Life Insurance and Annuities

A 1035 exchange lets qualifying life, annuity, and long-term care contracts be replaced without immediate federal income tax.

The amount an insurer pays to beneficiaries when the insured dies, based on policy terms.

A transfer of real property through a will, and in insurance contexts it affects beneficiary and estate administration handling.

A shareholder-owned life insurer that writes both participating and nonparticipating policies.

A charge pattern where more premium is paid in later years, often seen in certain life and investment-linked product structures.

A temporary life coverage form for specific trips or periods of flight activity.

A gap between one benefit stream ending and another benefit stream beginning under a life-related income transition.

A consumer-facing insurance disclosure that helps compare policy options before purchase or replacement.

The insured person’s age at a specific date, often used for pricing and policy adjustments.

Cash value life insurance combines life protection with a policy reserve that grows and can be accessed during life.

A reserved amount set to cover estate and final expense obligations tied to a life insurance policy.

A backup policy beneficiary who receives benefits if the primary beneficiary cannot.

The policyowner's choice for how a participating life insurance dividend will be used.

Life insurance written on a child, usually to secure permanent coverage and future insurability.

The conversion of a stream of future insurance or annuity payments into a single present lump-sum value.

An agreed future premium payment that is not yet due under the policy schedule.

Dividend additions are small paid-up pieces of life insurance purchased with participating policy dividends.

Acceleration life insurance allows part of the life benefit to be paid early when qualifying medical or terminal illness conditions are met.

The net amount of coverage still exposed to loss at the time of a policyholder's death or event.

A common disaster clause directs how life-insurance proceeds are paid if the insured and beneficiary die in the same event or the order of death cannot be determined.

A buy-sell arrangement in which a business uses insurance to fund the purchase of an owner's interest after death or another trigger event.

A life-insurance provision that continues or preserves a death benefit for a limited period after premium payments stop under stated conditions, often involving disability.

A policy premium value that includes a policy’s net premium plus assigned first-year acquisition expenses.

A policy clause that allows approved changes to premium, coverage, or duration under defined conditions.

An actuarial pricing convention that can use a younger age than the insured's actual age to set life insurance premiums.

Annuity analysis compares annuity options based on payout profile, insurance carrier strength, fees, and rider effects.

An insurance clause that increases benefit payments on a schedule, helping long-term income protection keep pace with rising costs.

A disability-related benefit formula that pays based on an insured income average during an initial period.

An aviation-related danger that increases expected loss severity and influences premium class, exclusion language, and underwriting requirements.

A buy-sell agreement defines how ownership interests transfer after specified life or disability events in a closely held business.

The amount a life insurer pays if a cash-value policy is voluntarily terminated.

Cash withdrawals are policy-owner draws from policy cash value, usually reducing growth, coverage, or both.

The person whose life determines the duration of an insurance interest.

An insurance-linked arrangement that combines multiple benefit structures, such as coverage and savings or annuity features.

A regulatory mortality table used in life insurance pricing, reserves, and nonforfeiture calculations.

A whole-life policy funded by continuous premium payments for life coverage with stable underwriting assumptions.

A policy right that allows insured persons or policyholders to switch to another form under defined terms.

An expense amount in life insurance that reflects the insurer's cost to provide risk coverage.

The charge within life insurance pricing that reflects the amount used to pay for current mortality risk.

A group-sponsored arrangement where participants buy tax-deferred income coverage over time.

Dependent life insurance provides life protection for or through dependents, usually as part of group life coverage.

A participating life insurance option that leaves declared dividends with the insurer to earn interest.

A life insurance provision that pays an extra benefit, often doubling the death benefit, when death results from a covered accident.

The anticipated rate or probability of death for a defined insured population over a stated period.

The actual death experience observed in an insured group and compared with the mortality that had been expected.

A nonforfeiture option that uses a life policy's cash value to continue the original face amount as term insurance for a limited period.

A U.S. life-insurance tax concept that limits how much premium can be paid relative to the policy's death benefit.

An actuarial premium amount that funds expected benefits on a level basis, excluding expense and profit loadings.

AD&D insurance pays a predefined benefit when an accidental death or serious dismemberment event meets policy definitions.

Adjustable life insurance lets policyholders change face amount, premium, or duration within approved policy and underwriting rules.

