Life insurance terms to know

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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Life insurance terms you need to know AMP

JavaScript must be enabled on your browser to access this secure site. Please see your browser's help section for enabling JavaScript. After JavaScript is enabled, please try logging in again. Underwriting, exclusion, indexation…these are just some of the terms that may be used when explaining the ins and outs of an insurance policy. We explain the meanings of these and some other common life insurance terminology to help put you on the front foot when it comes to understanding your insurance. Premium This is the amount of money charged by your insurer for your insurance cover. Indexation You may choose to have your amount of cover ‘indexed’ so that your level of cover automatically rises...

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7 Life Insurance Terms Every Filipino Adult Should Know,

7 Life Insurance Terms Every Filipino Adult Should Know As you gain more financial responsibilities towards your family, getting life insurance starts to make sense. In case something untoward happens to you (knock on wood), life insurance protects your family and parents from unforeseen expenses. While doing research on the best policy for your needs, it helps to understand what these life insurance terms really mean: Insured Also known as the policyholder, the insured is the person or item covered by insurance. If you avail of a life insurance policy, you become insured. Your loved ones will receive payments from your insurance company upon your death. Premium The premium is the...

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4 life insurance terms that you must know - Livemint

4 life insurance terms that you must know Understanding some of the jargon will help decode a policy’s contents, and thus get the best coverage Buying a life insurance policy is not easy. A typical life insurance product comes with a complex construct and many caveats. Poor disclosures in policy brochures and benefit illustrations only compound the confusion. So, if you are planning to buy a life insurance policy, it’s important to know at least the basic features so that you are able to understand your policy better. To help you do this, here are the four most important aspects that one must understand and know when buying a life insurance policy. Knowing this is a must because...

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10 Highly Important ‘F’ Terms Used in Insurance

Insurance is a means to protect one from financial loss. However, as simple as the definition is, insurance policy documents are littered with incomprehensible terms that often leave people confused and intimidated. If you are a policyholder or may buy a policy in the near future, it is necessary for you to know very important ten insurance terms. The face amount is the amount assured on the face of the insurance policy. This amount is paid when the policy matures or in the event of the unforeseen demise of the policyholder. Additional amounts payable under an accidental demise or any other special provisions are not included in the face amount. Floaters are insurance plans that are...

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Life Insurance Tips - Know Your Life Insurance Terms, Corporate Financial

Here are some Life Insurance Terms & Facts: At Corporate Financial we offer innovative benefit solutions including life insurance to our clients. Because of this, we would like to provide you with some information regarding life insurance benefit plans. Policy Owner The policy owner is the person who owns the life insurance policy. In many cases, the policy owner is also the person who is insured by the policy. However, the policy owner may also be a relative of the insured, a trustee, a business partner, or a corporation. Beneficiary A beneficiary is the person(s) selected by the policy owner to receive the life insurance payments upon the instance of the death of the insured...

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Eleven essential life insurance terms everyone should know -

Life insurance buyers face an obstacle: They have to cut through a thicket of jargon that the insurance industry has been using for decades. For example, an “accelerated death benefit” might not sound very appealing, but if you’re getting life insurance quotes, it’s a good thing to ask for. Confusing terminology often prevents people from making a decision, and as a result may leave their family without a life insurance safety net. There are about 19 million consumers who want to buy life insurance but can’t find their way through the confusing language, according to a 2014 study by consulting firm Maddock Douglas and LIMRA, a financial services research group. Those who do buy life...

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