Life Insurance, Creditor Rights
Definition of "Life insurance, creditor rights"
Protection given to life insurance beneficiaries by state laws, under which the benefits of a life insurance policy usually cannot be attached by creditors of an insured and/or beneficiary. These laws are based on philosophical concerns dating back to the founding of the U.S., and the Homestead Laws that a widow and children should not be made to pay for the financial sins of the father.
Popular Insurance Terms
Deductible amount between a basic health insurance plan and major medical insurance. ...
Professional designation earned after the successful completion of four national examinations given by the insurance institute of America (IIA). Covers such areas of expertise as principles ...
Paid-in surplus, revaluation surplus, and donated surplus. This surplus includes all sources of surplus with the exception of earned surplus. ...
Arrangement between the buyer and the seller in which there is a mutual agreement to buy or sell a security at a given price at a stipulated future date. These contracts are effected on a ...
Same as term Ceding Company: insurance company that transfers a risk to a reinsurance company. ...
Modifications of the single premium deffered annuity, which usually guarantees at a minimum a return of a stipulated amount (usually at least 90% of the single premium accumulated at the ...
Premium income divided by the surplus account. ...
Required reserve to satisfy all life insurance policy obligations and expenses according to the appointed actuary's best estimate assumptions. Numerous interest rate scenarios are tested ...
Choice of a lump sum payment for an injury incurred instead of a series of periodic payments, available under a health insurance policy. ...
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