Guaranteed Living Benefit

A guarantee in a variable Annuity that a certain level of Annuity payment will be maintained. Serves as a protection against investment risks. Several types exists.

Forced Place Insurance

Insurance purchased by a bank or Creditor on an uninsured debtor’s behalf so if the property is damaged, funding is available to repair it.

Credit Life Insurance

Life insurance coverage on a borrower designed to repay the balance of a loan in the event the borrower dies before the loan is repaid. It may also include disablement and can be offered as an option in connection with Credit cards and auto loans.

Accident And Health Insurance

Coverage for accidental injury, accidental death, and related health expenses. Benefits will pay for preventative services, medical expenses, and catastrophic care, with limits.

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A U.S. specific regulation requiring substantially higher, and typically redundant, reserves on certain term and universal life contracts.

Yearly Renewable Term (YRT) Reinsurance

A form of life reinsurance under which the risks, but not the permanent plan reserves, are transferred to the reinsurer for a premium that varies each Year with the amount at risk and the ages of the insureds.

Accelerated Death Benefits

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 more