Living Well
Legal document that permits the individual to declare his or her desires concerning the use of life-sustaining treatment to be made at the point in time when death is imminent and the individual no longer has control of his or her faculties. This type of will has the advantages of ensuring that the individual's wishes are followed to the conclusion and that a family member does not have the burden of making extremely agonizing decisions on behalf of the individual. It is the requirement of most state statutes that such a will be signed, dated, and witnessed (excluding anyone who has an interest in the estate of the individual affirming the will). Also required by most state statutes is that the will include both a statement of capacity and a statement of intent by the individual. The following states have statutes addressing the living will issue: Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Maryland, Mississippi, Missouri, Montana, Nevada, New Hampshire, New Mexico, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming, as well as Washington, D.C.
Popular Insurance Terms
Employer, association, labor union, or other group ...
Average interest earned by an insurer on its investments after investment expense, but before federal income tax. ...
Cash value of life insurance that accumulates according to a table in a policy. It reflects premiums in the early years that exceed the pure cost of protection during that period. If a ...
Determination that investments by parents in their children's education through the purchase of Series EE Savings Bonds, which generate interest income, are tax-exempt if the proceeds are ...
Model state law providing guidelines by regulators for valuation of securities on the books of insurance companies. The act has two sections: one for valuation of fixed rate bonds and debt ...
Pre-determined dollar amount up to which an insurance policy will cover an insured each year, regardless of the number of claims submitted or defense costs associated with these claims. For ...
Person who is expressly or by implication asked to visit property in the possession, care, or control of another person. The inviter has the obligation to render his or her property safe ...
Special policy blank issued by an insured for individual shipments or other purposes under an open policy. The open policy allows an insured to buy protection for all marine business for an ...
Policy designed to act as a supplement to Medicare. The supplementation is in the form of additional benefits to that provided by Medicare. The additional benefits are in the form of ...

Have a question or comment?
We're here to help.