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Home Dictionary A Actuarial Life Table The statistics in the actuarial life table calculate, among other things, the probability of surviving to a certain age. Insurance companies use actuarial life tables in their work. These tables may be named differently, such as the death table, actuarial table, or life table. Actuarial science uses mainly two types of life tables. Accidental Death Benefits
September 25, 2022 An accidental death benefit is paid to the beneficiary of the accident insurance policy. Accidental Death and Dismemberment Insurance (AD&D)
September 25, 2022 Accidental death and dismemberment (AD&D) insurance is usually added as an add-on to a life insurance policy. Adjustable Life Insurance
September 25, 2022 Regulated life insurance allows policyholders to make adjustments to their cash value, premiums and death benefits. Allocated Loss Adjustment Expenses (ALAE)
September 25, 2022 Allocation expenses (ALAE) are expenses related to a specific insured event. Automatic Premium Loan
September 25, 2022 Automatic premium loans allow you to apply the cash value of a permanent life insurance policy to past due premium payments. Cash Surrender Value
September 25, 2022 A cash surrender value is the amount of money a life insurance company pays out to a policy or annuity holder if they decide to terminate the plan. Cash Value Life Insurance
September 25, 2022 Permanent life insurance policies, such as life insurance or universal life insurance, can accumulate monetary value over time. Death Benefit
September 25, 2022 Death benefit is a payment to the recipient of a life insurance policy, an annuity or pension in the event of the death of the insured or the recipient of the annuity. Decreasing Term Insurance
September 25, 2022 Reducing term insurance provides a death benefit that decreases each year according to a predetermined schedule, whereby premiums also decrease over time. Endorsement
September 25, 2022 Endorsement has different meanings, but most of them are related to the concept of approval or permission. Free Look Period
September 25, 2022 The free review period is a required period of time, usually 10 days or more, during which a new life insurance policy holder can terminate the policy without penalty such as restocking fees. Group Life Insurance
September 25, 2022 Group life insurance is offered by an employer or other major entity such as an association or trade union organization to its employees or members. Group Term Life Insurance
September 25, 2022 Many employers offer basic group life insurance at no cost to employees as part of a benefit package. Group Universal Life Policy (GULP)
September 25, 2022 A group universal life policy is a universal life insurance offered to a group of people at a lower price than what is usually offered to an individual. Guaranteed Issue Life Insurance
September 25, 2022 Guaranteed release life insurance is a small life insurance policy for life without medical clauses. Hazardous Activity
September 25, 2022 Hazardous activity is a hobby or activity that the insurance policy considers to be associated with a high risk. Incontestability Clause
September 25, 2022 Most life insurance policies include a non-repudiation clause. Irrevocable Beneficiary
September 25, 2022 An irrevocable beneficiary is a natural or legal person designated to receive assets under a life insurance policy or segregated fund agreement. Joint-Life Payout
September 25, 2022 Living together payment is a payment structure for pensions and other retirement plans that provides income to a second person, usually a spouse, after the death of the account holder. Key Person Insurance
September 25, 2022 Key person insurance is a life insurance policy that a company buys for the life of a top manager or other important person. Level Death
September 25, 2022 A tiered death benefit is a type of benefit associated with life insurance policies. Level-Premium Insurance
September 25, 2022 Level premium insurance is a type of life insurance in which premium payments remain at the same level throughout the entire term, and the amount of coverage offered increases. Life Expectancy
September 25, 2022 Life expectancy is a statistical prediction of how long a person will live. Life Insurance
September 25, 2022 Life insurance is a legally binding contract under which insurance compensation is paid to the policyholder in the event of the death of the insured. Life Settlement
September 25, 2022 A lifetime settlement refers to the sale of an existing insurance policy to a third party for a lump sum cash payment.