Definition and meaning of Split Life Insurance :

Split Life Insurance: A combination of Installment Annuity and Term Insurance under which the amount of annuity consideration (premium) paid determines the amount of one-year renewable Term Insurance an annuitant can purchase and place on the life of anyone designated. (LI)

(Source: InsWeb)

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Definition and meaning of Credit Life Insurance :

Credit Life Insurance: A group life insurance contract whereby a creditor is protected in the event of death of the insured prior to the indebtedness being paid in full. (LI)

(Source: InsWeb)

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Definition and meaning of Association of Life Insurance Council :

Association of Life Insurance Council: An organization of Life company attorneys which seeks to increase knowledge in areas of the law affecting Life Insurance. (LI)

(Source: InsWeb)

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Definition and meaning of Savings Bank Life Insurance :

Savings Bank Life Insurance: Life Insurance sold by mutual savings banks. Allowed only in a few states, such as New York, Connecticut, and Massachusetts. (LI)

(Source: InsWeb)

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Definition and meaning of Life Insurance Trust :

Life Insurance Trust: A type of Life Insurance policy where a trust company is named as the beneficiary and distributes the proceeds of the policy under the terms of the trust agreement. (LI)

(Source: InsWeb)

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Definition and meaning of Life Insurance, Narrow :

Life Insurance (Narrow): An agreement that guarantees the payment of a stated amount of monetary benefits upon the death of the insured, or under other circumstances specified in the contract, such as total disability. (LI)

(Source: InsWeb)

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Definition and meaning of Life Insurers Conference :

Life Insurers Conference: An organization that provides for exchange of information on management problems among the member insurers. (LI)

(Source: InsWeb)

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Definition and meaning of Life Insurance, Generic :

Life Insurance (Generic): A contractual system of risk sharing under which contributions are accumulated and redistributed to meet the economic consequences of the uncertain duration of life. (LI)

(Source: InsWeb)

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Definition and meaning of Variable Life Insurance :

Variable Life Insurance: A form whose face value varies depending upon the value of the dollar or securities or other equity products at the time payment is due. (LI)

(Source: InsWeb)

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Definition and meaning of Whole Life Insurance :

Whole Life Insurance: Insurance which may be kept in force for a person's whole life and which pays a benefit upon his death, whenever that may be. All Whole Life policies build up nonforfeiture values, but they are paid for in 3 different ways. Under a Straight or Ordinary Life policy, premiums are paid for as long as the insured lives. A single premium policy is paid for at one time in one premium. Between these two types there are many limited-payment plans, under which the insured pays premiums for a certain period or until reaching a certain age. Contrast with Term Insurance. (LI)

(Source: InsWeb)

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Definition and meaning of Group Life Insurance :

Group Life Insurance: Life Insurance provided for members of a group. It is most often issued to a group of employees but may be issued to any group provided it is not formed for the purpose of buying insurance. The cost is lower than for individual policies because administrative expenses per life are decreased, there are certain tax advantages, and measures taken against adverse selection are effective. See also Franchise Insurance, True Group, and the first definition of Master Policy. (LI)

(Source: InsWeb)

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Definition and meaning of Juvenile Insurance :

Juvenile Insurance: Life insurance written on a child. (LI)

(Source: InsWeb)

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Definition and meaning of Evidence of Insurability :

Evidence of Insurability: The statement of information needed for the underwriting of an insurance policy. (LI,H)

(Source: InsWeb)

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Definition and meaning of Insurance In Force :

Insurance In Force: The face amounts of contracts still to be paid out to insureds. (LI)

(Source: InsWeb)

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Definition and meaning of Group Permanent Life Insurance :

Group Permanent Life Insurance: A form of Life Insurance under which members of a group are provided one of several plans of Permanent Life Insurance on a group basis instead of the more usual plan of Term Life Insurance. (LI)

(Source: InsWeb)

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Definition and meaning of Guaranteed Insurability :

Guaranteed Insurability: An option in Life and Health Insurance contracts that permits the insured to buy additional prescribed amounts of insurance at prescribed future time intervals without evidence of insurability. (LI,H)

(Source: InsWeb)

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Definition and meaning of Life Expectancy Term Insurance :

Life Expectancy Term Insurance: A form of Term Life Insurance that provides protection for a person's "expectation of life." This becomes the term of the policy, as opposed to the ordinary Term policies which are for a given number of years or to a stated age, such as 65. (LI)

(Source: InsWeb)

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Definition and meaning of Home Service Life Insurance :

Home Service Life Insurance: See Industrial Life Insurance. (LI)

(Source: InsWeb)

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Definition and meaning of Fraternal Insurance :

Fraternal Insurance: Insurance offered a special group of people, namely, members of a lodge or a fraternal order. Such insurance may be written on an assessment basis or on a legal reserve basis. (LI,H)

(Source: InsWeb)

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Definition and meaning of Classified Insurance :

Classified Insurance: Life or Health Insurance on risks which do not meet the standards for the regular manual rate. See also Substandard. (LI,H)

(Source: InsWeb)

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Definition and meaning of Joint Insurance :

Joint Insurance: Insurance written on two or more persons with benefits usually payable only at the first death. (LI)

(Source: InsWeb)

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