A form of variable Annuity contract where the contract holder pays sales charges up front rather than eventually having to pay a surrender charge.
A life insurance policy option that provides policy proceeds to insured individuals over their lifetimes, in the event of a terminal illness. This is in lieu of a traditional policy that pays beneficiaries after the insured’s death. Such benefits kick in if the insured becomes terminally ill, needs extreme medical intervention, or must reside in … Read moreAccelerated Death Benefits
Coverage for accidental injury, accidental death, and related health expenses. Benefits will pay for preventative services, medical expenses, and catastrophic care, with limits.
Underwriting results allocated back to the given twelve-month accounting period when the losses occurred, regardless of when the losses are actually reported, booked, or paid. Compare with Calendar Year of Experience and Underwriting Year of Experience. See Stop Loss.
Amounts owed to a business for goods or services provided.
Expenses incurred by a Ceding Company in the process of writing new or renewal business, including producer commissions. These expenses may include commissions, medical and inspection fees, and field supervision costs.
All expenses directly related to acquiring insurance or reinsurance accounts, i.e., commissions paid to agents, brokerage fees paid to brokers, and expenses associated with marketing, underwriting, contract insurance and premium collection.
See Benefit Reserves
A form of insurance that pays damages equal to the replacement value of damaged property minus depreciation. See Replacement cost
Relationship of the actual performance of a contract compared to pricing. May be used for premium, claims, persistency, commissions, etc.