Wright, Elizur
Massachusetts commissioner of insurance responsible for the passage of legislation (1861) that guaranteed policy owners of that state equity in the cash value of their life insurance. The non forfeiture legislation stipulated that four-fifths of the cash value of a life insurance policy be applied to the purchase of extended term life insurance.
Popular Insurance Terms
Value of benefit or contribution allocated to an employee under a pension plan; method of determining benefits due a retired employee. Each private pension plan establishes rules for ...
Right of a beneficiary of a life insurance policy to exchange the future installments due that beneficiary for a lump sum distribution. ...
In a pension plan that an employer is required to make against future contributions (other than a cash basis as required by the IRS). Such credits may arise when an employee leaves an ...
Presence of other contract (s) covering the same conditions. When more than one policy covers the exposure, each policy will pay an equal share of the loss. ...
Mechanism for providing coverage when the insured's underinsured motorist coverage limit is more than the tort feasor's limit of liability that has been previously reduced by claim payments ...
Intentional damage or destruction of another person or business's property. Insurance can be purchased by the owner of the property to protect against this exposure. ...
Payments from an employee's employee benefit insurance plan that can be rolled over to an individual retirement account (IRA) or to another plan maintained by the employer that accepts ...
Contract remaining in force for up to 12 months unless canceled earlier. After 12 months the policy can either be renewed or not renewed by the insurance company or the insured. The policy ...
Imprecise term still occasionally used by commercial or proprietary insurers to differentiate them from fraternal insurers. "Old line" was apparently meant to make these companies sound ...
Have a question or comment?
We're here to help.