Life insurance

Life insurance

Industry: Insurance

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Life insurance

aggregate limit

Insurance; Life insurance

Usually refers to liability insurance and indicates the amount of coverage that the insured has under the contract for a specific period of time, usually the contract period, no matter how many ...

annual administrative fee

Insurance; Life insurance

Charge for expenses associated with administering a group employee benefit plan.

annual crediting cap

Insurance; Life insurance

The maximum rate that the equity-indexed annuity can be credited in a year. If a contract has an upper limit, or cap, of 7 percent and the index linked to the annuity gained 7.2 percent, only 7 ...

annuitization

Insurance; Life insurance

Process by which you convert part or all of the money in a qualified retirement plan or nonqualified annuity contract into a stream of regular income payments, either for your lifetime or the ...

Choices in the way to annuitize. For example, life with a 10-year period certain means payouts will last a lifetime, but should the annuitant die during the first 10 years, the payments will continue ...

annuity

Insurance; Life insurance

An agreement by an insurer to make periodic payments that continue during the survival of the annuitant(s) or for a specified period.

approved for reinsurance

Insurance; Life insurance

Indicates the company is approved (or authorized) to write reinsurance on risks in this state. A license to write reinsurance might not be required in these states.