Definition and meaning of EXTENDED COVERAGE :

EXTENDED COVERAGE: An endorsement added to an insurance policy, or clause within a policy, that provides additional coverage for risks other than those in a basic policy.

(Source: Insurance Information Institute )

Also see these pages: EXTENDED COVERAGE , Insurance, Insurance Sitemap, Insurance Dictionary - E

Definition and meaning of EXCLUSIVE REMEDY :

EXCLUSIVE REMEDY: Part of the social contract that forms the basis for workers compensation statutes under which employers are responsible for work-related injury and disease, regardless of whether it was the employeeÕs fault and in return the injured employee gives up the right to sue when the employerÕs negligence causes the harm.

(Source: Insurance Information Institute )

Also see these pages: EXCLUSIVE REMEDY , Insurance, Insurance Sitemap, Insurance Dictionary - E

Definition and meaning of EXCLUSIVE AGENT :

EXCLUSIVE AGENT: A captive agent, or a person who represents only one insurance company and is restricted by agreement from submitting business to any other company unless it is first rejected by the agentÕs company. (See Captive agent)

(Source: Insurance Information Institute )

Also see these pages: EXCLUSIVE AGENT , Insurance, Insurance Sitemap, Insurance Dictionary - E

Definition and meaning of EXPENSE RATIO :

EXPENSE RATIO: Percentage of each premium dollar that goes to insurersÕ expenses including overhead, marketing and commissions.

(Source: Insurance Information Institute )

Also see these pages: EXPENSE RATIO , Insurance, Insurance Sitemap, Insurance Dictionary - E

Definition and meaning of EXPERIENCE :

EXPERIENCE: Record of losses.

(Source: Insurance Information Institute )

Also see these pages: EXPERIENCE , Insurance, Insurance Sitemap, Insurance Dictionary - E

Definition and meaning of EXPOSURE :

EXPOSURE: Possibility of loss.

(Source: Insurance Information Institute )

Also see these pages: EXPOSURE , Insurance, Insurance Sitemap, Insurance Dictionary - E

Definition and meaning of ELECTRONIC COMMERCE / E-COMMERCE :

ELECTRONIC COMMERCE / E-COMMERCE: The sale of products such as insurance over the Internet.

(Source: Insurance Information Institute )

Also see these pages: ELECTRONIC COMMERCE / E-COMMERCE , Insurance, Insurance Sitemap, Insurance Dictionary - E

Definition and meaning of COBRA :

COBRA: Short for Consolidated Omnibus Budget Reconciliation Act. A federal law under which group health plans sponsored by employers with 20 or more employees must offer continuation of coverage to employees who leave their jobs and their dependents. The employee must pay the entire premium. Coverage can be extended up to 18 months. Surviving dependents can receive longer coverage.

(Source: Insurance Information Institute )

Also see these pages: COBRA , Insurance, Insurance Sitemap, Insurance Dictionary - C

Definition and meaning of ANNUITY CONTRACT OWNER :

ANNUITY CONTRACT OWNER: The person or entity that purchases an annuity and has all rights to the contract. Usually, but not always, the annuitant (the person who receives incomes from the contract).

(Source: Insurance Information Institute )

Also see these pages: ANNUITY CONTRACT OWNER , Insurance, Insurance Sitemap, Insurance Dictionary - A

Definition and meaning of ANNUITY CONTRACT :

ANNUITY CONTRACT: An agreement similar to an insurance policy for other insurance products such as auto insurance.

(Source: Insurance Information Institute )

Also see these pages: ANNUITY CONTRACT , Insurance, Insurance Sitemap, Insurance Dictionary - A

Definition and meaning of ANNUITY COST :

ANNUITY COST*: A monetary amount that is equal to the present value of future periodic income payments under an annuity. (See Gross annuity cost; Income date; Net annuity cost)

(Source: Insurance Information Institute )

Also see these pages: ANNUITY COST , Insurance, Insurance Sitemap, Insurance Dictionary - A

Definition and meaning of ANNUITY DATE :

ANNUITY DATE*: See Income date

(Source: Insurance Information Institute )

Also see these pages: ANNUITY DATE , Insurance, Insurance Sitemap, Insurance Dictionary - A

Definition and meaning of ANNUITY INSURANCE CHARGES :

ANNUITY INSURANCE CHARGES: Covers administrative and mortality and expense risk costs.

