12/14/2017 12:56:06 pm   
 
Glossary of Insurance Terms:         A |  B |  C |  D |  E |  F |  G |  H |  I |  J |  K |  L |  M |  N |  O |  P |  Q |  R |  S |  T |  U |  V |  W |  X |  Y |  Z

Waiver of Premium: Rider or provision included in most life insurance policies exempting the insured from paying premiums after he or she has been disabled for a specified period of time, usually six months.

Waiver of Subrogation: Also known as 'transfer of rights of recovery,' the relinquishment by an insurer of the right to collect from another party for damages paid on behalf of the insured

Whole Life Insurance: Life insurance that is kept in force for a person's whole life as long as the scheduled premiums are maintained. All Whole Life policies build up cash values. Most Whole Life policies are guaranteed as long as the scheduled premiums are maintained. The variable in a Whole life Policy is the dividend which could vary depending on how well the insurance is doing. If the company is doing well and the policies are not experiencing a higher mortality than projected, premiums are paid back to the policy holder in the form of dividends. Policyholders can use the cash from dividends in many ways. The three main uses are: it can be used to lower or vanish premiums, it can be used to purchase more insurance or it can be used to pay for term insurance.

Workers' Compensation: Protection which provides benefits to employees for injury or contracted disease arising out of and in the course of employment. Most states have laws which require such protection for workers and prescribe the length and amount of such benefits provided

Abandonment: As used in property insurance, prohibits the insured from abandoning damaged property to the insurance company for repair or disposal.

Accelerated Benefits Rider: An adjustment (rider) to a life insurance policy that allows for the early payment of some portion of the policy's face amount should the insured suffer from a terminal illness or injury.

Accidental Death Benefit Rider: An adjustment (rider) to a life insurance policy that provides for payment of an additional cash benefit when death occurs by accidental means. This amount depends on the value of the policy.

Accidental Death Insurance: An Insurance poicy that provides payment if the insured's death occurs as a results from an accident.

Accounts Receivable Coverage: Covers loss of sums owed to the insured by its customers that are uncollectible due to damage by an insured peril to accounts receivable records

Actual Cash Value (ACV): Cost to repair or replace damaged property with materials of like kind and quality, less depreciation

Additional Insured: A person or organization for whom insured status is arranged by endorsement

Advertising Injury: General liability coverage that insures against libel, slander, invasion of privacy, copyright infringement and misappropriation of advertising in connection with the insured's advertising of its goods or services

Agent: An authorized representative of an insurance company.

Aggregate: The maximum amount an insurance company will pay during the policy

All Risk Coverage: Property insurance covering loss arising from all causes of loss except those that are specifically excluded

Annually Renewable Term: Term insurance that provides coverage for one year and allows the policy owner to renew his or her coverage each year.

Application: A form with the information needed for an insurance company to underwrite and rate a specific policy  

Assignment Assignment: The transfer of ownership of a Life Insurance policy from one person to another.

Attained Age: Your current age. Your attained age is a factors life insurance companies use to determine premiums.

Audit: A verification of the financial records, usually payroll or receipts, of an organization to determine exposures and premiums

Automobile: A land motor vehicle, trailer or semi-trailer designed for travel on public roads, not including 'mobile equipment'

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