pre-disability earnings: This is the amount of an employee’s wages or salary that was in effect and covered by the plan on the day before the disability began.
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pool insurance: The insurance of pools of ‘A’ or ‘prime’ mortgages. The coverage is a percentage of the original aggregate unpaid balance of the pool. There are two types of pool insurance: traditional and modified. Traditional pool insurance pays 100% of all losses on individual defaulted mortgages after the equity in the home and any primary insurance is exhausted until the aggregate pool coverage amount is reached. Modified pool insurance pays 25%. Insurers offer GSE pool insurance, a thin layer of coverage between the equity in the mortgage and any primary insurance and the GSEs’ guarantee.
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policyholder dividend ratio: The ratio of dividends to policyholders paid to earned premiums.
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Policyholder – insurance term definition
policyholder: The person who owns a life insurance policy. This is usually the insured person, but it may also be a relative of the insured, a partnership or a corporation.
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Policy Term – insurance term definition
policy term: The period for which an insurance policy provides coverage.
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policy reserves: The measure of the funds that a life insurance company holds specifically for fulfillment of its policy obligations. Reserves are required by law to be calculated so that, together with future premium payments and anticipated interest earnings, they will enable the company to pay all future claims.
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Policy Loan – insurance term definition
policy loan: Under an insurance policy, the amount that can be borrowed at a specified rate of interest from the issuing company by the policyholder, who uses the value of the policy as collateral for the loan. In the event the policyholder dies with the debt partially or fully unpaid, the insurance company deducts the amount borrowed, plus any accumulated interest, from the amount payable.
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Policy – insurance term definition
policy: The printed document issued to the policyholder by the company stating the terms of the insurance contract.
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physician’s expense insurance: Coverage that provides benefits toward the cost of doctor’s fees for surgical care in the hospital, at home, or in a physician’s office, and for x-rays or laboratory tests performed outside of a hospital. (Also called Regular Medical Expense Insurance).
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permanent life insurance: A phrase used to cover any form of life insurance except term; generally insurance that accrues cash value, such as whole life or endowment.
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