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insurance dictionary what means what when it comes to life


All rights reserved. No part of this book may be reproduced, stored in a retrieval system or transcribed in any form or by any means (electronic, mechanical, photocopy, recording or otherwise) without [..]
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is made available to select insurance professionals to use and reproduce on internet web sites and in other forums for educational purposes only. it may not be resold and its rights may not be reassigned or transferred in any way with the written permis


Rates that are not backed up by loss experience statistics. They are based on the judgment of the underwriter on an individual risk basis.
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and sickness insurance


Once commonly used as generic designations for the entire field now called health insurance. See Health Insurance.
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aais


See American Association of Insurance Services.
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abandonment


Relinquishing ownership of lost or damaged property by the insured to the insurance company so that a total loss may be claimed. This is prohibited in most types of property insurance.
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absolute assignment


Assignment by a policyowner of all control of and rights in the policy to a third party.
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absolute liability


A liability that arises from extremely dangerous operations, such as the use of explosives (e.g., a contractor would almost certainly be liable for damages caused by vibrations of the earth following [..]
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accelerated endowment


A dividend option allowing dividend accumulations to be applied to convert a life insurance policy into an endowment, or to shorten the endowment term.
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acceptance


Insurance acceptance occurs when an applicant for insurance receives the policy from the company and, in the case of general insurance, pays the premium. In life insurance, since the initial premium i [..]
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access


The availability of medical care to a patient. This can be determined by location, transportation, type of medical services in the area, etc.
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