NY life, Accident and Health Practice

beneficiary

one who receives benefits

Face Amount

the amount of benefit stated in the life insurance policy

Death Benefit

the amount paid upon the death of the insured in a life insurance policy

Attained age

the insured's age at the time the policy is renewed or replaced

Level Premium

the premium that does not change throughout the life of a policy

deferred

withheld or postponed until a specified time or event in the future

STOLI policy.

An investor buys a life policy on an elderly person in order to sell it for a life settlement. This is an example of

Incurable interest

One must benefit financially by its existence and suffer financially by its loss

lump sum

Payment of the entire benefit in one sum

Lapse

Policy termination due to non payment of premium

liquidation

Selling assets in order to raise capital

Superintendent of financial services (superintendent)

The head of the New York State Dept of financial services

endow

To have the cash value of whole life policy reach the contractual face amount

estate

a person's net worth

illustration

a presentation or depiction that includes non guaranteed elements of a life insurance policy

Solvency

ability to meet all financial obligations

Nonforfeiture Values

benefits in a life insurance policy that the policyowner cannot lose even if the policy is surrendered or lapses

Fixed life insurance products

contracts that offer guaranteed minimum or fixed benefits

life insurance

coverage on human lives

Securities

financial instruments that may trade for value (for example, stocks, bonds, options)

Policy maturity

in life policies, the time when the face value is paid out

cash value

Equity amount accumulated in permanent life insurance

accumulate

Build up