Term
| Termination of an Entire Group Plan |
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Definition
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Term
| Continuation of Coverage for the totally Disabled or from Discontinuance |
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Definition
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Term
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Definition
| Preferred, Standard, Sub Standard |
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Term
| Mediator that helps settle claim disputes |
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Definition
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Term
| A living benefit that protects against outliving ones resources |
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Definition
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Term
| The four types of hazards |
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Definition
| Physical, Moral, Morale, and Legal |
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Term
| Honest to the best of ones knowledge |
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Definition
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Term
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Definition
| Title Page/Data Page/Face Page, Riders Conditions/Clauses, Original Application |
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Term
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Definition
| Monthly, quarterly, Semi-Annually, Annually |
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Term
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Definition
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Term
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Definition
| Not Participating (Stock) |
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Term
| Cancellation made before the end of policy, charged by the company |
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Definition
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Term
| Cancellation made prior to expiration date, NOT surcharged by the company |
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Definition
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Term
| Cancellation of policy with 100% premium Refund |
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Definition
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Term
| No License, Collects claims, assists in settling claims |
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Definition
| Third-Party Administrator |
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Term
| Annuity where contributions are tax deductible until withdrawn |
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Definition
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Term
| Annuity Plan where contributions are not tax deductible, but funds are not taxed until withdrawn |
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Definition
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Term
| Price of Insurance for each exposure unit |
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Definition
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Term
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Definition
| Individual Retirement Annuity |
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Term
| IRA Pension Plan for each employees. Contributions no more than 25% of Salary |
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Definition
| Simplified Employee Pension (SEP) |
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Term
| No more than 100 employees. Employees earn $5000 in compensation during previous year. |
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Definition
| SIMPLE IRA (Savings Incentive Match Plan for Employees) |
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Term
| IRA where contributions are not tax deductible but withdrawals are not taxable either. Must earn 110K or less if single or 160k or less when married. |
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Definition
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Term
| Agent acts in a misleading way so the insured is not required to perform |
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Definition
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Term
| Limit of insurance for all claims within a policy period |
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Definition
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