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
Measurement of the amount of capital (assets minus liabilities) an insurance company has as a basis of support for the degree of risk associated with its company operations and investments. ...
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Model act written and published by the national association of insurance commissioners (naic) whose purpose it is to regulate brokers who control insurance companies. The act permits the ...
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Important quantitative measure for an insurance company indicating the percentage of each premium dollar that is going to pay for losses. Based on losses incurred, appropriate reserves are ...
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Retirement plan in which money is currently allocated to fund an employees' pension. ...
Benefits payable under any insurance policy or annuity contract. ...
Percentage of a life insurance company's policies in force at the beginning of the year that are no longer in force at the end of the year. This ratio is critical because it indicates the ...
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