Definition and meaning of term insurance :

term insurance: A plan of insurance that covers the insured for only a certain period of time (term), not for his or her entire life. The policy pays death benefits only if the insured dies during the term.

(Source: Bank of America )

Also see these pages: term insurance , Insurance, Insurance Sitemap, Insurance Dictionary - T

Definition and meaning of Term Insurance :

Term Insurance: Life insurance payable to a beneficiary only when an insured dies within a specified period.

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

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

Definition and meaning of Term Insurance :

Term Insurance: Life or health insurance protection during a limited number of years but expiring without value if the insured survives the stated period.

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

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

Definition and meaning of Additional Insured :

Additional Insured: A person other than the named insured who is protected under the terms of the contract. Usually, additional insureds are added by endorsement or referred to in the wording of the definition of "insured" in the policy itself. 

(Source: InsWeb)

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Definition and meaning of Renewable Term Insurance :

Renewable Term Insurance: Term insurance which can be renewed at the end of the term, at the option of the policyholder and without evidence of insurability, for a limited number of successive terms. The rates increase at each renewal as the age of the insured increases.

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

Also see these pages: Renewable Term Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - R

Definition and meaning of ADDITIONAL TERM INSURANCE OPTION :

ADDITIONAL TERM INSURANCE OPTION*: An option available to owners of participating insurance policies under which the insurer uses a policy dividend as a net single premium to purchase one-year term insurance on the insuredÕs life. Also known as fifth dividend option. (See Dividend; Policy dividend options)

(Source: Insurance Information Institute )

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Definition and meaning of Extended Term Insurance :

Extended Term Insurance: A form of insurance available as a nonforfeiture option. It provides the original amount of insurance for a limited period of time.

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

Also see these pages: Extended Term Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - E

Definition and meaning of Convertible Term Insurance :

Convertible Term Insurance: Term insurance which can be exchanged, at the option of the policyholder and without evidence of insurability, for another plan of insurance. Credit life insurance. Term life insurance issued through a lender or lending agency to cover payment of a loan, installment purchase, or other obligation, in case of death.

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

Also see these pages: Convertible Term Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - C

Definition and meaning of Deposit Term Insurance :

Deposit Term Insurance: A form of term insurance, not really involving a "deposit," in which the first-year premium is larger than subsequent premiums. Typically, a partial endowment is paid at the end of the term period. In many cases the partial endowment can be applied toward the purchase of a new term policy, or, perhaps, a whole life policy.

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

Also see these pages: Deposit Term Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - D

Definition and meaning of All-Risks Insurance :

All-Risks Insurance: The term "All-Risks Insurance" is used to mean insurance against loss of or damage to property arising from any fortuitous cause except those that are specifically excluded. An insurance contract which provides All-Risks Insurance is an All-Risks policy. Contrast with Named Perils. +++++

(Source: InsWeb)

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Definition and meaning of Group Term Life Insurance :

Group Term Life Insurance: Most common form of group life insurance. Yearly renewable term insurance on employees during their working careers.

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

Also see these pages: Group Term Life Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - G

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 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 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 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)

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

Definition and meaning of Alienated :

Alienated: In insurance, this term describes property that an insured no longer owns or holds title to. Generally a Public Liability policy will cover the insured's liability for premises alienated by him. 

(Source: InsWeb)

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Definition and meaning of Assets :

Assets: The items on the balance sheet of the insurer which show the book value of property owned. Under state regulations, not all property or other resources can be admitted in the statement of the insurer. This gives rise to the term "nonadmitted assets." See also Nonadmitted Assets.

(Source: InsWeb)

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

Definition and meaning of Long-Term Care :

Long-Term Care: The continuum of broad-ranged maintenance and health services to the chronically ill, disabled, or retarded. Services may be provided on an inpatient (rehabilitation facility, nursing home, mental hospital), outpatient, or at-home basis.

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

Also see these pages: Long-Term Care , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Adhesion :

Adhesion: This is a characteristic of a unilateral contract which is offered on a "take it or leave it" basis. Most insurance policies are contracts of "adhesion," because the terms are drawn up by the insurer and the insured simply "adheres." For this reason ambiguous provisions are often interpreted by courts in favor of the insured. Contrast with Manuscript Policy. 

(Source: InsWeb)

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

Term life insurance - Theory of decreasing responsibility. Term insurance should be purchased with the Theory of Decreasing responsibility in mind. This theory assumes that the insured realizes all financial responsibilities are temporary and insurance should be purchased to offset those responsibilities. Term life insurance - Buy term invest the difference. Buy term and invest the difference is a concept that grants the insured unlimited flexibility in investing their money and should be used in combinatio ...

See also:

Term life insurance, Term life insurance - Concepts, Term life insurance - Theory of decreasing responsibility, Term life insurance - Buy term invest the difference, Term life insurance - Annual renewable term, Term life insurance - Level term, Term life insurance - Payout likelihood, Term life insurance - Conversion privileges

Read more here: » Term life insurance: Encyclopedia II - Term life insurance - Concepts