Policy Summary
Policy report issued to the policyowner that must include at least the following: first five years of premiums, cash values, death benefits, and dividends (if participating insurance); tenth year, twentieth year, and at least one year between the insured's age 60 and 65 and policy maturity year of premiums, cash values, death benefits, and dividends (if participating insurance); effective interest rate at which policy loans may be made by the policyowner; tenth and twentieth year cost surrender value; the net premium payment cost indices; insurance company name and address; the insurance agent name and address; and the type (generic) of life insurance policy.
Popular Insurance Terms
Projected percentage of the earned premiums that will be required by the insurance company to pay for the incurred losses plus the loss adjustment expense. ...
Law created by government regulatory agencies, such as the office of the commissioner of insurance, through decisions, orders, regulations, and rules. For example, rate making hearings ...
Compulsory employee benefit plan under which participants are entitled to a series of benefits as a matter of right. The plan is administered by a federal or state government agency and has ...
Stipulations of the rights and obligations of an insured and an insurer under a policy. ...
Clause in a property insurance policy that requires the insurance coverage in that policy to be allocated in the proportion that it bears to the total insurance coverage in force from all ...
Insurance company's total premium income plus investment income. ...
Analytical procedure to predict the failure rate of a system still in the design stage. ...
Assistance provided to a person in performing the basic daily necessities of life, such as dressing, eating, using a toilet, walking, bathing, and getting in and out of bed. This type of ...
Individual action or failure to act as a reasonably prudent person would under similar circumstances, resulting in harm to another. Also called negligence. A reasonably prudent person is ...
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