Insurance rider that says for a policy to become effective, the insured must be insurable at the time of delivery of the policy according to the underwriting rules and practices of the insurance company.

Evaluation form that an insurance agent may present to an applicant to fill out when a considerable amount of time has passed between the time the original application is received by the insurance company and the time the policy is issued. It is used to determine if any insurability factors have changed since the original application was completed.

Contract issued together with a conditional premium receipt that gives temporary life insurance coverage from the date stated in the agreement on the condition that the proposed insured is insurable.

Information method developed by the National Association of Insurance Commissioners (NAIC) to help state regulatory agencies evaluate the financial stability of insurance companies by using a series of ratios from the companies’ statutory annual statements.

Written agreement created during the lifetime of the individual who creates the trust. It is funded by insurance policies on the life of the trust’s creator or by the proceeds from the policies.

Insured individual’s year of birth under a group insurance plan that represents the insurance age of the person on the policy anniversary.

Insurance policy that is written in an amount that is close to the value of the property insured.

To put monies into a retirement plan in which the sponsor of the plan buys annuity or life insurance contracts on behalf of each participant. The insurance company guarantees a specific benefit to each retiree.

Type of employer’s funding instrument in which assets are held by a life insurance company under a group annuity contract guaranteeing payment of benefits.

Group insurance plan in which the insurance company does the administrative work such as computing premium amounts due and mailing monthly notices to the insureds.