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. (Also known as key person insurance.)

(Source: Bank of America )

Also see these pages: business life insurance , Insurance, Insurance Sitemap, Insurance Dictionary - B

Definition and meaning of Industrial Life Insurance :

Industrial Life Insurance: A class of life insurance that is usually issued with protection amount of less than $1,000 and premiums usually payable weekly or at most, monthly.

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

Also see these pages: Industrial Life Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of Life Insurance in Force :

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

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

Also see these pages: Life Insurance in Force , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

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

Also see these pages: Ordinary Life Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - O

Definition and meaning of Adjustable Life :

Adjustable Life: A form of life insurance which allows changes on the policy face amount, the amount of premium, period of protection, and the length of the premium payment period. See also Flexible Premium Adjustable Life Insurance Policy. (LI)

(Source: InsWeb)

Also see these pages: Adjustable Life , Life Insurance, Life Insurance Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - A

Definition and meaning of group life insurance :

group life insurance: Life insurance that usually does not require medical examinations, on a group of people under a master policy. It is typically issued to an employer for the benefit of employees, or to members of an association, for example, a professional membership group. The individual members of the group hold certificates as evidence of their insurance

(Source: Bank of America )

Also see these pages: group life insurance , Insurance, Insurance Sitemap, Insurance Dictionary - G

Definition and meaning of Life Underwriter :

Life Underwriter: Usually, a Life Insurance agent. It can be more narrowly defined as a risk appraiser. See also Risk Appraiser. (LI)

(Source: InsWeb)

Also see these pages: Life Underwriter , Life Insurance, Life Insurance Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of American Council of Life Insurance, Inc :

American Council of Life Insurance, Inc: An association made up of several previously independent insurance groups. It is concerned with legislative matters, intercompany communications, and the exchange of information. (LI)

(Source: InsWeb)

Also see these pages: American Council of Life Insurance, Inc , Life Insurance, Life Insurance Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - A

Definition and meaning of universal life insurance :

universal life insurance: Unlike traditional cash-value policies (known as "whole life"), universal life policy returns were freed from long-term, fixed-rate contracts and replaced with policies whose returns were tied to short-term interest rates and periodically adjusted. In addition, premiums and death benefits can be changed by the policyholder.

(Source: Bank of America )

Also see these pages: universal life insurance , Insurance, Insurance Sitemap, Insurance Dictionary - U

Definition and meaning of variable life insurance :

variable life insurance: True investment characteristics were introduced with these policies, requiring that they be registered with the U.S. Securities and Exchange Commission. Policy investments are controlled by the policyholder and may be placed in a broad range of equity, bond and money-market instruments. Unlike universal life, premiums and death benefits are fixed in variable life policies.

(Source: Bank of America )

Also see these pages: variable life insurance , Insurance, Insurance Sitemap, Insurance Dictionary - V

Definition and meaning of Scheduled Premium Variable Life Insurance :

Scheduled Premium Variable Life Insurance: A whole life policy which features a fixed, level premium and a minimum guaranteed face amount. The performance of the policy is dependent on the separate account. (LI)

(Source: InsWeb)

Also see these pages: Scheduled Premium Variable Life Insurance , Life Insurance, Life Insurance Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - S

Definition and meaning of Expectation of Life :

Expectation of Life: The average number of years of life remaining for persons of a given age according to a particular mortality table. Also called life expectancy. (LI)

(Source: InsWeb)

Also see these pages: Expectation of Life , Life Insurance, Life Insurance Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - E

Definition and meaning of Thaisoi :

Thaisoi: An ancient Greek benevolent society which was a step in the evolution of Life and Health Insurance. (LI,H)

(Source: InsWeb)

Also see these pages: Thaisoi , Life Insurance, Life Insurance Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - T

Definition and meaning of Life Conservation :

Life Conservation: The administration of efforts to preserve human life through research, legislation, and appeals to society. (LI)

(Source: InsWeb)

Also see these pages: Life Conservation , Life Insurance, Life Insurance Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Stock Life Insurance Company :

Stock Life Insurance Company: A life insurance company owned by stockholders who elect a board to direct the company's management. Stock companies, in general, issue nonparticipating insurance, but may also issue participating insurance. Stock Redemption Plan: an entity purchase form of buy-sell agreement within a corporation that involves the corporation buying back shares from a departing owner.

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

Also see these pages: Stock Life Insurance Company , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - S

Definition and meaning of Life Expectancy :

Life Expectancy: The average number of years remaining for a person of a given age to live as shown on the mortality or annuity table used as a reference. (LI)

(Source: InsWeb)

Also see these pages: Life Expectancy , Life Insurance, Life Insurance Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Life Income :

Life Income: A settlement option under which equal installments are paid as long as the beneficiary lives, even if the principal has been exhausted. (LI)

(Source: InsWeb)

Also see these pages: Life Income , Life Insurance, Life Insurance Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of DECREASING TERM LIFE INSURANCE :

DECREASING TERM LIFE INSURANCE*: Term life insurance that provides a death benefit that decreases in amount over the policy term. Contrast with increasing term life insurance.

(Source: Insurance Information Institute )

Also see these pages: DECREASING TERM LIFE INSURANCE , Insurance, Insurance Sitemap, Insurance Dictionary - D

Definition and meaning of INCREASING TERM LIFE INSURANCE :

INCREASING TERM LIFE INSURANCE*: A type of term life insurance that provides a death benefit that increases by some specified amount or percentage at stated intervals over the policy term. Contrast with decreasing term life insurance.

(Source: Insurance Information Institute )

Also see these pages: INCREASING TERM LIFE INSURANCE , Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of Wholesale Group Insurance :

Wholesale Group Insurance: See Franchise Insurance. (LI,H)

(Source: InsWeb)

Also see these pages: Wholesale Group Insurance , Life Insurance, Life Insurance Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - W

Definition and meaning of Group Life Insurance :

Group Life Insurance: Life insurance usually without medical examination, on a group of people under a master policy. It is typically issued to an employer for the benefit of employees, or to members of an association, for example a professional membership group. The individual members of the group hold certificates as evidence of their insurance.

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

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

Definition and meaning of Universal Life Insurance :

Universal Life Insurance: A flexible premium life insurance policy under which the policyholder may change the death benefit from time to time (with satisfactory evidence of insurability for increases) and vary the amount or timing of premium payments. Premiums (less expense charges) are credited to a policy account from which mortality charges are deducted and to which interest is credited at rate which may change from time to time.

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

Also see these pages: Universal Life Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - U