20 Terms
Home > Industry/Domain > Insurance > Life insurance
Life insurance
Industry: Insurance
Add a new termContributors in Life insurance
Life insurance
collateral assignment
Insurance; Life insurance
In insurance, the assignment of a policy to a creditor as security for a debt. Under a collateral assignment, the creditor is entitled to be reimbursed out of policy proceeds for the amount owing to ...
incontestable clause
Insurance; Life insurance
In life insurance, a contract clause which provides that for certain reasons, such as misstatements on the application, the company may not contest payment of benefits (assuming premiums have been ...
endowment
Insurance; Life insurance
In life insurance, a contract which provides for the payment of the face amount at the end of a fixed period, or at a specified age of the insured, or at the death of the insured before the end of ...
impaired risk
Insurance; Life insurance
In life insurance, a person who has an unfavorable health condition, or is exposed to an above-average occupational hazard, which makes him/her a substandard risk. A risk that is substandard or below ...
in-force
Insurance; Life insurance
In life insurance, a term denoting that a policy has been issued, premiums are current and coverage is in place.
insurability
Insurance; Life insurance
In life insurance, all conditions pertaining to an individual which affect his or her health, susceptibility to injury, as well as expectancy of life. These factors are considered in determining the ...
independent agent
Insurance; Life insurance
In life insurance, an agent who does not work for one insurance company, but rather represents one or more companies on an independent contractor basis.