A temporary life insurance payout to help a beneficiary cover ongoing expenses after the insured’s death.

The practice of setting aside assets now to meet known insurance-backed benefit obligations later.

A life-or-accident form that pays a lump sum or defined benefit when a covered person dies or is seriously injured in an aviation accident.

Setting an insurance policy effective date earlier than the signing date to lock in age, eligibility, or premium expectations.

The period during which a life policy is in force and coverage conditions are contractually valid.

The person, trust, or entity that receives policy proceeds according to contract terms.

A professional designation, not an insurance license by itself.

A change of beneficiary provision gives a policyholder the right to replace or revise who receives policy proceeds.

A contractual right to convert scheduled insurance or annuity payments into a lump-sum amount.

A designated fund used to support retirement-related conversion outcomes within life insurance planning.

A bounded range in insurance benefit design used to define guarantees and minimum exposure.

A life insurance term in which the policy includes coupon or credit features that may reduce cost when conditions are met.

A life insurance benefit that pays a debt balance to lenders when the insured person dies.

A death benefit only plan provides a lump-sum payout solely at death, without retirement or disability payments.

A life product whose death benefit falls over time while the policy remains in force.

A deferred annuity earns value in an accumulation phase and begins distributions in a later period.

A delayed payment clause postpones life insurance benefit payment when the first beneficiary dies at the same time as the insured.

The amount payable under an insurance policy when the insured meets the contract's definition of disability.

In insurance, a dividend usually means a participating policy dividend returned by the insurer based on its experience and policy terms.

A life insurance design that combines permanent insurance with additional term coverage for a limited period.

An employer-sponsored package of insurance and related benefits such as health, life, disability, or other group coverage.

A life insurance arrangement in which the employer owns the policy and endorses part of the policy benefits to an employee or the employee's beneficiary.

Nonguaranteed interest credited above the contract's minimum guaranteed rate on certain cash value life insurance policies.

Another word for expiration and refers to the date or moment when insurance coverage or a policy term ends.

A lender-sponsored policy that pays a borrower's debt (or loan payments) if the borrower dies or becomes disabled, depending on coverage.

Incidents of ownership are the rights a person retains to control a life insurance policy, such as changing beneficiaries or borrowing against it.

Life insurance whose premiums are collected through payroll deduction, often as an employer-sponsored or group arrangement.

A trust is a legal arrangement where a trustee holds and manages property for beneficiaries, often used to own or receive insurance proceeds.

An extra rider payment that increases what beneficiaries receive when the base death benefit settles.

A contract where an insurer makes regular payments to the owner for a period or lifetime.

The projected return rate used in certain annuity payment formulas at issue.

A policy exclusion that removes coverage for specified flight-related injuries or deaths, often for certain classes of aviation activity.

A basic mortality table shows observed ages of death in a population without smoothing or adjustment.

Business life and health insurance combines personal risk protection for owners or key employees with workforce support goals.

The cash accumulation method compares life insurance premiums by accumulating premium differences with an assumed interest rate.

The transfer of a life policy to a charity, often through ownership change.

A historical regulatory mortality table used in industrial life insurance for reserve and nonforfeiture calculations.

In insurance, contributory usually describes a group plan where covered employees pay part of the premium.

A clause allowing a policyholder to convert a policy form without full new underwriting under defined conditions.

A life insurance concept where surrender value and death benefit move within predefined corridors.

A cross-purchase life insurance structure lets business co-owners fund a buyout if one owner dies.

A decreasing term policy has a death benefit that declines over the coverage period.

Deferred vesting delays when a person or beneficiary obtains full right to a benefit until conditions are met.

In pension and annuity contexts, a deposit is a scheduled or required contribution that funds future retirement entitlements.

The process of pooling, tracking, and accounting for contributions before they become covered annuity assets.

A deposit administration group annuity accumulates contributions for participants before annuity purchase or retirement income conversion.

Disability buy-sell coverage funds a business buy-sell agreement when an owner becomes disabled and can no longer continue in the business.

The insured's age when a life or annuity contract is issued and used to calculate premium rates, benefits, or policy values.

A life insurance policy designed to provide ongoing income to beneficiaries for a stated period after the insured dies.

The document given to an insured member under a group policy that explains the member's benefits and coverage terms.