A term life insurance policy that can be renewed yearly without providing proof of insurability, up until a predetermined age. This term can also refer to a type of reinsurance in which the reinsurer only takes on the mortality risk.*******
A form of life reinsurance under which the risks, but not the permanent plan reserves, are transferred to the reinsurer for a premium that varies each year with the amount at risk and the ages of the insureds may be subject to an experience refund.
Insurance Encyclopedia
Yearly renewable term (YRT) insurance
Type of term life insurance in which the policy owner may continue the coverage at the end of each year. This arrangement continues either for a specified number of years or until the insured attains a specific age. Also called annually renewable term (ART) insurance .
Yearly Renewable Term Insurance
Tailor-made group Insurance policies as also some Reinsurance policies are frequently written on a yearly renewable term basis. In contrast to the term policies which are written for one-year periods.
Years of service
Length of employment of an individual that is used to determine eligibility, vesting, and benefits for employees in retirement plans. Sometimes years of service must be continuous.
Yellow Book
The annual reporting form for property and casualty insurers in the United States. Also known as Yellow Peril, for its size and complexity, although with the advent of computerized work sheets and electronic filings, much less of a peril than in the days of typewriters and calculators.
Yield
A result or profit, return on investments.
Yield for Crop Insurance
(a) Guaranteed Yield: The threshold yield of a crop stated in the insurance policy, against which actual yields will be compared when adjusting any losses. Guaranteed yield can be the average yield or some percentage of the average yield based on certain number of years. (b) Normal Yield: That yield which a number of years’ experience indicates can be expected from a particular plot under normal conditions, when no extraordinary natural disaster or unusual meteorological events occur. In practice, the modal yield value (the yield most commonly occurring) is taken as the normal yield. The mode is also the yield most commonly conceived by farmers as being acceptable, since they generally ignore bad years when estimating future yields on the basis of past performance.
Yield on Invested Assets (IRIS)
Annual net investment income after expenses, divided by the mean of cash and net invested assets. This ratio measures the average return on a company’s invested assets. This ratio is before capital gains/losses and income taxes.
Yo-yoing
Calling patients back for repeated and unnecessary follow-up visits.
York-Antwerp Rules
Revised in 1974, a set of rules, incorporated in contracts affreightment and adopted by leading maritime nations, to govern the methods of applying general average. The 1994 amendment provides that in certain circumstances measures taken to prevent or minimise damage to the environment by pollutants (e.g. oil spills) will be allowed in general average.