Definition and meaning of Life Annuity :

Life Annuity: A contract that provides an income for life.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Life Annuity , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Life Annuity :

Life Annuity: A series of payments under which payments, once begun, continue throughout the remaining lifetime of the annuitant but not beyond.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Life Annuity With 10 Years Certain :

Life Annuity With 10 Years Certain: An annuity which pays an income to the annuitant for as long as he or she lives, but if death occurs within 10 years after the annuity payments begin, payments are continued to a named beneficiary for the remainder of the 10 years.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Life Expectancy :

Life Expectancy: The average number of years of life remaining for a group of persons of a given age according to a particular mortality table.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Life Insurance :

Life Insurance: Insurance providing for payment of a specified amount on the insured's death, either to his or her estate or to a designated beneficiary; or in the case of an endowment policy, to the policy holder at a specified date.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Life Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Lapse :

Lapse: The termination or discontinuance of an insurance policy due to non-payment of a premium.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of License and Permit Bond :

License and Permit Bond: Type of surety bond guaranteeing that the person bonded will comply with all laws and regulations that govern his or her activities.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Judicial Bond :

Judicial Bond: Type of surety bond used for court proceedings and guaranteeing that the party bonded willl fulfill certain obligations specified by law, for example, fiduciary responsibilities.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Intestate :

Intestate: Without a will.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Interest-Adjusted Method :

Interest-Adjusted Method: Method of determining cost to an insured of a life insurance policy that considers the time cost of money by applying an interest factor to each element of cost. See Also Net payment cost index; surrender cost index.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Interest-Adjusted Method , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of Interest Option :

Interest Option: Life insurance settlement option in which the principal is retained by teh insurer and interest is paid periodically.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Investment Income :

Investment Income: The income generated by a company's portfolio of investments (such as in bonds, stocks, or other financial ventures).

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Investment Income :

Investment Income: The portion of a company's income which is derived from its investments, including interest and dividends on stocks and bonds.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Investment Income , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of Involuntary Costs :

Involuntary Costs:  insurance company costs incurred as a result of participating in insurance pools (e.g., workers compensation).   Insurance companies must participate in these pools as a condition of doing business.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Involuntary Costs , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of Investment Only Contract :

Investment Only Contract: Type of funding instrument that uses only the investment services of an insurer.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Investment Only Contract , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of Interest :

Interest: Money paid for the use of money.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Interest , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of Inter vivos Trust :

Inter vivos Trust: A trust created while the creator of the trust is living. Also known as a living trust.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Insured or Insured Life :

Insured or Insured Life: The person on whose life the policy is issued.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Insured :

Insured: A person or organization covered by an insurance policy, including the "named insured" and any other parties for whom protection is provided under the policy terms.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Insured , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of Insurance Services Offices, ISO :

Insurance Services Offices (ISO): Major rating organization in property and liability insurance that drafts policy forms for personal and commercial lines of insurance and provides rate data on loss costs for property and liability insurance lines.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Insurance Services Offices, ISO , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of Insurer :

Insurer: The party to the insurance contract who promises to pay losses or benefits. Also, any corporation engaged primarily in the business of furnishing insurance to the public.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Insurer , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of Insuring Agreement :

Insuring Agreement: That part of an insurance contract that states the promises of the insurer.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Insuring Agreement , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I