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Accumulation period

1. Time during which premiums are payable on a deferred annuity contract. 2. Precise time period during which the insured must incur eligible medical expenses that satisfy a required deductible. This applies to major medical or comprehensive medical plans. ************

A specified period of time, such as 90 days, during which the insured person must incur eligible medical expenses at least equal to the deductible amount in order to establish a benefit period under a major medical expense or comprehensive medical expense policy.

Accumulation units

Ownership shares in a variable annuity’s separate account fund. An individual pays premiums for a variable annuity and these premiums are credited to the purchaser’s account (accumulation units). After the accumulation period ends, these units are used to buy annuity units. See also annuity units.

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UK: Units issued by a unit trust derived from the net income when it is automatically used to buy more units in the same fund. The unitholder benefits from not having to pay an initial charge on his reinvested income.

Accuracy

Pertaining to medical data in hospital or medical office settings, the degree to which the information is correct, precise, and free of errors.

ACORD

An organization that develops insurance forms used as a standard by many within the insurance industry. The ACORD certificate, application, and loss form are common means of exchanging information. ACORD stands for Agency Company Operations Research and Development.

ACORD (Association for Cooperative Operations Research and Development]

Non-profit insurance association that facilitates the development use of global insurance standards for insurance-related financial services industries. ACORD is committed to improving efficiency and expanding market reach by reducing costs; reducing duplication of work and ambiguous communication exchanges; improving accuracy; facilitating e-commerce; and supporting multiple distribution models. WISE ceded the promotion of electronic data standards to the organisation in July 2001. ACORD has offices in New York and London. Visit www.acord.org.