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
Fairness (as an objective of insurance pricing). Premium rates are set according to expectation of loss among a classification of policy owners. The premise is that all insureds with the ...
Form showing notification that an insurance policy has been renewed with the same provisions, clauses, and benefits of the previous policy. ...
Projections of future accidental losses based on analyses of historical loss patterns. A projected loss picture is used to determine the pure cost of protection and the resultant basic ...
Policy used to provide the funds for buy and sell agreements under which an income payment or a series of income payments is paid to the buyer of the disabled partner's interest contained ...
Federal program to insure private U.S. investments in foreign countries, created by the Foreign Assistance Act of 1961. It is a joint government and private effort to encourage U.S. ...
Exemption in ocean marine policy for losses caused by strikes, riots, and civil commotion. ...
Maximum that an insurance company can underwrite. The limits of coverage that a property and casualty company can underwrite are determined by its retained earnings and invested capital. ...
Taking over of an insurance company's assets by the State Insurance Commissioner when examination of the annual report reveals that the company is in substantial financial difficulty. The ...
Frequency of illness, sickness, and diseases contracted. ...
Have a question or comment?
We're here to help.