Learn about Limited Payment Life Insurance, where premiums are only paid for a specified number of years but the coverage lasts for the insured's lifetime. Ideal for financial security and budgeting.
Learn about Limited Payment Whole Life Insurance, a policy that allows the insured to complete premium payments in a shorter timeframe compared to traditional whole life insurance.
Explore the concept of Normal Retirement in pensions, which refers to retirement taken at the time deemed standard by the pension plan. Learn its significance and implications.
Explore the benefits of quantity discounts in life insurance policies. Learn how purchasing a high face value policy can lead to significant savings.
Understand the importance of readjustment income in life insurance to support families after the loss of a primary wage earner. Learn how it facilitates financial stability.
Learn about retroactive conversion in life insurance. Discover how it allows the conversion of a term life policy to a cash value form with retrospective effect.
Explore Savings Bank Life Insurance, a unique type of life insurance offered exclusively in certain states like Massachusetts, and sold by savings banks.
Learn about Single Premium Policy in Life Insurance, its benefits, and how it works. Understand the single premium payment method and its advantages.
Learn about survivorship benefits in life insurance, including how funds are used to support annuitants living longer than expected and the role of premiums from deceased annuitants.
Learn about Split Life Insurance, a unique coverage that combines installment annuity and term insurance. Understand how premiums determine the amount of insurance purchased and explore its benefits and uses.
Learn about the corridor in universal life insurance, its role in maintaining life insurance status for tax purposes, and its significance for policyholders.
Learn about defined contribution pension plans where contributions are predetermined, with the benefit amount totaling the contributions. Discover how these plans impact retirement savings.
Learn about the concept of Discount in Pensions, a key financial term describing the difference between the future value and its present value calculated at a specific interest rate.
Learn about Employees Trust (Pensions), a financial vehicle for funding pensions and profit-sharing plans, benefiting employers and employees.
Learn about Endorsement Split Dollar Plans, a liability insurance strategy where an employer holds ownership and control of an employee’s life insurance policy, ensuring the employee's right to benefits through the employer’s endorsement.
Learn about financed insurance, including how policy premiums are paid by borrowing against the cash value of the policy. Discover the legal implications and benefits.
A comprehensive guide to Joint Annuities in Life Insurance, explaining how they work, who they benefit, and key considerations when choosing this type of annuity.
Explore the essentials of life insurance, including how it works, the benefits provided, and various circumstances under which payouts are made.
Learn about Modified Life Policy, a unique life insurance type with initially lower premiums and subsequent higher rates after a set period.
Explore the concept of ownership in life insurance, defining control over benefits and privileges and explaining ownership transfer.
Learn about the Premium Refund provision in life insurance, which allows beneficiaries to receive the policy's face amount and the total premiums paid.
Learn about prepayment of premiums in general insurance, including how it works, the benefits, and potential interest earnings on deposits.
Explore the structure and benefits of Unit Investment Trusts (UITs) in pension investments. Learn how UITs offer a stable asset-holding without active management duties.
Learn about unscheduled premium payments in life insurance, including their role, benefits, and requirements for universal life policies.
Explore the intricacies of Variable Life Insurance, a form whose face value is influenced by the equity products invested in. Learn how securities impact the payout.
Learn what annuities are, their role in providing annual payments or regular payments for a specific period. Discover how this agreement can be a valuable financial tool.
Learn about the Assumed Interest Rate in immediate variable annuities, how it is calculated, and its impact on the insurer's determination of initial income payment.
Explore the Beneficiary Clause in general insurance, allowing the insured to designate and change a beneficiary at any time. Learn its importance and implementation.
Learn what a contingent fund is, its significance in general insurance, and how it safeguards against potential rare event losses.
Understand the concept of Deductible Carryover Credit in health insurance. Charges from the last quarter of the year that are applied to the next year's deductible.
Learn about deferred vesting in life insurance, where rights to the benefits are attained after meeting specific requirements. Enhance your knowledge about vesting schedules and their significance in insurance.
Learn about the concept of extra premium in general insurance. Discover why certain hazards may necessitate an additional charge beyond the regular premium rate.
Learn about fractional premiums in general insurance, a payment method where premiums are divided equally and paid at regular intervals such as quarterly.
Understanding the term 'Guaranteed Cash Value' in whole life insurance policies. Learn how it accumulates and its impact on your life insurance over time.
