Accelerated Death benefit
A provision in a life insurance policy that allows the insured to receive a portion of the death benefit while they are still alive if they are diagnosed with a terminal illness.
Insurance Glossary
Glossary/Encyclopedia of insurance terms. In addition to the brief description of insurance terms, we have also provided detailed explanation of each term. By selecting ‘More Details’ in each term, you can view the detailed explanation of the term with examples.
Annuity
A contract between an individual and an insurance company where the individual makes a lump-sum payment or a series of payments and, in return, receives a stream of income for a specified period or for life.
Assignee
In insurance, an assignee is the person or entity to whom rights or interests in an insurance policy are transferred.
Assignment
Assignment in insurance refers to the transfer of rights or interests in an insurance policy from one party to another.
Cash Value
Cash value is a key feature of permanent life insurance policies, such as whole life insurance and universal life insurance.
Convertible Term Insurance
Convertible term insurance is a type of term life insurance that gives the policyholder the option to convert the policy to a permanent life insurance policy, such as whole life insurance, without having to undergo a new medical exam or provide evidence of insurability.
Death Benefit
A death benefit is the amount of money paid to the beneficiary of a life insurance policy upon the death of the insured person.
Deferred Annuity
A deferred annuity is a type of annuity contract that delays payments to the annuitant (the person receiving the income) until a future date.
Disability Insurance
Disability insurance offers income replacement for individuals who are unable to work due to a disability caused by illness, injury, or accident.
Dividends (Life Insurance)
Dividends in life insurance are a portion of an insurance company’s profits that are returned to policyholders who own participating life insurance policies.