Guaranteed Insurability
Right of an insured to make additional purchases of life insurance without having to take a physical examination or show other evidence of insurability. Additions can be bought at stated times; upon specified policy anniversaries such as every fifth year of a policy up to a maximum age (usually 40 or 45); or upon the birth of a child. Many young families should consider adding this option, since a likely time to add to a life insurance portfolio is when family obligations increase.
Popular Insurance Terms
State law by which insurance companies are permitted to establish deferred tax assets and liabilities subject to maximum limitations. ...
Insurance that acts as a supplement to medicare in that it will pay the deductibles and coinsurance sums that the Medicare recipient is responsible for paying. In addition, some policies ...
Combination of the funds of many policyholders held in a single account and invested as a single entity. ...
Concealment of the actual fact. For example, an insurance agent tells a prospective insured that a policy provides a particular benefit when in actual fact this benefit is not in the ...
Statistical approach stating that if a series of samples is taken from a stable population, the distribution of the means (averages) of these samples will form a normal distribution whose ...
Anticipated insurance-related costs, not including claims-related costs. ...
Trading of stock to enhance portfolio performance and reduce taxes. This practice is followed when the investor has accumulated losses on stocks and sells these stocks in order to use the ...
Coverage under which the face value, premiums, and plan of insurance can be changed at the discretion of the policy owner in the following manner, without additional policies being issued: ...
Coverage in the event that property is damaged or destroyed so that an insured cannot use the property for its intended purpose. For example, loss of use of a drill press because of ...
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