20 Terms
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Life insurance
Industry: Insurance
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Life insurance
Policy or sales illustration
Insurance; Life insurance
Material used by an agent and insurer to show how a policy may perform under a variety of conditions and over a number of years.
Reserve
Insurance; Life insurance
An amount representing actual or potential liabilities kept by an insurer to cover debts to policyholders. A reserve is usually treated as a liability.
Floater
Insurance; Life insurance
A separate policy available to cover the value of goods beyond the coverage of a standard renters insurance policy including movable property such as jewellery or sports equipment.
Future purchase option
Insurance; Life insurance
Life and health insurance provisions that guarantee the insured the right to buy additional coverage without proving insurability. Also known as "guaranteed insurability option."
General account
Insurance; Life insurance
All premiums are paid into an insurer's general account. Thus, buyers are subject to credit-risk exposure to the insurance company, which is low but not zero.
Disease management
Insurance; Life insurance
A system of coordinated health-care interventions and communications for patients with certain illnesses.
Dividend
Insurance; Life insurance
The return of part of the policy's premium for a policy issued on a participating basis by either a mutual or stock insurer. A portion of the surplus paid to the stockholders of a corporation.
