Agency
agent
aleatory
alien insurer
annuity
apparent authority
applicant
Application
assignment
attained age
An insurance company authorized and licensed to transact business in a particular state.
Avoidance
Beneficiary
The person who receives the proceeds from the policy when the insured dies.
Birthday Rule
Broker
Buy-Sell Agreement
Buyer's Guide
Cash Value
Certificate
Certificate of Authority
Certificate of Insurance
Claim
A request for payment of the benefits provided by an insurance contract.
Coercion
Coinsurance Clause
Commingling
Commission
Commissioner
Concealment
Conditional Contract
Consideration
Consumer Report
Contract
Contributory
Controlled Business
Convertible
Coverage
Death Benefit
Decreasing Term
Defamation
Dependent
Director
Disclosure
An act of identifying the name of the producer, representative or firm, limited insurance representative, or temporary insurance producer on any policy solicitation.
Domestic Insurer
Domicile of Insurer
Insurer's location of incorporation and the legal ability to write business in a state.
Earned Premium
Endorsement
Estoppel
A legal impediment to denying a fact or restoring a right that has been previously waived.
Exclusions
Expiration
The date specified in the policy as the date of termination
Express Authority
Extension of Benefits
Face
Fair Credit Reporting Act
Fiduciary
Fixed Annuity
Flexible Premium
Foreign Insurer
An insurance company that is incorporated in another state
Fraternal Benefit Societies
Fraud
Intentional misrepresentation or deceit with the intent to induce a person to part with something of value.
Free Look
Grace Period
Hazard
implied authority
Authority that is not expressed or written into the contract, but which the agent is assumed to have in order to transact the business of insurance for the principal
insurable interest
insurance
insured
insurer
An entity that indemnifies against losses, provides benefits, or renders services (also known as "company" or "insurance company").
insuring clause
A general statement that identifies the basic agreement between the insurance company and the insured, usually located on the first page of the policy
Investigative Consumer Reports
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Lapse
Law of Large Numbers
A principle stating that the larger the number of similar exposure units considered, the more closely the losses reported will equal the underlying probability of loss.
Life Expectancy
Limited pay whole life
Organizations that provide support facilities for underwriters or groups of individuals that accept insurance risk
loss
maturity date
An information database that stores the health histories of individuals who have applied for insurance in the past. Most insurance companies subscribe to this database for underwriting purposes.
misrepresentation
A false statement or lie that can render the contract void.
An insurance company that has not applied for, or has applied and been denied a Certificate of Authority and may not transact insurance in a particular state
An insurance company that has not applied for, or has applied and been denied a Certificate of Authority and may not transact insurance in a particular state
Noncancellable
An insurance contract that the insured has a right to continue in force by payment of premiums that remain the same for a substantial period of time
Nonmedical
Nonrenewal
Nonresident Agent
Option
Overinsurance
Paid-Up Insurance
Payor Benefit
Peril
The cause of a possible loss
Permanent Life Insurance
Persistency
Personal Contract
Physical Exam and Autopsy
A provision that allows an insurer, at its own expense, to have an insured physically examined when a claim is pending or to have an autopsy performed where not prohibited by law.
Policyholder
Policyowner
The person who is entitled to exercise the rights and privileges in the policy. This person may or may not be the insured.
Preferred Risk
An insurance classification for applicants who have a lower expectation of incurring loss, and who, therefore, are covered at a reduced rate.
Premium
Primary Beneficiary
Primary Policy
A basic, fundamental insurance policy which pays first with respect to other outstanding policies.
Principal Amount
The full face value of a policy
Insurance furnished by nongovernmental insuring organizations
Termination of an insurance policy, with an adjustment of the premium charge in proportion to the exact coverage that has been in force
Producer
Insurance agent or broker
Qualified Plan
Rate Service Organization
Rebating
Any inducement offered in the sale of insurance products that is not specified in the policy.
Reciprocal Exchange
Reciprocity
Reduction
Reinsurance
Renewability Clause
Renewable Term
Representations
Recission
The termination of an insurance contract due either to material misrepresentation by the insured or by fraud, misrepresentation, or duress on the part of the agent/insurer
Retention
A method of dealing with risk by intentionally or unintentionally keeping a portion of it for the insured's account; the amount of responsibility assumed but not reinsured by the insurance company.
Rider
Risk
Risk, Pure
Risk
Rollover
Settlement Options
Sharing
Speculative Risk
Standard Provisions
Standard Risk
Stock Companies
Substandard Risk
Superintendent
Surrender
Term Insurance
Terminally Ill
Total Disability
Transfer
Twisting
Underwriting
underwriter
A person who evaluates and classifies risks to accept or reject them on behalf of the insurer.
Unilateral Contract
A contract that legally binds only one party to contractual obligations after the premium is paid.
Universal Life
Utmost Good Faith
Waiting Period
Time between the beginning of a disability and the start of disability insurance benefits.
Waiver
The voluntary abandonment of a known or legal right or advantage
Waiver of Premium
Warranty
A material stipulation in the policy that if breached may void coverage.