Procedure of changing the beneficiary of a life insurance policy. It may be done in one of two ways: (1) The policyholder sends the policy to the insurance company and the insurer attaches an endorsement with the name of the new beneficiary to the policy, or (2) the policyholder requests a change in writing or by telephone and the insurance company sends an endorsement with the change to the policyholder.
Tag: RAW
Endorsement split dollar (Liability)
A plan that gives ownership and control of an employee’s life insurance policy to the employer. The employer’s endorsement protects the employee’s right to policy benefits.
Endorsements
An additional piece of paper, not a part of the original contract, which cites certain terms and which, when attached to the original contract, becomes a legal part of that contract. An amendment of the policy usually by means of a rubber stamp or rider.
Endoscopy
Insertion of a flexible fiberoptic tube, referred to as a scope , through a small incision into a body cavity or into a natural body orifice (opening) such as the ears, nose, mouth, vagina, urethra, or anus. An endoscopy may be diagnostic, performed for the purpose of visualization and determination of the disease process, or it may be surgical including procedures such as incisions, repairs, and excisions.
Endothermic Reaction
A process fog change that absorbs heat and requires it for initiation and maintenance.
Endowment assurance
a policy under which the benefit is payable on a predetermined date; the description is often applied to what are strictly ‘life or endowment’ policies where benefit is payable on the earlier of death or the predetermined date.
Endowment insurance
1. Type of life insurance that pays a specific sum of money on the death of the insured within a covered period or at the end of the covered period if the person is still alive. If the insured dies before the maturity date, payment is made to a beneficiary of the policy. 2. A type of life insurance policy in which the cash value and face value are equal to each other at the policy’s maturity date.
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UK: A life insurance policy under which the sum insured is payable on the sooner of death or expiry of a given term of years. The policy combines savings with life protection and can be used to repay mortgages and other loans. The policy generally acquires a surrender value and loan value after a period of time. The policy can be with ‘with’ or ‘without profits’. See HOUSE PURCHASE SCHEMES.
Endowment insurance (Life Insurance)
Insurance that states an endowment period, after which time the face value of the policy is paid to the insured if he or she is still living. If the insured dies during the period, the policy is paid to his or her beneficiary.
ENDOWMENT LIFE
Endowment life insurance provides a benefit for a specified period (for example, 20 years or until age 65). At the end of the stated period, the policy “matures” or “endows” and the insured collects the face value of the policy. If the insured dies prior to the maturity date, the proceeds are paid to a beneficiary. This type of coverage is usually very expensive when compared to other life insurance contracts. (See Ordinary Life).
Endowment mortgage
See: HOUSE PURCHASE SCHEMES.