Life Insurance Programming
Process used to determine the amount of life insurance required on the life of the prospective insured. The process involves an analysis of the prospective insured's current financial condition (income, expenses, liquid and nonliquid assets, liabilities, savings, and investments), the financial objectives of the policyowner, the development and installation of a plan designed to achieve these objectives, and the periodic monitoring of the plan to determine the extent to which the plan is achieving the objectives.
Popular Insurance Terms
Commission paid to an agent as a percentage of the premiums he or she collects on debt insurance (home service insurance, industrial insurance). ...
Professional designation earned after the successful completion of six national examinations given by the insurance institute of America (IIA). Covers such areas of expertise as ocean ...
Endorsement to an existing policy or a separate policy covering loss of rental income to the property owner, caused by the damage or destruction of a building, rendering it unrentable. The ...
Insurance company that restricts its underwriting of risks to one state. ...
Monetary guarantee that an individual released from jail will be present in court at the appointed time. If the individual is not present in court at that time, the monetary value of the ...
Combination property, liability, and business interruption policy. It is usually written to cover expenses of small and medium size businesses resulting from damage or destruction of ...
Mortality table that reflects irregularities from age to age due to chance fluctuations in the sequence of the rates of mortality. The rates of death as reflected by the mortality table in ...
Section of an insurance company that sells through brokers. Some brokerage departments are self-contained in that they have their own underwriting and marketing staffs. Brokerage ...
Coverage on an all risks basis for fur garments belonging to customers of a furrier. ...
Have a question or comment?
We're here to help.