Type of whole life insurance in which premium rates and cash values vary depending on the insurer’s assumptions about mortality, investment, and expense factors. A client can choose favorable changes in assumptions that result in a lower premium or a higher cash value for the policy. The premium will not increase above the rate guaranteed when the policy was purchased. Also called interest-sensitive whole life insurance.

Medical code set maintained and copyrighted by the American Dental Association (ADA) for use by the dental profession in Health Insurance Portability and Accountability Act (HIPAA) transactions. More commonly referred to as CDT-2005.

Payment of premiums and benefits as they become due. Also referred to as pay-as-you-go plan.

Reference book using a five-digit numerical system to identify codes and describe medical, surgical, and diagnostic procedures and services established, maintained, and copyrighted by the American Medical Association. It has been selected for use under the Health Insurance Portability and Accountability Act (HIPAA) for noninstitutional and nondental professional transactions. This code system is used by physicians and outpatient facilities to identify the type and level of service given to each patient when submitting insurance claims to insurance companies for payment. In the Medicare program, this system is referred to as Level 1 codes .

These rates reflect the interest rates currently earned by the insurance company.

Present insurance plan contract year.

Summary or résumé that documents an individual’s credentials, education, work experience, special accomplishments, and professional activities.

Amendment to a pension plan that reduces the plan’s benefits or employer’s contributions. Curtailment types include a reduction of expected years of future service of present employees and elimination of accrual of defined benefits for future services of a large number of employees.
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UK: Cover under travel insurances to compensate for the curtailment of the trip due to specified causes (e.g. injury to the policyholder or close relative).

Services and care of a nonmedical nature to assist a patient in the activities of daily living (ADLs) on a long-term basis, usually for convalescent and chronically ill persons. This type of care includes acting as a companion and help in bathing, dressing, eating, preparation of special diets, supervision over self-administration of medications, using the toilet, and walking. Custodial care may or may not be a benefit of an insurance plan. In most cases, Medicare does not pay for custodial care but the Medicare home health benefit does pay for some personal care services.

Setting of care or institution that provides room, board, and other personal assistance services usually on a long-term basis and does not include a medical component.