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.

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.

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

In a medical sense, clinically indicates a condition produced by outside influences and not genetically.

1. Total cost to the company of setting up a new business such as commissions to agents and brokers, supervision costs, sales promotion expenses, and cost of secretarial work. 2. In health insurance, the cost of selling, underwriting, and issuing a new insurance policy (administrative costs, brokers’ commissions, advertising, and medical fees). Also called policy acquisition costs.

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UK: cost associated with the underwriting of new business, including commission paid to brokers and agents (and to the cedant company in the case of reinsurance)

1. Generally refers to the Social Security Act, and titles referred to are titles of that Act. 2. Term for legislation that passed through Congress and was signed by the President or passed over his veto. Also called law or statute.

A natural event outside of any human control, such as an earthquake.*********Accident or event that results from natural causes without human intervention and could not be prevented by foresight such as flood, lightning, earthquake, tornado, or storm.********Acts of naturethe term was once widely used to distinguish between manmade events, such as, fire, collision, and nature’s rampages in wind and flood.
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An accident, an event that is the result of natural cause without any human intervention or agency, that could not have been prevented by reasonable foresight or care, such as floods lighting earthquake or storms.

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Natural occurrences (earthquake, typhoon, etc.) that no amount of human foresight could have avoided. It is a defence against strict liability in tort, e.g. Rylands v. Fletcher. In Nichols v. Marsland (CA 1876) the defendant was not liable when exceptionally violent storms caused his artificial lakes to flood his neighbour’s land, but the defence is of very restricted application.

1. In business, producing profit or interest (active funds). 2. In insurance, may refer to a group or individual member or subscriber’s status that is currently in effect.

Spouse and dependents of an active member of the United States government military services (e.g., Army, Navy, Air Force, Marines, Coast Guard). This phrase is used more frequently in the TRICARE health care program.