Annuity Surrender Charge
A fee charged by the insurer for a partial or full withdrawal of funds made during a specified period.
© 2023 The National Alliance for Insurance Education & Research All Rights Reserved
A fee charged by the insurer for a partial or full withdrawal of funds made during a specified period.
The insured is unable to perform the material and substantial duties of his or her own occupation and is not at work in any occupation.
Enables machines to interact with cloud software in the same way the user interface facilitates interaction between humans and computers.
The statement of information given when a person applies for insurance. The insurer underwriter uses this information as a basis in determining whether the applicant
Enables machines to interact with cloud software in the same way the user interface facilitates interaction between humans and computers.
Providers are selected or appointed to represent the organization for all insurance coverage or for a specific purpose; an insurance procurement provider selection method.
In financial management, the measurement of the percentage return of average annual cash flows on initial investment.
Anything of commercial value, including real or personal, tangible or intangible property.
Buyer purchases specified assets and specified liabilities of the seller. The buyer does not acquire the entire entity.
The transfer of all or part of a policy owner’s legal rights under the policy contract to another person or entity.
A residential licensed facility that provides 24-hour care sufficient to assist clients who need long-term care.
A captive formed by a trade association to insure the risks of its member organizations who are involved in the same or similar industries.
When one knowingly and voluntarily exposes themselves to a known danger.
Used when an application or medical examiner’s report regarding a life or health insurance applicant reveals conditions or situations, past or present, about which more
An accounting concept, a report on the auditor’s opinion of the correctness of the information and the freedom from material misstatements.
A land motor vehicle, trailer, or semi-trailer designed for use on public roads, but does not include “mobile equipment.”
Persons who are granted insured status because they fit into a category or class of persons described in the policy provisions.
A risk control technique which totally eliminates an exposure to avoid the chance of a loss; avoidance eliminates both positive and negative outcomes.
In computing workers compensation experience modifications, a specific value taken from a rating manual table used to limit the effect of a single severe accident
A procedure for making the effective date of a policy earlier than the application date. Backdating is often used to make the age at which
An annuity contract clause that enables the owner of the contract to withdraw the invested money without surrender penalties if the annual interest rate drops
Person or organization that has possession of the property of others, usually for storage, repair, or servicing. A dry cleaning operation is a common example
© 2023 The National Alliance for Insurance Education & Research All Rights Reserved
