1. lapse
Termination of coverage because of nonpayment within a specified time
period.
2. lapsed policy
A policy terminated at the end of the grace period because of non-payment of
premiums.
3. legal reserve
The minimum reserve, as calculated under the state insurance code, which a
company must keep to meet future claims and obligations.
4. legal reserve life insurance company
A life insurance company operating under state insurance laws specifying the
minimum basis for the reserves the company must maintain on its policies.
5. level premium
Rating structure under which the premium level remains the same throughout
the life of the policy.
6. level premium insurance
Insurance for which the cost is distributed evenly over the premium payment
period. The premium remains the same from year to year and is more than
the actual cost of protection in the earlier years of the policy and less than the
actual cost in the later years. The excess paid in the early years builds up a
reserve to cover the higher cost in the later years.
7. life annuity
A contract that provides an income for life.
8. lifetime disability benefit
A provision making benefits payable for an insured's lifetime as long as the
insured person is totally disabled.
9. life expectancy
The average number of years of life remaining for a group of people of a
given age according to a particular mortality table.
10. life insurance in force
The sum of the face amounts, plus dividend additions, of life insurance
policies outstanding at a given time. Additional amounts payable under
accidental death or other special provisions are not included.
11. limited payment life insurance
Whole life insurance on which premiums are payable for a specified number of
years or until death, if death occurs before the end of the specified period.
12. limited policy
Policy that covers only specified accidents or sicknesses.
13. living benefits
Another name for accelerated death benefits.
14. load
Any sales fees or charges paid in purchasing an annuity contract.
15. long-term care
A continuum of maintenance, custodial, and health services for the chronically
ill or disabled. Such services may be provided on an inpatient (rehabilitation
facility, nursing home, mental hospital) or outpatient basis, or at home.
16. Long term care insurance
A health-insurance variation designed to cover the costs of long term care at
home or in a nursing home. These policies offer a specified nursing home
benefit and home-care benefit. Some policies also account for inflation. The
popularity of long term care insurance has grown as federal laws have
changed, making it less likely that Medicaid will pick up the tab for long term
care. These policies are usually rather expensive, and grow even more costly
as the policyholder ages.
17. long-term disability income insurance (LTD)
Plan that helps replace income lost through inability to work because of
disability caused by an accident or illness.
Termination of coverage because of nonpayment within a specified time
period.
2. lapsed policy
A policy terminated at the end of the grace period because of non-payment of
premiums.
3. legal reserve
The minimum reserve, as calculated under the state insurance code, which a
company must keep to meet future claims and obligations.
4. legal reserve life insurance company
A life insurance company operating under state insurance laws specifying the
minimum basis for the reserves the company must maintain on its policies.
5. level premium
Rating structure under which the premium level remains the same throughout
the life of the policy.
6. level premium insurance
Insurance for which the cost is distributed evenly over the premium payment
period. The premium remains the same from year to year and is more than
the actual cost of protection in the earlier years of the policy and less than the
actual cost in the later years. The excess paid in the early years builds up a
reserve to cover the higher cost in the later years.
7. life annuity
A contract that provides an income for life.
8. lifetime disability benefit
A provision making benefits payable for an insured's lifetime as long as the
insured person is totally disabled.
9. life expectancy
The average number of years of life remaining for a group of people of a
given age according to a particular mortality table.
10. life insurance in force
The sum of the face amounts, plus dividend additions, of life insurance
policies outstanding at a given time. Additional amounts payable under
accidental death or other special provisions are not included.
11. limited payment life insurance
Whole life insurance on which premiums are payable for a specified number of
years or until death, if death occurs before the end of the specified period.
12. limited policy
Policy that covers only specified accidents or sicknesses.
13. living benefits
Another name for accelerated death benefits.
14. load
Any sales fees or charges paid in purchasing an annuity contract.
15. long-term care
A continuum of maintenance, custodial, and health services for the chronically
ill or disabled. Such services may be provided on an inpatient (rehabilitation
facility, nursing home, mental hospital) or outpatient basis, or at home.
16. Long term care insurance
A health-insurance variation designed to cover the costs of long term care at
home or in a nursing home. These policies offer a specified nursing home
benefit and home-care benefit. Some policies also account for inflation. The
popularity of long term care insurance has grown as federal laws have
changed, making it less likely that Medicaid will pick up the tab for long term
care. These policies are usually rather expensive, and grow even more costly
as the policyholder ages.
17. long-term disability income insurance (LTD)
Plan that helps replace income lost through inability to work because of
disability caused by an accident or illness.
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