(Source: Insurance Information Institute )

Also see these pages: ANNUITY INSURANCE CHARGES , Insurance, Insurance Sitemap, Insurance Dictionary - A

Definition and meaning of ANNUITY DEATH BENEFITS :

ANNUITY DEATH BENEFITS: The guarantee that if an annuity contract owner dies before annuitization (the switchover from the savings to the payment phase) the beneficiary will receive the value of the annuity that is due.

(Source: Insurance Information Institute )

Also see these pages: ANNUITY DEATH BENEFITS , Insurance, Insurance Sitemap, Insurance Dictionary - A

Definition and meaning of ANNUITY CERTAIN :

ANNUITY CERTAIN*: A type of annuity contract that pays periodic income benefits for a stated period of time, regardless of whether the annuitant lives or dies. Also known as period certain annuity. Contrast with straight life annuity. (See Payout options)

(Source: Insurance Information Institute )

Also see these pages: ANNUITY CERTAIN , Insurance, Insurance Sitemap, Insurance Dictionary - A

Definition and meaning of ANNUITY BENEFICIARY :

ANNUITY BENEFICIARY: In certain types of annuities, a person who receives annuity contract payments if the annuity owner or annuitant dies while payments are still due.

(Source: Insurance Information Institute )

Also see these pages: ANNUITY BENEFICIARY , Insurance, Insurance Sitemap, Insurance Dictionary - A

Definition and meaning of ANNUITIZATION :

ANNUITIZATION: The conversion of the account balance of a deferred annuity contract to income payments.

(Source: Insurance Information Institute )

Also see these pages: ANNUITIZATION , Insurance, Insurance Sitemap, Insurance Dictionary - A

Definition and meaning of ANNUITANT :

ANNUITANT: The person who receives the income from an annuity contract. Usually the owner of the contract or his or her spouse.

(Source: Insurance Information Institute )

Also see these pages: ANNUITANT , Insurance, Insurance Sitemap, Insurance Dictionary - A

Definition and meaning of ANNUITY :

ANNUITY: A life insurance product that pays periodic income benefits for a specific period of time or over the course of the annuitantÕs lifetime. There are two basic types of annuities: deferred and immediate. Deferred annuities allow assets to grow tax-deferred over time before being converted to payments to the annuitant. Immediate annuities allow payments to begin within about a year of purchase.

(Source: Insurance Information Institute )

Also see these pages: ANNUITY , Insurance, Insurance Sitemap, Insurance Dictionary - A

Definition and meaning of ANNUITY ACCUMULATION PHASE OR PERIOD :

ANNUITY ACCUMULATION PHASE OR PERIOD: The period during which the owner of a deferred annuity makes payments to build up assets.

(Source: Insurance Information Institute )

Also see these pages: ANNUITY ACCUMULATION PHASE OR PERIOD , Insurance, Insurance Sitemap, Insurance Dictionary - A

Definition and meaning of ANNUITY ADMINISTRATIVE CHARGES :

ANNUITY ADMINISTRATIVE CHARGES: Covers the cost of customer services for owners of variable annuities.

(Source: Insurance Information Institute )

Also see these pages: ANNUITY ADMINISTRATIVE CHARGES , Insurance, Insurance Sitemap, Insurance Dictionary - A

Definition and meaning of ANNUITY INVESTMENT MANAGEMENT FEE :

ANNUITY INVESTMENT MANAGEMENT FEE: The fee paid for the management of variable annuity invested assets.

(Source: Insurance Information Institute )

Also see these pages: ANNUITY INVESTMENT MANAGEMENT FEE , Insurance, Insurance Sitemap, Insurance Dictionary - A