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| Type of life insurance marketing system in which the general agent is an independent businessperson who represents only one
insurer, is in charge of a territory, and is responsible for hiring, training, and motivating new agents. |
| A transfer tax imposed on a gift or inheritance to those at least two generations younger than the person making the
transfer. |
| A voluntary transfer of property to another person, made without receiving consideration in return. |
| A type of mutual fund, closed end fund, or ETF designed to give exposure to any international or emerging market, including
the United States. |
| A type of mutual fund or ETF designed to give exposure to gold related securities. This can include stocks in companies
engaged in the production, processing, or mining of gold. Often used to hedge against inflation and currency risks. |
| Securities issued by U.S. government agencies and international governments. U.S. Treasuries are generally considered the
safest, because they are backed by the full faith and credit of the government. |
| A period of time after a premium due date, usually 30 or 31 days, during which an insurance policy remains in force and the
overdue premium may be paid without penalty. |
| A commission scale providing for payment of a high first-year commission and lower renewal commissions. |
| All of the assets and liabilities owned at death. |
| The failure to perform a manifest duty in reckless disregard of the consequences as affecting the life or property of
another. |
| The full amount of premium, ignoring taxes or deductions. |
| The sum of the pure premium and a loading element. |
| A contract of insurance made with an employer or other entity that covers a group of persons identified as individuals by
reference to their relationship to the entity. |
| Life insurance provided to debtors by a lending institution to provide for the cancellation of any outstanding debt should
the borrower die. Normally, term insurance is limited to the amount of the loan. |
| Insurance written on a number of people under a single master policy, issued to their employer or to an association with
which they are affiliated. |
| Life insurance, usually without medical examination, on a group of people under a master policy. It is typically issued to an
employer for the benefit of employees or to members of an association, for example a professional membership group. The cost is lower than for individual
policies because administrative expenses per life are decreased, there are certain tax advantages, and measures taken against adverse selection are
effective. |
| Group insurance plan providing life insurance for employees. Traditional whole life policy is split into decreasing insurance
protection and increasing cash values. |
| Accumulating units of single premium whole life insurance and decreasing term insurance, which together equal the face amount
of the policy. Provided through a group life insurance plan. |
| Type of pension plan in which cash value life insurance is issued on a group basis and cash values in each policy are used to
pay retirement benefits when a worker retires. |
| Most common form of group life insurance. Yearly renewable term insurance on employees during their working careers. |
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Universal life insurance plans sold to members of a group, such as individual employees of an employer. There are some differences
between GULP plans and individual universal life plans; for instance, GULP expense charges generally are lower than those assessed against individual
policies. |
| A mutual fund, closed end fund, or ETF with both the growth of capital and income as the primary investment objective. |
| A mutual fund, closed end fund, or ETF with the growth of capital as the primary investment objective. |
| An option that permits the policy holder to buy additional stated amounts of life insurance at stated times in the future
without evidence of insurability. |
| See "Future Increase Option". |
| An investment contract with an insurer in which the insurer guarantees both principal and interest on a pension contribution.
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| The guaranteed maximum payment for the purchased policy. |
| Benefit that can be added to a life insurance policy permitting the insured to purchase additional amounts of life insurance
at specified times in the future without requiring evidence of insurability. |
| A contract that the insured has the right to continue in force by the timely payment of premiums (1) until at least age 50 or
(2) in the case of a policy issued after age 44 for at least five years from its date of issue, during which period the insurer has no right to make
unilaterally any change in any provision of the contract while the contract is in force, except that the insurer may make changes in premium rate by
classes. |
| A contract that the insured person or entity has the right to continue in force by the timely payment of premiums for a
substantial period of time, during which period the insurer has no right to make unilaterally any change in any provision of the contract, while the
contract is in force, other than a change in the premium rate for classes of policyholders. |
| A fund, derived from assessments against solvent insurance companies, to absorb losses of claimants against insolvent
insurance companies. |
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