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
Act that mandates that employers who have at least 26 employees must provide a terminating employee and family members, if residents of employee's household, with health insurance coverage ...
Federal statute that permits the self-employed a 100% tax deduction for the family health care expenses to include health insurance premiums, disability INCOME insurance premiums, and ...
Nonforfeiture option that uses the cash value of an ordinary life policy as a single premium to purchase term life insurance in the amount of the original policy. The length of the term ...
Membership organization primarily of medium and small life and health insurance companies. It represents the views and interests of smaller companies in various political forums. ...
Act that requires the Department of Labor (DOL) to have a formal program to educate the public about the importance of saving for retirement. The DOL is also required to educate the public ...
Break in commercial activities due to the occurrence of a peril. Coverage against business interruption by various named perils can be obtained through insurance. ...
Technique designed to permit the exchange of a life insurance policy that has an outstanding loan charged against it for another life insurance policy on a tax-free basis. The procedure is ...
Group of plans (to include section 401(k) plans and section 403(b) plans) that permit in-service withdrawals to fund a college education if a hardship exists. ...
Coverage for malpractice suits resulting from professional acts and/or omissions of morticians. ...
Have a question or comment?
We're here to help.