Insurance Basics: Life & Disability
Universal Life Insurance
adjustable-benefit life insurance which allows policyholders to change the amount of insurance as their needs for insurance changes
Guaranteed Renewability
insurance policy which allows an individual to still be covered as long as he or she pays the premium
Accidental Death and Dismemberment Life Insurance
insurance policy which pays out only if the policyholder is killed/injured in a specific type of accident
Worker's Compensation
insurance which covers workers who are injured or become ill due to workplace conditions
Life Insurance
insurance which protects the people who depend upon the policyholder from extreme financial losses caused by the policyholder's death
Disability Income Insurance
insurance which provides regular supplementary income when a person is unable to work at his or her regular employment because of accident, illness or pregnancy
Elimination Period
period of time for which individuals wait before they can begin collecting benefits
Whole Life Insurance
permanent policy in which the policyholder pays a specified premium each year for the duration of entire life
Term Life Insurance
policy protects against the loss of life for a specified period of time and only pays benefits if an individual dies during the period in which the policy is covered
Social Security
provides retirement income and disability benefits
Duration of Benefits
specified period of time in which benefits will be paid
