Terminology from words LLL

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.

Terminology from words KKK

1. Keogh plan
A type of tax-favored retirement plan for self-employed people.

2. key-person insurance
Insurance designed to protect a business against the loss of income resulting
from the disability or death of an employee in a significant position.

Terminology from words MMM

1. major medical expense insurance
Insurance that provides benefits for most types of medical expenses up to a
high maximum benefit. Such contracts often contain internal limits and
usually are subject to deductibles and co-insurance.

2. managed care
Systems that integrate the financing and delivery of appropriate health care
services by means of arrangements with selected providers to furnish a
comprehensive set of health-care services to members; explicit criteria for the
selection of health-care providers; formal programs for ongoing quality
assurance and utilization review; and significant financial incentives for
members to use providers and procedures associated with the plan.

3. manual premium rate
Premium for a group developed from the insurer's standard rate tables; it is
the cost usually quoted in an insurer's underwriting manual.

4. Medicaid
Simply put, Medicaid is health insurance for the poor. It was created in 1965
as a joint federal/state public assistance program for those too poor to afford
health care. Since the program is administered by the individual states under
federal guidelines, the benefits offered and eligibility requirements vary
widely. About 36 million people around the U.S., including children, the
elderly, the blind and the disabled, are currently covered by Medicaid.
Usually, Medicaid recipients pay no part of costs for covered medical
expenses, although a co-payment is sometimes required.

5. Medicare
Medicare is a federal insurance program which primarily serves those over 65
years old and younger, disabled people and dialysis patients. It currently
covers about 37 million Americans. Medicare is divided into Part A, which
covers inpatient hospital services, nursing home care, home health care and
hospice care; and Part B, which helps pay the cost of doctors' services,
outpatient hospital services, medical equipment and supplies, and other
health services and supplies. Recipients pay some part of the costs through
deductibles. Since Medicare doesn't cover all expenses, recipients often
supplement their coverage through separate Medigap policies.

6. medsup (aka: medigap)
Private insurance that can be purchased to supplement Medicare.

7. minimum group
The fewest number of employees permitted under a state law to constitute a
group for insurance purposes; the purpose of establishing minimums is to
maintain a distinction between individual and group insurance.

8. minimum premium plan
The employer self-funds a fixed percentage (e.g. 90 percent) of the estimated
monthly claims, and the insurer covers the remainder. This self-funded
approach avoids payment of a premium tax required in most states.

9. miscellaneous expense
Expenses connected with hospital insurance; hospital charges other than
room and board such as x-rays, drugs, laboratory fees, and other charges.

10. modified life insurance
A type of whole life policy with a premium that is relatively low in the first
several years but that increases in later years.

11. morbidity
Frequency and severity of sicknesses and accidents in a well-defined class or
classes of persons.

12. mortality table
A statistical table showing the death rate (probability of death) at each age.

13. mortgage insurance
There are actually two types of mortgage insurance. Usually, people mean
private mortgage insurance, or PMI, which protects a mortgage company
against a defaulted loan. PMI does not benefit the homeowner. If you bought
your home with a down payment of less than 20 percent of its value, your
bank probably made you take out PMI. At some point, you won’t have to pay
for PMI any more, but don’t expect the bank to let you know when that is.
Mortgage insurance can also mean a type of life insurance, which pays off the
balance of a mortgage when the policyholder dies or, in some cases, becomes
disabled. As a homeowner, you want to get rid of the first type as soon as you
can. You might want to consider the second type.

14. multiple employer trust (MET)
A trust established by a sponsor that brings together a number of small,
unrelated employers for the purpose of providing group medical coverage on
an insured or self-funded basis.

15. mutual life insurance company
A life insurance company owned by policyholders who share in the company's
surplus earnings.