Definition and meaning of ordinary life insurance :

ordinary life insurance: Life insurance usually issued in amounts of $1,000 or more with premiums payable on an annual, semi-annual, quarterly or monthly basis.

(Source: Bank of America )

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Definition and meaning of life insurance in force :

life insurance in force: The sum of the face amounts, plus dividend additions, of life insurance policies outstanding at a given time. Additional amounts payable under accidental death or other special provisions are not included.

(Source: Bank of America )

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Definition and meaning of fraternal life insurance :

fraternal life insurance: Life insurance provided by fraternal orders or societies to their members.

(Source: Bank of America )

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Definition and meaning of credit life 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: Bank of America )

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Definition and meaning of Term life insurance :

A life insurance policy that pays the sum insured only if the life assured dies within the period of the policy which is for a fixed period.

(Source Lloyd's )

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Definition and meaning of Endowment Insurance :

Endowment Insurance: A form of Life Insurance where the face amount is payable to the insured at the end of the contract period or to a beneficiary if the insured dies before that. An example would be an insured purchasing an endowment payable at age 65: If he reaches that age, the proceeds would be payable to him. If he dies prior to that age, the proceeds would be payable to the designated beneficiary as a Life Insurance benefit. (LI)

(Source: InsWeb)

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Definition and meaning of Business Insurance :

Business Insurance: Policies written for business purposes, such as key employee, sole proprietorship, partnership, and corporation. (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 Cost of Insurance :

Cost of Insurance: The amount a policy owner pays to an insurer, minus what he or she gets back from the insurer. This expression is used when determining the true cost of permanent forms of Life Insurance to a policy owner. It considers the fact that premiums are paid in but also that an actual cash value is being built up, which is the portion that the insured will get back from the insurance. (LI)

(Source: InsWeb)

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

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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 modified life insurance :

modified life insurance: A type of whole life policy with a premium that is relatively low in the first several years but that increases in later years.

(Source: Bank of America )

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Definition and meaning of Term Insurance :

Term Insurance: The type of Life Insurance policy that provides protection only for a specified period of time. A common policy period would be one year, five years, 10 years, or until the insured reaches age 65 or 70. It does not build up any of the nonforfeiture values associated with Whole Life policies. Contrast with Whole Life Insurance. (LI)

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

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Definition and meaning of Life Insurance Programming :

Life Insurance Programming: Systematic method of determining the insured's financial goals, which are translated into specific amounts of life insurance, then periodically reviewed for possible changes.

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

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Definition and meaning of Partnership Insurance :

Partnership Insurance: Life or Health Insurance sold to a partnership, usually for guaranteeing business continuity in case of the death or disability of one of the partners. For instance, two partners might buy Life Insurance on each other so that in the event of one partner's death, the other can use the insurance proceeds to purchase his share of the business from his heirs. (LI,H)

(Source: InsWeb)

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Definition and meaning of Straight Life Insurance :

Straight Life Insurance: Whole life insurance on which premiums are payable for life.

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

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Definition and meaning of Whole Life Insurance :

Whole Life Insurance: A plan of insurance for the whole of life. It includes straight life on which premiums are payable until death.

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

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Definition and meaning of Business Life Insurance :

Business Life Insurance: Life insurance purchased by a business enterprise on the life of a member of the firm. It is often bought by partnerships to protect the surviving partners against loss caused by the death of a partner, or by a corporation to reimburse it for loss caused by the death of a key employee.

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

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

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Definition and meaning of Franchise Insurance :

Franchise Insurance: A plan for covering groups of persons with individual policies having uniform provisions, although they may differ in benefits. Individual contracts are issued to each person with individual underwriting. It is usually applied to groups too small to qualify for true group coverage, and the solicitation of cases usually takes place among an employer's work force with his consent. In Life Insurance, it is sometimes called Wholesale Insurance. Contrast with True Group Insurance. (LI,H)

(Source: InsWeb)

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Definition and meaning of Mortgage Insurance :

Mortgage Insurance: In Life and Health Insurance, a policy covering a mortgagor from which the benefits are intended (1) to pay off the balance due on a mortgage upon the death of the insured, or (2) to meet the payments on a mortgage as they fall due in the case of his death or disability. Also called Mortgage Redemption Insurance. (LI,H)

(Source: InsWeb)

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