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
Employer's obligation to fund a pension plan for the time period when employees were qualified to participate but the plan was not yet established. For example, a pension plan is ...
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Combination of coverages from property, liability, health, and life insurance into a single insurance policy from one insurance company. ...
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