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
Option to an insurance company to replace, reconstruct (repair), or reproduce (rebuild) damaged or destroyed property covered by property insurance rather than indemnify an insured in cash. ...
Exclusion in property insurance eliminating coverage for damage or destruction of property due to insects. ...
The term pro rata comes from Latin and translates to in proportion, proportionally, the proportion of, proportionately determined, or according to a specific rate. It is often used in legal ...
Expenses added to the beginning of a premium payment period. For example, an annuity with a 10% front load would include $10 of expenses for each $100 premium paid. ...
Automatic right of an insured to renew a policy until a given date or age except under stated conditions. It is extremely important for the purchaser to review the conditions for renewal in ...
Act that makes it mandatory for employees with spouses to be in receipt of retirement income from a pension plan in the form of a joint life and survivor ship annuity, unless the employee's ...
Settlement choice under a life insurance policy whereby a beneficiary may elect to have the death proceeds paid in the form of a joint and survivor annuity. ...
Combination life insurance policy consisting of ordinary life and double the amount of term life. Should the insured die within a stipulated time period, the double term amount and ordinary ...
Coverage under life and health insurance policies for dependents of a named insured to include a spouse and unmarried children under a specified age. Under some life insurance policies an ...
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