Statement (insurance Company To Insured)
Definition of "Statement (insurance company to insured)"
Annual report to policyholders of certain cash value life insurance products and annuities to inform them of the value of the investment portion of their contracts. Buyers of whole life insurance can be said to purchase both an insurance product and a tax-deferred savings vehicle. If the insurance is terminated, the policyholder is entitled to the cash value buildup. In addition, newer forms of these policies, such as universal life insurance, variable annuities, and variable life insurance, offer policyholders a choice of investments rather than a guaranteed return. A statement informs the insured of the annual cash buildup and the performance of the investment portion.
Popular Insurance Terms
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Dividends of a participating life insurance policy deemed by the Internal Revenue Service to be a return of a portion of premiums and thus not subject to taxation. ...
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Cash carried forward from the previous year, plus gains from operations for the current year, plus any capital gains. ...
Arrangement between two or more insurance companies under which the parties to the agreement waive their subrogation rights against the other. Most such agreements are no longer in use. ...
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