Accidental Death and Dismemberment to Authorization

A B C D E F G H I J K L M N O P R S T U V W Y
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Accidental Death and Dismemberment: This type of insurance pays a death benefit in the amount of the face value of the policy to the insured if he dies from accidental causes. This can be a separate policy or it can be a rider that is added to a life insurance policy. The dismemberment benefit is usually paid when the insured loses his eyesight or limbs.
Accidental Death Rider: A rider that is added to a life insurance policy and pays an additional amount specified to the beneficiary of the policy if the insured dies from accidental causes. Sometimes it is referred to as "double indemnity".
Actuary: A specialist in the mathematics of insurance who calculates rates, reserves, dividends and other statistics for the insurance company.
Adjustable Life Insurance: This type of permanent insurance allows a policyholder, after the initial payment, to pay premiums at any time, in virtually any amount, subject to certain minimums and maximums.
Age Basis: There are two ways to determine your age for insurance purposes. 1) Nearest Birthday: Insurance age advances six months prior to applicant's birthday. 2) Last Birthday: Applicant's last birthday will be used to determine age.
Amendment: A revision to an original policy that comes in the form of an official document.
Annual Renewable Term (ART): This policy allows the insured to renew his policy annually without showing evidence of insurability until the insured reaches a specified age or the policy reaches the end of its specified term. The premium increases each year.
Annuity: A conservative financial vehicle that allows an individual to set aside and/or accumulate funds for a future need.
Application: A form that the proposed insured uses to provide information to the insurance company so that they can evaluate the risk and determine the applicant's appropriate rate class for the purpose of making an offer of insurance to the applicant.
Assignment: The transfer of ownership of a life insurance policy to another person or entity.
Attained Age: The age of the insured or applicant on a specific date.
Attending Physician's Statement (APS): A statement from an applicant's physician which contains medical information and records for use in evaluating a life or health insurance application.
Authorization: A form signed by the applicant that allows the insurance company to obtain information required in the underwriting process.