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
Liability coverage mandated by the employee retirement income security act OF 1974 (erisa) under which employers are required to purchase insurance to cover their contingent liability for ...
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Anticipated insurance-related costs, not including claims-related costs. ...
Same as term Defined Benefit Plan: retirement plan under which benefits are fixed in advance by formula, and contributions vary. The defined benefit plan can be expressed in either of two ...
Specified requirements of minimum age and years of service to be met by an employee before the individual's benefits are vested. For example, under the ten year vesting rule, "n employee ...
Primary responsibility for overseeing the insurance industry that has rested with individual states since 1945, after Congress passed the MCCARRAN-FERGUSON ACT (PUBLIC LAW 15). In addition ...
Cost incurred in adjusting a claim. Claim-adjustment expenses include such items as attorneys' fees and investigation expenses (e.g., witness interviews). The claim settlement dollar amount ...
Policy that pays benefits only when coverage under other applicable insurance policies has become exhausted. For example, the personal umbrella liability policy pays after the liability ...
Coverage for property damage caused by untimely discharge from an automatic sprinkler system. This coverage, available through an endorsement to the Standard Fire Policy, typically excludes ...
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