nalc.net

Website:https://www.nalc.net/
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Definitions (49)

1

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accidental death benefit


A provision added to a life insurance policy for payment of an additional benefit if death is caused by an accident. This provision is often referred to as “double indemnity.
Source: nalc.net

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agent


An authorized representative of an insurance company who sells and services insurance contracts.
Source: nalc.net

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annuity


A financial product that allows a person to save for your future on a tax-deferred basis and then allows the person to choose a payout option that best meets need for income when the person retires.  Payment option include a lump sum, online income for life, or income for a certain period of time.
Source: nalc.net

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automatic premium loan


A provision in a life insurance policy that any premium not paid by the end of the grace period (usually 30 or 31 days) will be paid automatically by a policy loan if there is sufficient cash value.
Source: nalc.net

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beneficiary


The person or financial instrument (for instance, a trust fund) named in a life insurance policy as the recipient of policy proceeds in the event of the policyholder's death.
Source: nalc.net

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cash value


Also known as the cash surrender, this is the amount available in cash upon surrender of a permanent life insurance policy before it becomes payable upon death or maturity.
Source: nalc.net

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deferred annuity


A contract in which annuity payouts begin at a future date.
Source: nalc.net

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defined benefit plan


A pension plan that specifies the benefits an employee will receive after retirement. Benefits typically are based on length of service and salary, and usually are funded by the employer on behalf of each plan participant.
Source: nalc.net

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defined contribution plan


A pension plan that specifies the contributions made by employees and, in many cases, the employer on behalf of each plan participant. These funds accumulate for each plan participant until retirement. At retirement, funds are distributed either as a lump sum or monthly annuity. Benefits are based on the amount of contributions plus earnings.
Source: nalc.net

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disability income insurance


Insurance that provides periodic payouts when you are unable to work due to illness or injury.
Source: nalc.net


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