Policy Summary
Definition of "Policy summary"
Policy report issued to the policyowner that must include at least the following: first five years of premiums, cash values, death benefits, and dividends (if participating insurance); tenth year, twentieth year, and at least one year between the insured's age 60 and 65 and policy maturity year of premiums, cash values, death benefits, and dividends (if participating insurance); effective interest rate at which policy loans may be made by the policyowner; tenth and twentieth year cost surrender value; the net premium payment cost indices; insurance company name and address; the insurance agent name and address; and the type (generic) of life insurance policy.
Popular Insurance Terms
Strong expectation of an occurrence resulting in a monetary interest that gives rise to an insurable interest. For example, a daughter has a strong expectation of wearing her mother's ...
Day on which the New York Stock Exchange is open for transactions; used in calculating accumulation unit values for variable dollar insurance products. ...
Policy provision that provides coverage for continuing payroll expense of all employees of an insured business (except for officers and executives) for the first specified number of days of ...
Provision in a property insurance policy to the effect that in the event the insured and insurer cannot agree on the amount of a claim settlement, each appoints an appraiser. The appraisers ...
Same as term: Actuarial Science: branch of knowledge dealing with the mathematics of insurance, including probabilities. It is used in ensuring that risks are carefully evaluated, that ...
Executive of Travelers Insurance Company who developed the domino theory of accident causation by studying over 75,000 industrial accidents and concluding that most accidents would be ...
Phrase describing a form of joint tenancy ownership where property passes to the survivors when one party dies. ...
Compulsory employee benefit plan under which participants are entitled to a series of benefits as a matter of right. The plan is administered by a federal or state government agency and has ...
Right of a policyholder in life insurance with cash value to elect a smaller, fully paid-up policy, without any further premiums to pay. The amount of the paid-up policy is determined by ...
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