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
Coverage for the owner of a business. When a proprietor dies, debts of the business become the debts of the estate since in this circumstance the law recognizes business and personal assets ...
Individual to whom rights to a benefit are assigned. A life insurance policy is assigned by the collateral borrower (assignor) to the collateral creditor (assignee) as security for a loan. ...
Interest earned on dividends from a participating life insurance policy left on deposit with the insurance company and subject to taxation. ...
Requirement of an employer to report annually to the U.S. Treasury Department the names of employees who terminated employment with vested benefits, and the amount of the benefits. The ...
Claim against property for payment of taxes. Life insurance proceeds and annuity benefits are protected against certain creditors of the insured, but the federal government is not one of ...
Assets, such as furniture and fixtures, that are not permitted by state law to be included in an insurance company's ANNUAL STATEMENT. ...
Individual or other entity who owns an insurance policy. Synonymous with policyowner. ...
Deductible eliminated through the payment of an additional premium, resulting in first-dollar coverage under the policy. ...
Deductible amount between a basic health insurance plan and major medical insurance. ...
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