Definition and meaning of long term care insurance :

long term care insurance: A health-insurance variation designed to cover the costs of long term care at home or in a nursing home. These policies offer a specified nursing home benefit and home-care benefit. Some policies also account for inflation. The popularity of long term care insurance has grown as federal laws have changed, making it less likely that Medicaid will pick up the tab for long term care. These policies are usually rather expensive, and grow even more costly as the policyholder ages.

(Source: Bank of America )

Also see these pages: long term care insurance , Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Policy Term :

Policy Term: That period for which an insurance policy provides coverage.

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

Also see these pages: Policy Term , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - P

Definition and meaning of LONG-TERM CARE INSURANCE :

LONG-TERM CARE INSURANCE: Long-term care (LTC) insurance pays for services to help individuals who are unable to perform certain activities of daily living without assistance, or require supervision due to a cognitive impairment such as AlzheimerÕs disease. LTC is available as individual insurance or through an employer-sponsored or association plan.

(Source: Insurance Information Institute )

Also see these pages: LONG-TERM CARE INSURANCE , Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Short-Term Disability Income Insurance :

Short-Term Disability Income Insurance: The provision to pay benefits to a covered disabled person as long as he/she remains disabled up to a specified period not exceeding two years.

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

Also see these pages: Short-Term Disability Income Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - S

Definition and meaning of term rider :

term rider: Term insurance that is added to a whole life policy at the time of purchase or that may be added in the future.

(Source: Bank of America )

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Definition and meaning of YEARLY RENEWABLE TERM, YRT INSURANCE :

YEARLY RENEWABLE TERM (YRT) INSURANCE*: One-year term life insurance that is renewable at the end of the policy term. Also known as annually renewable term (ART) insurance. (See Term life insurance)

(Source: Insurance Information Institute )

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Definition and meaning of SHORT-TERM DISABILITY INCOME INSURANCE :

SHORT-TERM DISABILITY INCOME INSURANCE*: A type of disability income coverage that provides disability income benefits for a maximum benefit period of from one to five years. Contrast with long-term disability income insurance.

(Source: Insurance Information Institute )

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Definition and meaning of LONG-TERM DISABILITY INCOME INSURANCE :

LONG-TERM DISABILITY INCOME INSURANCE*: A type of disability income insurance that provides disability income benefits after short-term disability income benefits terminate and continues until the earlier of the date when the insured person returns to work, dies, or becomes eligible for pension benefits. Contrast with short-term disability income insurance.

(Source: Insurance Information Institute )

Also see these pages: LONG-TERM DISABILITY INCOME INSURANCE , Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of short-term disability income insurance :

short-term disability income insurance: Insurance that provides benefits only for loss from illness or disease and excludes loss from accident or injury.

(Source: Bank of America )

Also see these pages: short-term disability income insurance , Insurance, Insurance Sitemap, Insurance Dictionary - S

Definition and meaning of long-term disability income insurance :

long-term disability income insurance (LTD): Plan that helps replace income lost through inability to work because of disability caused by an accident or illness.

(Source: Bank of America )

Also see these pages: long-term disability income insurance , Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Prospect :

Prospect: The term commonly used to refer to a potential buyer of insurance.

(Source: InsWeb)

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Definition and meaning of Prospect :

Prospect: The term commonly used to refer to a potential buyer of insurance.

(Source: InsWeb)

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Definition and meaning of Producer :

Producer: A term applied to an agent, solicitor or other person who sells insurance.

(Source: InsWeb)

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Definition and meaning of Producer :

Producer: A term applied to an agent, solicitor or other person who sells insurance.

(Source: InsWeb)

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Definition and meaning of Agent :

Agent: One who solicits, negotiates or effects contracts of insurance on behalf of an insurer. His right to exercise various functions, his authority, and his obligations and the obligations of the insurer to the agent are subject to the terms of the agency contract with the insurer, to statutory law, and to common law. 

(Source: InsWeb)

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Definition and meaning of Benefits :

Benefits: Financial reimbursement and other services provided insureds by insurers under the terms of an insurance contract. An example would be the benefits listed under a Life or Health Insurance policy or benefits as prescribed by a Workers Compensation law.

(Source: InsWeb)

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Definition and meaning of Benefits :

Benefits: Financial reimbursement and other services provided insureds by insurers under the terms of an insurance contract. An example would be the benefits listed under a Life or Health Insurance policy or benefits as prescribed by a Workers Compensation law.

(Source: InsWeb)

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Definition and meaning of Period :

Period: See Term.

(Source: InsWeb)

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Definition and meaning of Period :

Period: See Term.

(Source: InsWeb)

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Definition and meaning of Renewal :

Renewal: The reestablishment of the in-force status of a policy, the term of which has expired or will expire unless it is renewed.

(Source: InsWeb)

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Definition and meaning of Renewal :

Renewal: The reestablishment of the in-force status of a policy, the term of which has expired or will expire unless it is renewed.

(Source: InsWeb)

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Definition and meaning of Ambiguity :

Ambiguity: Terms or words in an insurance policy which make the meaning unclear or which can be interpreted in more than one way. The rule of law is that any ambiguity in the policy is construed against the insurer and in favor of the insured. This is because the contract is one of adhesion; that is, the insured must adhere to what the insurer has written. If the insurance does not make its contract clear, it is responsible. 

(Source: InsWeb)

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