Life insurance

Life insurance

Industry: Insurance

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Life insurance

encumbrance

Insurance; Life insurance

A claim on property, such as a mortgage, a lien for work and materials, or a right of dower. The interest of the property owner is reduced by the amount of the encumbrance.

exclusions

Insurance; Life insurance

Items or conditions that are not covered by the general insurance contract.

expense ratio

Insurance; Life insurance

The ratio of underwriting expenses (including commissions) to net premiums written. This ratio measures the company's operational efficiency in underwriting its book of business.

Assets refer to "all the available properties of every kind or possession of an insurance company that might be used to pay its debts." There are three classifications of assets: invested assets, all ...

attained age

Insurance; Life insurance

Insured's age at a particular time. For example, many term life insurance policies allow an insured to convert to permanent insurance without a physical examination at the insured's then attained ...