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