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Absolute Assignment

Absolute Assignment in insurance refers to the complete transfer of all rights, liabilities, and benefits of a life insurance policy from the policy owner (assignor) to another person or entity (assignee). After the assignment, the assignee becomes the new policy owner

Accidental Death and Disability Rider

The Accidental Death and Disability (ADD) Rider is an additional feature, or a 'rider,' that can be attached to a primary life insurance policy in India. This rider provides coverage for both accidental death and accidental disability, offering financial protection in case the policyholder experiences an accident resulting in death or disability.

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.

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.

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.

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.

Adjustable Life Insurance

Adjustable life insurance is a type of life insurance policy that allows the policyholder to adjust the policy's terms to suit their changing needs. The policyholder has the flexibility to alter the premium amount, the sum assured (face value), and the length of coverage, subject to certain conditions and within the policy's guidelines.

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.

Age at Maturity

Age at maturity is the age at which investors' life insurance policy matures.

Age Limit in Insurance

The age limit in insurance refers to the maximum or minimum age at which an individual can apply for, or be covered by, a specific insurance policy. These limits can vary by the type of insurance, the specific policy, and the regulations of the insurance company or country.

Annuitant Meaning

In insurance, an 'annuitant' refers to the person on whose life an annuity contract is based. The annuitant is the individual who will receive the income payments from the annuity.

Annuity Meaning

Annuity is an insurance contract that promises to pay an invested amount in the form of regular income.

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.

Annual Premium Payment Mode

In the insurance context, the term "annual premium payment mode" refers to a payment frequency option provided by insurance companies for policyholders to pay their premiums.

Annualized Premium

In insurance, the term "annualized premium" refers to the total amount of money a policyholder is required to pay in premiums over the course of a year.

Assignee in Insurance

An assignee is a person to whom all the rights and benefits in the policy are transferred.

Assignor

The assignor is the policy owner who transfers all the rights and benefits in the policy to the assignee.

Attained Age Meaning

In the context of insurance, 'age attained' refers to the current age of the policyholder. It is calculated from the policyholder's date of birth and the current date.

Application Form

The application form is the collection of all documents that are submitted by the proposer to the insurance company to issue a life insurance policy. These documents form the basis of the insurance contract.

Actual Cash Value

Actual cash value refers to the value of an insured property or item at the time of a covered loss.

Accelerated death benefits

Accelerated death benefits are a feature or rider available in certain life insurance policies that allow policyholders to access a portion of their life insurance benefits before they pass away.

Annuity certain

An "Annuity Certain" or "Certain Annuity" is a type of annuity that guarantees payments to the annuitant for a specific number of years, regardless of how long they live.

Annuity Period

In the realm of insurance, an annuity period refers to a specific duration during which an annuity contract pays out regular income or benefits to the policyholder.