This is the english version of the original publication, which was published originally in hungarian. Limited payment life insurance a form of whole life insurance with a predefined number of premiums to be paid. Line of business classification of business written by insurers. Life insurance is a protection against financial loss that would result from the premature death of an insured.
Consumer glossary national association of insurance. Limited policies health insurance coverage for a certain ailment, such as cancer. Agent the insurance company representative who sells policies on behalf of the insurer. Life insurance glossary of common terms we recognize you are looking to make the best decisions for you and your family by comparing online insurance quotes. Form of life insurance allowing the owner to change the face amount, premium amount. Life insurance resource center glossary of life insurance terms agent an insurance company representative licensed by the state who solicits and negotiates contracts of insurance, and provides service to the policyholder for the insurer. An event or occurrence which is unforeseen and unintended. Understand whats going on in financial news today and make the best investment decisions possible with prudentials glossary of key economic and stock market terms. With the jargon now busted get a free life insurance quote and save on your monthly premium.
Glossary of insurance terms actuary a professional trained in the mathematics of insurance and risk management, including the calculations of premiums, policy reserves and other values. An irrevocable trust is a trust which cannot be terminated by the donor grantor. Glossary of life insurance terms department of financial. We feel it is important for you to be informed about the rates available to you in order to make intelligent decisions about your coverage. As with any insurance product, there are some terms that may be specific to your plan. Insurance terminology north american training group. The ilit is used to own an insurance policy for the purpose of keeping the life insurance proceeds free of federal estate tax upon the death of the insured. An easy guide to these terms is provided below to help you understand your cover and how it works. Term used in universal life policies to describe the total of all premiums and earnings credited to the account before deductions for any expenses, loans, and surrenders. A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. When youre ready to take the next step, compare quotes for free or talk to a policygenius expert. The named beneficiary receives the proceeds and is thereby safeguarded from the. Not sure where to start when it comes to learning about and shopping for life insurance.
Liability for damages even though fault or negligence cannot be proven. Browse our life insurance glossary of common terms. An agent can be independent agent who represents at least two insurance companies or a direct writer who represents and sells policies for one company only. Many term policies only cover periods of 5, 10 or 20 years but can be renewed, usually for a higher cost, at the end of the policy. Our glossary of the most common terms, phrases, and concepts will help you brush up on life insurance definitions in no time. An independent agent represents more than one company.