Group Life Insurance
Group life insurance is a type of life insurance where a single contract covers an entire group of people, usually employees of a company or members of an organization.
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.
Guaranteed Issue
A type of insurance that does not require the applicant to answer health questions or take a medical exam to qualify for coverage.
Immediate Annuity
A type of annuity contract that starts payments to the annuitant soon after the initial investment is made.
Individual Life Insurance
Individual life insurance is a type of life insurance policy that is purchased by an individual for their own life or the life of another person.
Level Premiums
Level premiums are insurance premiums that remain the same throughout the policy period, regardless of any changes in the insured’s risk profile or other factors.
Long Term Care Insurance
Long-term care insurance is designed to help cover the costs of long-term care services, which can include assistance with daily activities (like bathing, dressing, and eating), supervision due to cognitive impairment, and care in various settings.
Maturity Date
In insurance, the maturity date refers to the date on which an endowment policy or other long-term insurance contract matures, and the policyholder is entitled to receive the maturity benefit or the accumulated cash value.
Net Cash Value
Net cash value is a term used in life insurance, specifically with policies that have a cash value component, such as whole life insurance or universal life insurance.
Non-Participating Policy
A non-participating policy is a type of life insurance policy that does not pay dividends to policyholders.
Paid-up Policy
A life insurance policy on which no further premium payments are required but which still provides a death benefit.
Persistency
In the insurance industry, persistency refers to the rate at which insurance policies remain in force over time.
Persistency Rate
The persistency rate is a key metric used in the insurance industry to measure the rate at which insurance policies remain in force over a period of time.