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No insurance resource would be complete without a helpful menu of terms and concepts. This information-rich list will help you make sense of the solutions you are considering.
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Because heredity often dictates the future health of an individual, life, disability, critical care and long term care insurance applications require medical history of the applicant and his/her parents and siblings. A potential insured in perfect health may not qualify for the best rates due to family history issues. Health factors considered vary among insurance types.
Meant to ensure that the amount of insurance applied for can be justified by the insurance need. Used in both personal and business insurance. It evaluates normal risk vs. abnormal risk and calculates any extra risk using mathematical formulas. Financial underwriting assesses factors like the insured's income and/or value of his/her estate and the insurable interest. It seeks to minimize speculation, guarantee that the company doesn't over-insure the individual, and eliminate any question of fraud.
A type of deferred annuity that increases in value according to a stated fixed interest rate established by the insurance company for a specified time period, allowing the owner to minimize risk during market declines. The insurance company accepts the investment risk for these products.
Allows an insurance company to offer a policy to a potential insured who might otherwise be declined. It is often used with people who have adverse health conditions or participate in hazardous sports or hobbies. The insurance company will assess an extra flat dollar amount per $1,000 of policy value, usually only for a set number of years.
Offers just what the name implies: flexibility. It allows the policy owner several options from which to choose in terms of premiums, face amounts, and investment strategies. These policies can be changed as the insured's needs and circumstances change.
While foreign travel has become the norm in both the business and personal lives of many in our global society, there is still considerable risk to some travel. It's open to interpretation, and the legislation varies by state. Most life insurance companies maintain their own country lists, however many exclude coverage for proposed insureds traveling to countries on the U.S. State Department's Travel Warnings List.
The period of time (typically 10 to 30 days, depending on the state) during which a policyholder may examine a newly-issued individual life insurance or annuity policy, cancel the contract, and receive a refund of premiums paid.
A rider available with Disability insurance policies. Protects future earnings without medical underwriting. Increases based upon income and other disability insurance in force.
A rider available with Disability insurance policies. Protects future earnings without medical underwriting. Increases based upon income and other disability insurance in force.