Find terms beginning with the letter A…
Absolute Assignment:
The act of complete transfer of ownership of a life insurance policy from one party to another without any conditions is called an absolute assignment. This shift of ownership is irreversible.
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Accidental Death and Disability Rider:
Accidental Death and Disability Rider is an optional additional coverage. The insurance company pays under the rider if the life insured dies or gets disabled due to an unforeseen accident. The insurer will pay the benefit if the life insured dies anytime within 180 days of the accident.
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Accidental Death Benefit:
The benefit that the life insurance company pays to the nominee in case the life insured dies due to an accident is known as the Accidental Death Benefit. The insurer will pay the benefit of the death happening anytime within 180 days of the occurrence of an accident.
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Accumulation Period:
In a life insurance policy, the accumulation period is the time span in which the life insured pays a regular premium towards the insurance product. This helps in the accumulation of funds for life after retirement. This broadly applies to annuity or retirement plans.
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Actuarial cost assumptions:
Actuarial cost assumption is an estimation done by the actuarial department of financial services. This estimation includes assumptions of uncertain variables in a life insurance policy. This addresses the purpose of calculating the cost of insurance, pension, and benefits.
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Actuarial Cost Method:
The actuarial cost method is used by the actuaries to calculate the amount a company has to pay to cover the pension expenses. The amount is used to cover the pension expenditure. This method is used to calculate how much money is required for pension consultation and pension funding.
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Age at Entry:
Age at entry is when the insured purchases the policy or enters into a policy contract. The entry age is mentioned in the insurance product brochure. This age can vary depending upon the policy.
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Age at Maturity:
Age at maturity is the age at which investors' life insurance policy matures. Age at maturity will help you decide better whether investing in a particular policy will pay back the maturity proceeds at the right age.
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Age Limit:
Age limit is the minimum and maximum age bar for entering in any insurance contract.
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Annuitant:
An annuitant is a person who receives the benefit of the annuity. The annuitant may be different from a policyholder. The annuitant can be the person who buys an annuity plan from a life insurance company or he/she can be the government official who is entitled to receive lifetime payments.
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Annuity:
Annuity is an insurance contract that promises to pay an invested amount in the form of regular income. This is for a specific time period or lifetime. Annuity in simple words is a retirement plan meant to provide you with a pension.
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Annual Premium Annuity:
Annual premium annuity means investing equal amounts in installments annually under an annuity plan. This allows investors to save in parts. The total amount invested keeps growing until withdrawals are made.
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Annual Premium Payment Mode:
Annual premium payment mode is the yearly frequency of premium payment under a life insurance policy. The frequency at which the life insured choses to pay the premium continues for the entire policy term.
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Annualized Premium:
Annualized premium is the total amount paid in a year's time to keep the life insurance policy in force. The annualized premium amount of a life insurance policy does not include taxes and rider premiums.
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Assignee:
An assignee is a person to whom all the rights and benefits in the policy are transferred.The assignment is the legal process by which the assignor assigns the policy to the assignee. The entire ownership of the policy is now with the assignee. He can even reassign the policy in the future.
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Assignor:
The assignor is the policy owner who transfers all the rights and benefits in the policy to the assignee. This is done through the legal contract of assignment. The assignor is the one who makes the assignment contract.
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Attained Age:
It is the current age of the insured. One of the parameters used by life insurance firms to set your insurance premiums is your attained age. The bigger the risk, the higher the premium.
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