Transfer Of Insureds
Definition of "Transfer of insureds"
Provision in corporate life insurance policies that allows coverage to be transferred to a new individual with proof of insurability, for a premium appropriate to the age of the new individual. These policies are designed to cover key executives of a corporation and to provide continuous insurance in force without the necessity of obtaining a new policy. For example, if a corporation buys insurance to cover the chief executive officer who later retires, the policy could be transferred to the new CEO.
Popular Insurance Terms
Same as term Debit Insurance: life insurance on which a premium is collected on a weekly, bi-weekly, or monthly basis, usually at the home of a policyholder. The face value of the policy is ...
Reduction in rate reflecting the present value of a premium due on an annuity one year hence. ...
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Early payout of anticipated death benefits from a rider attached to an existing policy or from a separate policy. The purpose is to allow the terminally ill insured an additional source of ...
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Taking over of an insurance company's assets by the State Insurance Commissioner when examination of the annual report reveals that the company is in substantial financial difficulty. The ...
Coverage for the federal government in the event of loss due to dishonest acts of federal government employees. ...
Personal insurance method used to analyze the amount necessary to maintain a family in its customary life-style, should the primary wage earner die. This includes such considerations as: ...
Point in time when a term life insurance policy terminates its coverage. ...
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