Savings Element, Life Insurance
Buildup of policy cash value, as distinguished from the death benefit. A policyholder has a choice between surrendering the policy for its cash surrender value or keeping it in force for its death benefit. The rates of return on cash value policies, such as whole life insurance, universal life, or variable life, depend on schedules in the insurance contract or, in some types of policies, on prevailing interest rates or the performance of an investment portfolio.
Popular Insurance Terms
In health insurance, the applicable average rate charged for a semiprivate room in the geographical area in which the charge is incurred. ...
Provision that excludes from coverage under Form No. 3: flood damage, except if the flood causes a fire, explosion, or theft; water damage from the backup of sewers; earthquake, except if ...
Costs associated with first-year expenses, claims expense, administrative expenses, and renewal expenses. ...
Chart published in 1868 by Sheppard Homans, an actuary with the Mutual Life Insurance Company of New York, based on insured lives from 1843 to 1858. Historically, it was widely used for ...
Insurance policy for which the required premium has been paid. ...
Circumstance in which no agent is servicing a debit. ...
Same as term Contingency reserve: percentage of total surplus retained, in insurance company operations, that serves as a reserve to cover unexpected losses as well as to cover the ...
Fee paid to an agent as compensation for his or her collecting premiums for debit insurance (home service insurance, industrial insurance). ...
Situation in which several liability insurance policies are in force to cover the same risk, thereby resulting in higher limits of coverage than is required to adequately insure the risk. ...
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