Life insurance terms to know

Glossary of Insurance Terms - TCI Insurance

A form of insurance that pays damages equal to the replacement value of damaged property minus depreciation. (See Replacement Cost) An individual employed by a property/casualty insurer to evaluate losses and settle policyholder claims. These adjusters differ from public adjusters, who negotiate with insurers on behalf of policyholders, and receive a portion of a claims settlement. Independent adjusters are independent contractors who adjust claims for different insurance companies. Person or other legal entity designated to receive the assets from an account or policy when the owner(s) dies. A security that obligates the issuer to pay interest at specified intervals and to repay the...

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Gerber life insurance review December 2019,

Gerber life insurance review 2019 It promises coverage at “pennies a day.” But is this 45 year old company any better than the rest? You want several options for insuring your children. Your main focus is college savings. Life insurance isn’t something any of us want to think about. But making the decision to invest in your future and the future of those you love is an important one. After all, the earlier you purchase a policy for yourself or your family, the lower your lifetime premiums tend to be. Gerber is just one company focused on covering the people you love through multiple options for, as its advertising suggests, “just pennies a day.” We break down what it offers,...

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Guardian life insurance review December 2019,

Guardian life insurance review Purchasing peace of mind for you and your family? This company knows customization is key to a good life insurance policy. With so many companies, riders and policies to choose from, life insurance can be overwhelming. Among the many insurers in the US, Guardian is one of the oldest. A mutual firm, it’s owned by its policyholders, so good customer service is important to its survival. This Fortune 250 company offers a range of plans to cater to the needs of its customers, allowing you to relax knowing you can afford your policy designed to protect your family’s needs. Expert review What types of life insurance coverage does Guardian offer? Guardian offers your...

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Glossary, Asteron Life

Accelerated vs Stand Alone Some insurance benefits can be structured in two ways: accelerated or stand alone. An accelerated benefit is a payment that comes off the total sum of your life insurance if you make a claim. A Stand Alone benefit is just that – a benefit that sits on its own, and doesn’t reduce any other benefits you may have if you make a claim. Accelerated benefits may reduce your overall life insurance cover, but they are a cheaper option for giving you cover in more circumstances. And you may be able to buy back the cover at a later date. Accidental Death vs. alternatives Accidental Death Insurance is specifically designed to pay out if you should die as a result of a sudden...

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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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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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