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| That portion of a policy's premium payment for which the protection of the policy has already been given. For example, an
insurance company is considered to have earned 75 percent of an annual premium after a period of nine months of an annual term has elapsed. |
| Special type of participating whole life insurance in which the dividends are used to buy term insurance or paid-up additions
equal to the difference between the face amount of the policy and some guaranteed amount. |
| One of the uses of life insurance. It is designed to provide money for a child's education should the breadwinner of the
family die. |
| The date on which the insurance under a policy begins. |
| A transaction that allows payers to have premium payments drawn directly from their bank accounts, eliminating the need to
write checks. |
| The date on which an individual member of a specified group becomes eligible to apply for insurance under the (group life or
health) insurance plan. |
| A specified length of time, frequently 31 days, following the eligibility date during which an individual member of a
particular group will remain eligible to apply for insurance under a group life or health insurance policy without evidence of insurability. The period of
time under a Major Medical policy during which reimbursable expenses may be accrued. |
| The period of time between the date the illness or disability commences and the beginning of the benefit payment period. It
is sometimes referred to as the Qualifying Period. |
| One of the uses of life insurance which provides money for the emergency expenses of a deceased's family prior to the final
settlement of the estate. |
| Refers to the financial market or economy of a developing nation, which is often new or has a short history. |
| An additional piece of paper, not a part of the original contract, which cites certain terms and which, when attached to the
original contract, becomes a legal part of that contract. |
| When an insurance policy's guaranteed cash value equals the initial death benefit, it is said to "endow" or mature. Whole
Life contracts typically endow at the insured's age 100. |
| An insurance policy that pays a stated amount at the end of a specified period or upon the death of the insured if it occurs
within that period. |
| This market strategy seeks incremental outperformance of a benchmark index without changing the profile characteristics of
the index. By using leverage, options trading, or another mechanism, enhanced indexing offers the potential of outperforming a benchmark index. |
| The arrangement whereby the business, rather than an individual owner, purchases the insurance that will be used to secure
the business in the event of an owner's death. |
| A type of annuity contract that allows the potential of stock market linked growth without the potential of any market type
losses. |
| Planning for the orderly handling and administration of an estate upon the death of the owner. This usually involves drawing
up a will and setting up trusts and insurance, with the intention of minimizing loss to the estate value incurred by estate taxes and administrative
expenses. |
| Any statement of proof of a person's physical condition and/or other factual information affecting his/her acceptance for
insurance. |
| A physician appointed by the medical director of a life insurer to examine applicants. |
| Main location where securities or futures trading takes place. |
| Provision that indicates a circumstance or event, such as an act of war, for which benefits will not be paid. |
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A plan whereby an employee owns a life insurance policy that was purchased, all or in part, by the employer. The employee treats the
employer's payments as reportable income for tax purposes. The employer deducts its payments as compensation under IRC §162. Also known as an Employee
Bonus Plan. |
| The number of deaths which theoretically will occur among a group of people during a given period of time, according to the
mortality table in use. |
| The charges assessed against a policy to cover part or all of the insurance company's acquisition and maintenance expenses
related to issuing and servicing the policy, including charges covering various federal, state and local taxes. |
| The Includes investment management administrative costs, and 12b-1 fees. The expense ratio does not include the cost of
acquiring a fund, such as commissions and loads. |
| The date on which the insurance policy ceases to protect the policyowner. |
| The amount charged in addition to the regular rate to cover any extra hazard or special risk. Usually this premium is shown
as a percentage of the standard premium. A form of Sub-Standard Risk rating. |
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