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
Membership organization of individuals especially trained in the application of actuarial mathematics, including compound interest, annuities, life contingencies, measurement of mortality ...
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Critical point in the total amount of claims paid above which the excess insurance policy pays a percentage (generally 80-100%) of the claims for any policy year experience. ...
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Money expended with the object of profit. The goal of an insurance company is to invest in assets with a rate of return greater than that to be paid out as benefits under its policies. ...
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In life insurance, the exchange of a series of installment payments, as the result of an installment settlement, for a lump sum distribution. ...
Authority to act on behalf of an individual that terminates upon its revocation or death of that individual. ...
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