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When the holder of a life insurance policy is terminally ill and needs the money for medical and living costs, they may request an accelerated death benefit. This pays the benefit of the life policy before death.
A type of life insurance that pays in the case of the death or dismemberment of the insured from an accidental cause.
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The person or persons named to receive the benefits (payout) from a life insurance policy.
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The end of an insurance policy. Usually applied to the premature ending of the policy for nonpayment but may be used to describe the ending of any insurance policy.
The formal request by a policy holder or claimant to be paid under the terms of the insurance policy.
A method of providing liability insurance in which the insurer agrees to cover all claims asserted against the insured during a specified date period regardless of when the claim occurred. All claims-made policies have a "retro" date which specifies the beginning date for claims to be considered.
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The amount that will be paid to the beneficiary of a life insurance policy upon the death of the insured party.
In life insurance, death due to certain causes will pay twice the death benefit. Some life insurance policies will pay multiples of the death benefit depending on cause of death (i.e. triple indemnity).
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The first day of a policy term. Denotes the beginning of the insurance coverage.
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In life insurance, the benefit amount of the policy.
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An insurance agent that is affiliated with more than a single insurance company. An independent agent is able to shop several insurance carriers for the best plan for a particular insured.
A contract by which one undertakes to indemnify another or to pay a specified amount upon determinable contingencies.
Insurance fraud is any act or omission with the purpose of illegally obtaining a property and casualty insurance benefit. This definition encompasses the full range of fraudulent acts, from completely fabricated claims, to inflation or padding of legitimate claims, to false statements on insurance applications, to internal fraud.
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A life insurance policy which covers more than one person (usually a husband and wife) and pays out whenever one of the insureds dies.
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An insurance purchased by a company or organization on key employees and naming the company as beneficiary. This type of policy is designed to lessen the financial hardship to a company should a key employee die, become permanently disabled or die.
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Typically used in life insurance to indicate the termination of a policy.
A life insurance policy will pay a stated amount to a beneficiary upon the death of another. The death payment may be accelerated for a terminally ill insured in need of medical or living expenses (see ADB). The two major types of life insurance policies are Term Life and Whole Life. Term Life is valid for a predetermined period such as a year. Whole Life is until you die and usually involves periodic deposits in to an account that can be withdrawn before death.
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The person or persons designated as the insured in an insurance policy.
An insurer not licensed to write insurance in a specific state.
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A formal contract outlining the terms and conditions of the insurance provided by an insurance carrier.
The amount you are asked to pay for an insurance policy.
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A life insurance policy purchased to cover a specific time period as opposed to the end of your life. Term policies may be written to expire at the end of a time period such as one, five or ten years or at a certain age of the insured.
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A combination of term life insurance with a savings plan. This approach provides more flexibility as to the death benefit and insured contributions.
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A type of life insurance that continues until the insured stops making payments or dies
Coverage for self-inflicted or intentional injuries to others are usually excluded from most insurance policies.
