assignment: The legal transfer of one person’s interest in an insurance policy to another person.
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Author: FastInsurance24.com
assigned risk plans: See automobile insurance plans.
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Approval – insurance term definition
approval: Signifies the legal acceptance of forms by a state when policy information is filed; Signifies the insurer’s acceptance of risks as set forth in an application for insurance (as originally made or modified by the insurer); or Signifies the acceptance of a request from an applicant or policyholder for new insurance, reinstatement of a terminated policy, a policy loan, or other request.
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Application – insurance term definition
application: A statement of information made by someone applying for life insurance. The information gathered helps the life insurance company assess whether the risk presented by the applicant is acceptable to underwriters.
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annuity consideration: The payment, or one of the regular periodic payments, an annuitant makes for an annuity.
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annuity certain: A contract that provides an income for a specified number of years, regardless of life or death.
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Annuities – insurance term definition
annuities: Annuities are contracts sold by life insurance companies (the seller must be a licensed insurance entity in your state). In their simplest form, you pay a sum of money (either a lump sum or a series of payments) and the insurance company makes periodic payments to you, beginning on the date in your contract and continuing for the rest of your life. The earnings on your annuity payments are not taxable during the accumulation phase of your agreement; the annuity payments are taxable as income when you receive them permit you to place your payments in professionally managed funds, similar to mutual funds, and to control how these payments are invested during the life of your contract. Unlike mutual funds, variable annuities have insurance provisions and guarantees to preserve the value of the principal you pay into the annuity. They also generally carry higher fees than mutual funds. Annuities may entail extensive taxation and estate issues, and annuity buyers should make sure theyÆre aware of such issues.
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Annuitant – insurance term definition
annuitant: The person entitled to receive annuity payments or who now receives them.
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Amendment – insurance term definition
amendment: Document changing the provisions of an insurance contract signed jointly by the insurer and the policyholder.
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ambulatory care: Medical services provided on an outpatient (non-hospitalized) basis. Services may include diagnosis, treatment, surgery, and rehabilitation.
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