Standard Provisions, Life Insurance
Definition of "Standard provisions, life insurance"
Elements common to all life insurance policies. While state insurance laws do not prescribe the exact words that must be in a life insurance policy, certain standard provisions must be included to provide specified basic benefits for an insured, who cannot be charged extra for them. Additional benefits can be provided, if the insurance company desires. Standard provisions include the beneficiary; grace period; incontestable clause; nonforfeiture (cash surrender benefit, reduced paid-up benefit, extended term benefit); policy loan; reinstatement; suicide clause; war exclusion clause.
Popular Insurance Terms
New rule entitled "Accounting and Reporting for Reinsurance of Short-duration and Long-duration Contracts," which requires the insurance company to report all assets and liabilities ...
Contract providing a monthly income benefit to members of a group of employees. A group annuity has the same characteristics as an individual annuity, except that it is underwritten on a ...
Hospital insurance program that provides medical professional liability insurance coverage to non employed hospital physicians. The objective of this means of insurance coverage is to ...
Coverage for the office of a business, or an individual in a general office building or other structure. Includes burglary of a safe; damage caused by robbery and burglary, actual or ...
Means of providing insurance protection for the property of a business that is not at a fixed location. ...
Written evidence given to a policyowner by an insurance company or insurance agency that it has received a premium. ...
Insured's income prior to the disability minus the insured's income after the disability. ...
Non qualified deferred compensation plan for highly compensated employees or select group of personnel. The reporting and disclosure requirements of the employee retirement INCOME SECURITY ...
Projections of future accidental losses based on analyses of historical loss patterns. A projected loss picture is used to determine the pure cost of protection and the resultant basic ...
Have a question or comment?
We're here to help.