Definition and meaning of ANNUITY DATE :

ANNUITY DATE*: See Income date

(Source: Insurance Information Institute )

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Definition and meaning of ANNUITY INSURANCE CHARGES :

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

(Source: Insurance Information Institute )

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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 )

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Definition and meaning of ANNUITY ISSUER :

ANNUITY ISSUER: The insurance company that issues the annuity.

(Source: Insurance Information Institute )

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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 )

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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 )

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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 )

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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 )

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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 )

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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 )

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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 )

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Definition and meaning of BOOK OF BUSINESS :

BOOK OF BUSINESS: Total amount of insurance on an insurerÕs books at a particular point in time.

(Source: Insurance Information Institute )

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Definition and meaning of BROKER :

BROKER: An intermediary between a customer and an insurance company. Brokers typically search the market for coverage appropriate to their clients. They work on commission and usually sell commercial, not personal, insurance. In life insurance, agents must be licensed as securities brokers/dealers to sell variable annuities, which are similar to stock market-based investments.

(Source: Insurance Information Institute )

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Definition and meaning of COMMERCIAL MULTIPLE PERIL POLICY :

COMMERCIAL MULTIPLE PERIL POLICY: Package policy that includes property, boiler and machinery, crime and general liability coverages.

(Source: Insurance Information Institute )

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Definition and meaning of COMMERCIAL LINES :

COMMERCIAL LINES: Products designed for and bought by businesses. Among the major coverages are boiler and machinery, business income, commercial auto, comprehensive general liability, directors and officers liability, fire and allied lines, inland marine, medical malpractice liability, product liability, professional liability, surety and fidelity, and workers compensation. Most of these commercial coverages can be purchased separately except business income, which must be added to a fire insurance (property) policy. (See Commercial multiple peril policy)

(Source: Insurance Information Institute )

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Definition and meaning of COMMERCIAL PAPER :

COMMERCIAL PAPER: Short-term, unsecured, and usually discounted promissory note issued by commercial firms and financial companies often to finance current business. Commercial paper, which is rated by debt rating agencies, is sold through dealers or directly placed with an investor.

(Source: Insurance Information Institute )

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Definition and meaning of COMMISSION :

COMMISSION: Fee paid to an agent or insurance salesperson as a percentage of the policy premium. The percentage varies widely depending on coverage, the insurer, and the marketing methods.

(Source: Insurance Information Institute )

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Definition and meaning of COMMUNITY RATING LAWS :

COMMUNITY RATING LAWS: Enacted in several states on health insurance policies. Insurers are required to accept all applicants for coverage and charge all applicants the same premium for the same coverage regardless of age or health. Premiums are based on the rate determined by the geographic regionÕs health and demographic profile.

(Source: Insurance Information Institute )

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Definition and meaning of COMMERCIAL GENERAL LIABILITY INSURANCE / CGL :

COMMERCIAL GENERAL LIABILITY INSURANCE / CGL: A broad commercial policy that covers all liability exposures of a business that are not specifically excluded. Coverage includes product liability, completed operations, premises and operations, and independent contractors.

(Source: Insurance Information Institute )

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Definition and meaning of COMBINED RATIO :

COMBINED RATIO: Percentage of each premium dollar a property/casualty insurer spends on claims and expenses. A decrease in the combined ratio means financial results are improving; an increase means they are deteriorating.

(Source: Insurance Information Institute )

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Definition and meaning of COLLATERAL :

COLLATERAL: Property that is offered to secure a loan or other credit and that becomes subject to seizure on default. Also called security.

(Source: Insurance Information Institute )

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Definition and meaning of COINSURANCE :

COINSURANCE: In property insurance, requires the policyholder to carry insurance equal to a specified percentage of the value of property to receive full payment on a loss. For health insurance, it is a percentage of each claim above the deductible paid by the policyholder. For a 20 percent health insurance coinsurance clause, the policyholder pays for the deductible plus 20 percent of his covered losses. After paying 80 percent of losses up to a specified ceiling, the insurer starts paying 100 percent of losses.

(Source: Insurance Information Institute )

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