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 dual life insurance :

dual life insurance: Another name for second-to-die insurance.

(Source: Bank of America )

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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 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 ADJUSTABLE LIFE INSURANCE :

ADJUSTABLE LIFE INSURANCE*: A form of life insurance that allows policy owners to vary the type of coverage provided by their policies as their insurance needs change.

(Source: Insurance Information Institute )

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Definition and meaning of permanent life insurance :

permanent life insurance: A phrase used to cover any form of life insurance except term; generally insurance that accrues cash value, such as whole life or endowment

(Source: Bank of America )

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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 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 industrial life insurance :

industrial life insurance: Life insurance issued in small amounts, usually less than $1,000, with premiums payable on a weekly or monthly basis. The premiums are generally collected at the home by an agent of the company. Sometimes referred to as debit insurance.

(Source: Bank of America )

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Definition and meaning of CREDIT LIFE INSURANCE :

CREDIT LIFE INSURANCE: Life insurance coverage on a borrower designed to repay the balance of a loan in the event the borrower dies before the loan is repaid. It may also include disablement and can be offered as an option in connection with credit cards and auto loans.

(Source: Insurance Information Institute )

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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 whole life insurance :

whole life insurance: A plan of insurance for life, with premiums payable for a person's entire life.

(Source: Bank of America )

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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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Definition and meaning of adjustable life insurance :

adjustable life insurance: A type of insurance that allows the policyholder to change the plan of insurance, raise or lower the face amount of the policy, increase or decrease the premium and lengthen or shorten the protection period.

(Source: Bank of America )

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Definition and meaning of Whole Life Insurance :

Whole Life Insurance: Life insurance payable to a beneficiary at the death of the insured whenever that occurs. Premiums may be payable for a specified number of years (limited payment life) or for life (straight life).

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

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