Learn about Guaranteed Insurability in health and life insurance. Discover how this contract option allows you to purchase extra insurance without proving insurability again.
Discover the HR-10 Pensions, also known as the Keogh Act Plan. Learn how this retirement plan benefits self-employed individuals by providing tax advantages and retirement savings options.
Understand the role of a Joint Insured in a joint life insurance contract. Learn who qualifies as a joint insured and the advantages of such policies.
Learn about Life Paid Up at Age (Life Insurance), a policy offering lifetime coverage with premiums that stop at a predetermined age, securing lifelong protection without lifelong payments.
Learn what it means for a life insurance policy to mature, including when the face value is paid out, typically upon the insured's death.
Explore the ins and outs of a Modified Endowment Contract in Life Insurance. Understand how it operates, its unique properties, and the tax implications involved.
Explore the concept of Monthly Debit Ordinary Status Cards in life insurance, which indicates monthly debit ordinary business that is still in force and which has lapsed.
Learn about multiemployer plans, where more than one employer contributes to a pension. Discover how these plans are affected by collective bargaining agreements.
Learn about the Normal Retirement Benefit in pensions, which represents the greater of an employee's early retirement benefit or the benefit at normal retirement, excluding medical or disability benefits.
Learn about ordinary agency in life insurance, focusing on agencies that deal exclusively with ordinary life insurance policies.
Learn about policy proceeds in life insurance, including the payout at death or maturity, dividends on deposit, and extra insurance purchased with dividend amounts.
Discover the essential role of a primary beneficiary in life insurance. Learn how they are designated to receive benefits or a pay-out from an insurance policy after it becomes due.
Learn about refund annuities, a type of annuity that ensures a refund to the named beneficiary if the annuitant dies before receiving benefits equal to the total paid premium.
A comprehensive guide that explains the necessity and importance of the Summary Annual Report, a mandatory document sent to each pension plan participant annually.
Learn what it means to surrender a life insurance policy, the financial implications of cash value, and what policyholders need to consider.
Learn about tax sheltered annuities, where contributions are tax-deductible and benefits are not taxable until payout. Ideal for employees seeking tax-deferred growth.
Learn about Charitable Gift Life Insurance, where a policy is donated to a charity allowing the donor to receive a tax deduction. Discover its benefits and usage.
Learn about Decreasing Term Life Insurance, a life insurance policy where the death benefit decreases over time until it reaches zero. Ideal for mortgage coverage and specific financial needs.
Learn about estate tax, a levy based on the value of a deceased's estate that is due to the federal government. Understand its implications for estate planning and asset distribution.
Explore the benefits and features of level premium insurance in life policies. Learn how premiums remain constant throughout the term, making life insurance manageable and predictable.
Discover what paid losses refer to in the context of general insurance. Learn how insurers calculate the amount paid out in losses over a specific time frame.
Discover what a premium load, or front-end load, entails in life insurance. Learn how this fraction of the premium covers insurer expenses.
Learn what proceeds in life insurance entail, including the face value of a policy and any amounts to be paid out. Get clear, concise information tailored for policyholders.
Explore the concept of values in life insurance, specifically referring to nonforfeiture values, and understand their role in policyholder benefits.
Discover everything you need to know about a living trust, also known as an inter vivos trust. Understand how it is created by a living person and its key benefits in estate planning.
Explore the benefits of whole life insurance, a policy that remains valid through a person's lifetime, featuring a nonforfeiture value and flexible payout options.
Discover the benefits of home service insurance, a life insurance policy of smaller value typically ranging from $10,000 to $15,000. Learn how these policies offer convenient payment options such as bank drafts or checks sent by mail.
Learn about Endowment Insurance, a type of life insurance that promises a payout to the insured at the end of a specified period or to their beneficiary in the event of death during that period.
Explore the concept of being over insured in insurance. Understanding over insurance, its risks, and how it might impact policyholders. Learn about the moral hazard associated with excessive coverage.
Learn about Preauthorization Check Plan in Life Insurance where premiums are paid through a monthly pre-authorized bank draft for easy and convenient payments.
Learn about Level Term Insurance, a type of term life policy where both the death benefit and premiums remain unchanged for the duration of the contract.
Discover what loss reserve means in general insurance. Learn about the insurer's estimated total liability for pending claims, incurred but not reported losses, and more.
Learn about the year plan in pensions, including the differences between a fiscal and calendar year, and how plan records are maintained.
