A policy, typically disability insurance or long-term care insurance, that can be cancelled at any time, or at a specified time, by the insurer.

Amount of money earmarked for a specific purpose.

The transfer of ownership of a life insurance policy to another person or entity. The assignee becomes the new policy owner.

A contractual agreement in which one insurer agrees to insure the assumed liabilities of another insurer, a self-insured firm, or another reinsurer.

Assets of an insurer that are not permitted by the state insurance department or other regulatory authority to be taken into account when determining an insurer’s financial condition. Non-admitted assets are typically illiquid assets, such as furniture, fixtures, agents’ past-due...