“An exchange of life insurance for annuities,” as defined in Section 1035a of the United States Internal Revenue Code.
Tag: LIFE
Abstainers Insurance
The insurance of total abstainers from alcoholic liquids on terms more favourable than those available to the general public in health and motor insurance.
Acceleration life insurance
A policy that enables the insured to receive 25% of the death benefit prior to death. this is done in the case of certain medical conditions, The benefit is used to cover medical expenses that will allow the insured to live longer. Any remaining benefit is paid out to the beneficiary in the traditional manner upon death.
Additional death benefit
An extra benefit payable upon the insured’s death.
Adjustable life insurance
A type of coverage wherein changes to the amount of policy, premium, period, or length are permitted.
Adjustment income
A benefit that provides an income to a beneficiary once the primary wage earner has died. This income is intended to help cover expenses until the beneficiary is self sufficient.
Age setback
A practice based on the assumption that women outlive men and will be paying premiums for a longer period, wherein a number of years are subtracted from standard life insurance rates. This is considered a women’s rights matter and has been brought to legislation in some states.
Age-weighted profit-sharing plan
A plan wherein larger contributions are made for older participants. After compound interest has been added, the smaller contribution made for the younger employee will equal the same retirement benefit as the larger one.
Q schedule
A list of the insurance company’s business expenses that it sends to the state. The New York State Code says that this list has to be made.
Written business
Coverage that has not begun yet, but for which an application has already been made.