGLI policy can be converted, regardless of physical condition, to a five-year nonrenewable Veterans Group Life Policy (VGLI), and then can be converted (after five years) again regardless of health to an individual life policy with any of the participating commercial life insurance companies.
- VETERANS GROUP LIFE INSURANCE (VGLI) nonrenewable convertible five-year term insurance to which SGLI is converted at the time a service person is discharged. It has no cash or loan value, disability benefits, paid-up benefits, or extended term benefits. It can be converted to an individual policy with a participating company.
Popular Insurance Terms
Fidelity bond provided under a blanket position bond (in which each position is covered on an individual basis) or a commercial blanket bond (in which a loss is covered on a blanket basis ...
Insurance company representative who sells debit life insurance (industrial life insurance). This agent is usually more of a collector of small premium payments on a weekly, biweekly, or ...
Insured's age at the date a term life insurance policy is issued. An original age or retroactive conversion option permits the insured to convert the term policy to a cash value policy as ...
Policy not designed to pay the policyowner a dividend. ...
Amount that a policyowner can borrow from a cash value of a permanent life insurance policy. ...
Gain when the underlying asset that moves in one direction is significantly different from the loss when the underlying asset moves in the opposite direction; for example, when gains and ...
Duration of a policy. Property and casualty coverages are usually written for one year, although a personal automobile policy can be for six months. Life insurance can be written on a term ...
Plan administered through a primary private life insurer and reinsured through other private life insurers, providing a death benefit equal to: one year's salary for active employees at ...
Deductible, applied to every loss, expressed as a percentage of that loss. As the loss increases, the deductible amount increases. ...
Have a question or comment?
We're here to help.