Endorsement to an insurance policy that gives additional benefits (e.g., accidental death coverage, guaranteed insurance option, waiver of premium).

Agreement between a life insurance company and a policyholder by which the company keeps the cash sum payable under an insurance policy and makes payments in agreement with the settlement option selected.
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An agreement by the Company to retain the lump-sum payable under an Insurance Policy and to make payments in accordance with the settlement option chosen. In Marine Insurance the cover granted under the “Sue and Labor Clause” is deemed to be supplementary to the contract of insurance, so that the insured may recover his expenses under the clause even though the insured may have paid a total loss under the main contract. Other cover, such as that given by the Collision clause, is also considered as a supplementary contract.

Additional agreement in which the payment period is based on the lifetime of the beneficiary.

Additional agreement in which proceeds of a life insurance policy are either held at interest or paid periodically over a specific time period.

Medicare program that pays for a portion of the costs of physicians’ services, outpatient hospital services, and other related medical and health services for voluntarily insured aged and disabled individuals. Also known as Medicare Part B —medical benefits of Medicare program.

In Medicare, the monthly premium paid by those individuals who have enrolled in the voluntary SMI program. Also called SMI premium .

Written announcement required by the Fair Credit Reporting Act sent to a consumer about the scope of investigation stated in a prenotice form that an insurance company has previously sent to the consumer.