Life insurance terms to know

Terms and Conditions - Sagicor Life USA

1. Terms & Conditions Welcome to the Sagicor Life Insurance Company (“Sagicor”) website. Sagicor maintains and provides access to this website, and to the information, features, services and other content contained herein (collectively the “Website Content”), subject to the following conditions (“Terms & Conditions”), which constitute a legally binding agreement between you, whether personally or on behalf of an entity whom you represent (“you”), and Sagicor. The Terms & Conditions apply to you and all visitors and others who access the website (“Users”). By accessing or otherwise using any part of the Website Content, you...

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Life Insurance Terms - Glossary and Facts from NetQuote

Life Insurance Terms Your Life Insurance Glossary Here are a few common terms you'll want to be familiar with when you shop for permanent or term life insurance coverage: Beneficiary: A person other than a participant who may become eligible to receive, or is receiving, benefits under an insurance policy. Cash surrender value: The amount payable to an insured who surrenders cash value life insurance, which terminates all insurance benefits. Convertible term life insurance: A plan that permits you to exchange the term life insurance policy for a permanent one at some point. Free look period: Under the laws of some states, a period typically at least 10 days) during which time you may...

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Glossary of Insurance Terms,

Glossary of Insurance Terms ACCIDENT: An event causing loss, which occurs without being expected or designed, usually specific in time and place. ACCELERATED DEATH BENEFITS: A provision that will pay all or part of the policy death benefits while the policyholder is still alive. Conditions include proof that the policyholder is terminally ill with a life expectancy of less than 12 months, has a specified life-threatening disease or is in a long-term care facility such as a nursing home. By accepting an accelerated benefit payment, a person could be ruled ineligible for Medicaid or other government benefits. The proceeds may also be taxable. ACCIDENTAL DEATH BENEFIT: Provision for...

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Glossary of Health Insurance Terms, Blue Cross and Blue Shield of Illinois

Glossary of Health Care Terms Health insurance is full of terms you may not know. To help you better understand health insurance, here’s a list of the most commonly used health care terms and definitions. Affordable Care Act A comprehensive law passed in 2010, aimed at reforming America's health care system to improve access and affordability for more Americans. allowable charge The maximum amount a health care plan will reimburse a doctor or hospital for a given service. annual deductible The amount you are required to pay annually before reimbursement by your health care benefits plan begins. The deductible requirement does not apply to preventive services. annual limit An insurance...

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Life Insurance: Some Terms You Should Know

We recently talked about the difference between term life insurance and permanent life insurance (cash value). But those aren’t the only terms you might hear that are specific to life insurance; there are other terms that are seldom used when speaking of other forms of insurance. Here are some more words and phrases that might help you understand life insurance a little bit more. Beneficiary – With term life insurance, you, as the holder, will never be around to see the benefits. That’s because you’re dead. Sorry about that. A beneficiary (or beneficiaries, if you want to name more than one) are those who will receive the money from the life insurance policy once you’re gone....

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Insurance glossary – CoverMe®

A sudden, unforeseeable event that causes bodily injuries. Available only with a core plan, add-ons enable you to customize your protection to your individual needs by increasing your coverage in certain areas. The 12 consecutive months following the Effective Date of the Policy and each 12-month period thereafter. Assistive Devices Program (ADP) The objective of the Assistive Devices Program (ADP) is to provide consumer centered support and funding to residents who have long-term physical disabilities and to provide access to personalized assistive devices appropriate for the individual’s basic needs. Items include Wheelchairs, Walkers and CPAP Machines. The amounts paid to a claimant or...

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Glossary ABI

Glossary This is the only owner of an item such as a building, vehicle or a piece of equipment. An unexpected or unplanned event or incident often causing damage or injury such as a road traffic accident. Unexpected or unplanned damage or harm caused to property or a person. A death caused by an unexpected or unplanned event or incident. Accidental death benefit To build up or accumulate. An event that is not the fault of any individual, such as a natural disaster. Most insurance policies do not contain an exclusion for acts of God. The policy will set out what is insured and what the main exclusions are. If loss occurs from an event covered, then the insurer will pay out, in accordance...

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Glossary of Insurance Terms, Home Insurance Agency

Glossary of Insurance Terms Below you will find a list of terms designed to assist you while shopping or learning about insurance. While it is not all inclusive, it should help with your understanding of the most common terms. Accidental Death and Dismemberment (AD&D) Rider: A supplement to many life insurance policies that provides an additional cash benefit to the insured or his/her beneficiaries if an accident causes either the death of the insured or causes the insured to lose any two limbs or the sight in both eyes. Actual Cash Value: The value of property based on the cost of repairing or replacing it with property of the same kind and quality. Typically, actual cash value equals...

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Five need-to-know life insurance terms, The American Legion

Life insurance can be a complex, confusing subject, and some of the terminology can seem as foreign as a scientific paper in Russian. If exploring life insurance options, Kenny Sutton, USAA director of life insurance product management, suggests learning and understanding these five terms: Beneficiary/contingent beneficiary: Most people know the beneficiary is the individual designated to receive the insurance benefit in the event of the insured's death. A contingent beneficiary is someone designated to be the next in line for the benefit if the insured and beneficiary both die at the same time. This could happen if a family member is the beneficiary and is killed, in a car wreck perhaps,...

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Glossary of Financial and Insurance Terms

Welcome to the most useful and complete Financial and Insurance Glossary: Absolute Assignment The irrevocable transfer of all the policy owner’s rights in a life insurance policy. Accelerated Death Benefit Rider Rider that allows payment of a portion of the face amount prior to the death of the insured, if the insured is diagnosed with a terminal illness or injury. Acceptance Assent by an offeree to the terms of an offer. Accident and Health Insurance A type of coverage that pays benefits, sometimes including reimbursement for loss of income, in case of sickness, accidental injury, or accidental death. Accident An event or occurrence that is unforeseen and unintended. Accidental...

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