Servicemen
Definition of "Servicemen"
U.S. government group term life insurance for male and female members of the federal uniformed forces on active duty, underwritten by private insurance companies. Premiums reflect peacetime mortality rates for this group, with any additional costs of military risks (such as wartime exposure) being borne by the federal government. Upon discharge, SGLI policies can be converted either to five-year nonrenewable term veterans group life insurance (VGLI) or to a permanent policy at the veteran's attained age (at higher cost) with one of the commercial insurance companies participating in the serviceman's plan.
Popular Insurance Terms
Fund from which losses are paid for the insolvent members of Lloyd's of London. Each year, members of Lloyd's of London contribute a percentage of their premium volume to this fund to act ...
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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 ...
System established for checking claims to determine whether they should be paid immediately or checked further for validity. ...
In many health insurance and dental insurance policies, stipulation that, if the estimated cost of a recommended plan of treatment exceeds a specified sum, the insured must submit the plan ...
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