A defined-benefit pension plan designed for small business owners in the United States. This is a tax-qualified benefit plan, so any amount that the owner…

An expression that describes the forfeiture of property and the ensuing claim over that property by a second party. Abandonment and salvage can be added…

A clause in a property insurance contract that, under certain circumstances, permits the property owner to abandon lost or damaged property and still…

A situation in which the rightful owner of a property, office or title has not yet been decided. Abeyance results when the current owner or holder does…

A designation of a beneficiary that can not be changed without the written consent of that beneficiary. Also referred to as an "irrevocable beneficiary…

A benefit that can be attached to a life insurance policy that enables the policy holder to receive cash advances against the death benefit in the case…

This term refers to an option in an insurance contract, usually in the form of a rider, that allows for accelerated benefits or partial benefits sooner…

An option in a whole life insurance policy to use accumulated dividends to convert the policy into an endowment policy prior to its normal maturity date…

This is a Canadian government statute that defines the acceptable terms and conditions of  health insurance coverage and sets out guidelines to which…

A statistic used by insurance companies to gauge what percentage of the premiums received are being paid out in claims. Accident-year statistics are a…

Полис закрепленный за жизню человека или полис страхования здоровья. AD&D и охватывает случаи прежде временной смерти (в отличие от естественных причин…

The payment due to the beneficiary of an accidental death insurance policy, which is often a clause or a rider connected to a life insurance policy. …

An addition or change to a standard insurance contract. The change is suggested, or requested, by either the broker or the insured as an addition to the…

A summary of the performance of each individual insurance agent in the company. The account current is written and issued by the insurance company each…

A form of credit insurance offered by commercial insurers to businesses. Accounts receivable insurance can take the form of multi-buyer insurance (a pool…

An advanced professional designation earned by insurance producers who complete a course of study and successfully take a series of three national examinations…

1. The phase in an investor's life when he/she builds up his/her savings and the value of his/her investment portfolio with the intention of having a…

1) In the case of a variable annuity, a measurement of the value invested in the account during the accumulation period of the contract. The more funds…

The practice of protecting against a loss via the designation of specific funds to pay for the expected amount of the loss. This contrasts to passive…

Routine activities that people tend do everyday without needing assistance. There are six basic ADLs: eating, bathing, dressing, toileting, transferring…

Specific powers, expressly conferred by a principal (often an insurance company) to an agent to act on the principal's behalf. This power may be broad…

The amount equal to the replacement cost minus depreciation of a damaged or stolen property at the time of the loss. It is the actual value for which…

A loss that occurs when the insured property is totally destroyed or is damaged in such a way that it can be neither recovered nor repaired for further…

A revision made to reserves, premiums and other values based on a company's actual loss experience as well as expenses and expected benefits to be paid…

A professional who advises clients on which methods, processes, policies, plans, etc. they should consider when making financial, insurance- or pension-related…

The risk that the assumptions that actuaries implement into a model to price a specific insurance policy may turn out wrong or somewhat inaccurate. Possible…

A professional statistician working for an insurance company. They evaluate your application and medical records to project how long you will live. Actuaries…

An amount that is paid to the beneficiary of a life insurance contract that is separate from the original death benefit. The additional death benefit acts…

A contract in which one party has substantially more power than the other in creating the contract. For a contract of adhesion to exist, the offeror must…

A type of life insurance that combines features of term and whole life coverage, giving holders the option to change the characteristics of their policies…

An insurance premium that can move up or down over time based on a policy that is agreed to at the outset of an insurance contract. There are several…

An insurance claims agent. A claims adjuster is charged with evaluating an insurance claim to determine the insurance company's liability under the terms…

Income paid to the dependent(s) of a primary wage earner in the event of his or her death. These funds, usually provided through life insurance policies…

A provision in a life insurance policy that allows the policy to be changed in one or more ways. This may involve increases or decreases to either the…

An arrangement in which an organization funds its own employee benefit plan such as a pension plan or health insurance program but hires an outside firm…

Assets of an insurance company that are permitted by state law to be included in the company's financial statements. Although each state has discretion…

An insurance company that is domiciled in one state but is admitted by another state to transact insurance business. Because insurance licenses are governed…

Insurance purchased from a company that is admitted (or licensed) in the state in which the policy was sold. Admitted insurance must also be sold by an…

The initial premium paid to bind an insurance policy for a given period of time. The most commonly known use of the term "advance premium", is with respect…

Insurance companies who receive advance premiums must account for the unearned portion of these premiums as a separate liablity item on their balance…

A mutual insurance company that operates as an advance premium insurer rather than an assessment insurer. Advance premium mutual insurers assess premiums…

The process of integrating the complex insurance issues of estate planning, taxation, business insurance and employee benefit plans. Advanced life underwriting…

1. The tendency of those in dangerous jobs or high risk lifestyles to get life insurance. 2. A situation where sellers have information that buyers don…

An acturial cost method that tries to match and allocate the cost and benefit of a pension plan over the span of the plan's life. The Aggregate Level…

A contract provision used in insurance to limit the amount that can be paid in the policy period. An aggregate limit is the maximum dollar amount your…

Data on the death rate of everyone who has purchased life insurance, without categorization based on age or time of purchase. This calculation includes…

The maximum sum of money that an insurance company will pay during the time interval that the product liability insurance coverage is in effect. The aggregate…

A policy designed to limit claim coverage (losses) to a specific amount. This type of coverage is to ensure that catastrophic claims (specific stop-loss)…

A property insurance provision in which the insurer agrees to waive the co-insurance requirement. To obtain an agreed amount clause, insurers require…

A type of insurance coverage that can exclude only risks that have been specifically outlined in the contract. "All risks" means that any risk that the…