Life insurance

Life insurance

Industry: Insurance

Add a new term

Contributors in Life insurance

Become a Contributors

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.