Run-off

Payments awarded by a court in a liability suit. Money damages can be broken down into compensatory and punitive. Compensatory damages reimburse a plaintiff for expenses incurred for such ...

Product or service that does more harm than good to society, or endangers life or health. Society would probably be better off without such a product or service. ...

Arrangement by which a policy owner authorizes an insurance company to draft his checking account for premiums due on an insurance policy. The drafting is usually monthly, persistency of ...

Designation of a policy's death benefit or its cash surrender value to a creditor as security for a loan. If the loan is not repaid, the creditor receives the policy proceeds up to the ...

Organization that develops and administers educational materials and examinations for life insurance agents. A significant objective of the courses is sales technique. ...

Maximum amount of insurance coverage that an insurance company will underwrite in a particular geographic area. ...

Designation earned by passing 10 national examinations on subjects including mathematics of property and casualty insurance, actuarial science, insurance, accounting, and finance. ...

Determination that group plans offering legal services are limited to an annual tax-free benefit of $70 per employee; group plans may offer employer-provided educational assistance plans on ...

Same as term Original Age: insured's age at the date a term life insurance policy is issued. An original age or retroactive conversion option permits the insured to convert the term policy ...