Something quite interesting about today’s life insurance market is that very few people pay more premium for being affected by asthma. In the grand scheme of things, only the worst cases of asthma are rated sub-standard by most life insurance companies. Yes, there is affordable life insurance with asthma. When someone is shopping for life […]
Gross salary, wages, commissions, fees, etc., derived from active employment. This does not include unearned income, such as income from investments, rents, annuities, insurance policies, etc.
The date on which an insurance policy goes into effect and protection is furnished.
A provision added to an insurance policy, either written on the the printed policy page or added as a rider. No endorsement is valid unless signed by an executive officer of the insurance company and attached to and made a part of the policy.
A permanent life insurance policy is said to endow when its cash value equals the face amount. At that point, the policyowner will receive, in cash, the face amount.
In life insurance, a contract which provides for the payment of the face amount at the end of a fixed period, or at a specified age of the insured, or at the death of the insured before the end of the stated period.
A life insurance policy in which the cash value and face value are equal to each other at the policy’s maturity date; a policy under which the face amount is payable on a specified future date (maturity date) if the insured is then living, or at the insured’s death, if that should occur sooner.
The total process of planning an estate, including: (a) estate creation and conservation during the owner’s life; (b) the minimization of state shrinkage at death; (c) the creation of adequate liquidity for estate settlement costs; and (d) a plan for proper estate distribution to the owner’s heirs.
A tax levied upon the right to transfer property at death, imposed upon and measured by the estate that the deceased leaves.
Evidence of insurability:
Any statement of proof of a person’s physical condition, occupation, etc., affecting the acceptance of the application for insurance.
The medical examination of an applicant for life insurance, typically consisting of blood pressure readings, blood and urine specimens, height and weight measurement and medical questionnaire. In some cases (older ages and larger death benefit), an EKG and other tests might be required.
Medical personnel authorized by the medical director of a company to make medical examinations.
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The Medical Information Bureau (MIB) provides a collection of private medical and non-medical (hazardous avocations, hobbies, and driving violations) data. The primary purpose of the MIB is to furnish the exchange of underwriting information between its member companies. Member companies are compelled to report a coded summary of conditions and conclusions which may be important […]
Although we grow into adults year by year, there can still be a shock to our systems when we find ourselves out of school and out of our parents’ home. Regardless of how prepared we may believe we are, complicated issues are thrown at us every day and in every manner. Yes, there is the […]