Life insurance terms to know

Life Insurance Terms Definitions, Top Quote Life Insurance

Life Insurance Terms & Definitions At Top Quote Life Insurance we have made it our goal to making life insurance simple for our online consumers. A part of this goal was to create a helpful life insurance guide of commonly used life insurance terms and definitions to give you a better understanding of the common terminology used when dealing with life insurance. Be sure to reference back to this page if at anytime you run into any life insurance terms on this website that you do not understand. By understanding the basic life insurance terms and definitions, you will be better prepared in your search for coverage. Quick Reference Guide of Life Insurance Term & Definitions...

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A Glossary for Life Insurance Terms - What You Need to Know

Understanding Life Insurance Lingo The Life Insurance industry is replete with seemingly nonsensical terms and strange words. It can all be a little bit overwhelming, so we at Wealth Smart have provided you with this glossary to facilitate your research into Life Insurance. Accidental Death Cover A limited policy that only pays a claim if you die in an accident. Advanced payment benefit Automatic indexation Your cover will increase in line with the current Consumer Price Index. Your premium will also increase. Beneficiaries The recipients of a life insurance claim. These could be your partner, children, other family members, or business partners. You can nominate your beneficiaries upon...

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Life stages in insurance terms, Shepard Insurance Group

Insurance needs evolve as net-worth grows, making it critical to revisit your coverage regularly to ensure that your assets are properly protected. The Shepard Insurance Group can keep you bullet proof as you grow by creating a blue print for your needs and then revisiting the plan regularly to add and adjust according to your personal growth. But there are some basic, age-based generalities that can set you on the right track toward comprehensive coverage. The basic playbook we will lay out here is broken into three segments: The primary years – 30-40 year olds The insurance landscape is new to this age group, as are a lot of life experiences like marriage and home ownership. Here are some...

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Understanding Life Insurance Terms, CSC Insurance Options

Like many industries, the world of insurance has its own unique set of vocabulary to describe its products. To help you understand the information included in a life insurance policy, we’ve gathered some basic terminology in this easy-to-reference guide. When it comes to choosing a life insurance policy, you have several choices. This glossary will help you understand the basic types of coverage along with the terms included in your policy. Important Life Insurance Terms You Should Know Beneficiary: The person or party named by the owner of a life insurance policy to receive the policy benefit. Cash value: The savings element of a permanent life insurance policy, which represents the policy...

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Insurance Glossary - Webb Insurance

Acceleration Clause – The part of a contract that says when a loan may be declared due and payable. Accidental Death Benefit – In a life insurance policy, benefit in addition to the death benefit paid to the beneficiary, should death occur due to an accident. There can be certain exclusions as well as time and age limits. Active Participant – Person whose absence from a planned event would trigger a benefit if the event needs to be canceled or postponed. Activities of Daily Living – Bathing, preparing and eating meals, moving from room to room, getting into and out of beds or chairs, dressing, using a toilet. Actual Cash Value – Cost of replacing damaged or...

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Glossary: Life Insurance

Alternate, contingent beneficiary: a person who you name to receive the death benefit if your named beneficiary dies before you, or at the same time as you Beneficiary: the person, persons or organizations you name to receive the payout (death benefit) when you die. If no one is named, the payment goes to your estate Life insurance agents: life insurance agents are licensed and regulated to sell life insurance by FSCO. Some agents represent one insurance company while others represent several companies Life insurance company: a life insurance company is licensed and regulated by FSCO to issue and sell comprehensive financial products including individual and group insurance policies to...

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Common Insurance Terms,

Common Insurance Terms When you’re shopping for insurance or reviewing your policy, it helps to know some common insurance terms. The definitions appearing in this Glossary are provided solely for general informational purposes. They are not intended to be complete descriptions of all terms, conditions and exclusions applicable to the products and services defined. As well, in the case of any inconsistency between the definitions in this Glossary and the definitions appearing in the actual policy, the definitions contained in the actual policy shall govern. In all cases, RSA products and services are governed by the terms and conditions of the actual policy, and the laws of the...

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Back to Basics: 20 Life Insurance terms you ought to know Part 1 of 2 - Singapore s Insurance Blog

We’ve been writing about Life Insurance for quite some time now (over 2 years!) and covered a wide range of topics on this subject. From price hikes to stories to philosophy to humour to products, you name it, we’ve got it. Call it a side effect of being passionate (got difference one, hor!) about education. But sparing a thought for our newer readers, who may have not been exposed to that much insurance jargon, we’ve decided to dedicate some effort to keep them up to speed. After all, everyone starts out as a beginner. For our regular blog visitors, this may be a good chance to kick back and refresh your knowledge on these phrases that we keep bandying about, but never...

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Do you know these 13 life insurance terms?, ThinkAdvisor

lf you’ve been selling life insurance for any time at all, you know that it’s an industry filled with jargon and acronyms. To be part of the insider’s club, you have to speak the language. Harder still, you have to be able to translate that language for clients who barely know what an annuity is, let alone the ins and outs of a fifth dividend option. Now, it’s time to test your industry knowledge. We’ve rounded up thirteen terms that separate the novice from the true insurance scholar. How many of them do you know? adhesion: There is no true bargaining or “meeting of the minds” in a life insurance contract. Bluntly, a policyowner can “take it or leave it” but may not bargain for specific...

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Insurance Terms, Basic Insurance Terminology, Insurance, Life Insurance

When it comes to Insurance, there are a lot of terms revolving around it. We are familiar with some and some of them can be very alien to us. Here we have compiled a list of most common day-to-day Insurance terms along with their meanings: This insurance covers you from accidental injury, accidental death, and related health expenditure. Accidental Death Benefit: This allows the beneficiary to have an additional benefit if the insured person meets an accidental death. Acts of God: In Insurance terms, risks that cannot be reasonably insured against natural disasters like floods or earthquakes are called acts of God. Actuary: An actuary, in Insurance terms, is a professional expert in...

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