Life insurance

Life insurance

Industry: Insurance

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Life insurance

Acceleration clause

Insurance; Life insurance

The part of a contract that says when a loan may be declared due and payable.

Accidental death benefit

Insurance; Life insurance

In a life insurance policy, benefit in addition to the death benefit paid to the beneficiary, should death occur due to an accident. There can be certain exclusions as well as time and age limits.

Active participant

Insurance; Life insurance

Person whose absence from a planned event would trigger a benefit if the event needs to be cancelled or postponed.

Annual crediting cap

Insurance; Life insurance

The maximum rate that the equity-indexed annuity can be credited in a year. If a contract has an upper limit, or cap, of 7 percent and the index linked to the annuity gained 7.2 percent, only 7 ...

Annuitization

Insurance; Life insurance

Process by which you convert part or all of the money in a qualified retirement plan or nonqualified annuity contract into a stream of regular income payments, either for your lifetime or the ...

Choices in the way to annuitize. For example, life with a 10-year period certain means payouts will last a lifetime, but should the annuitant die during the first 10 years, the payments will continue ...