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In life insurance, used to designate that official or person in the home office who, collating all the facts about the risk, accepts the risk and assigns the rate, or declines the risk – the home office underwriter.

The process of selecting risks and classifying them according to their degrees of insurability so that the appropriate rates may be assigned.  The process includes rejection of risks.

Universal life insurance:
A type of permanent life insurance.  With universal life insurance, the insurance company assumes an interest rate and the cost of insurance and projects a premium. If the insurance companies’ projections do not come through, then you may have to come up with higher premiums later, have lower than expected cash values or even lose the policy.  However, with the addition of a no-lapse guarantee rider, this can be avoided.

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Variable universal life insurance:
A permanent life insurance policy with sub-accounts for various investments similar to mutual funds.  A policyowner can select which account to “invest” the policy’s cash value.


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Waiver of premium:
A rider available with most life insurance policies which exempts the insured from the payment of premiums after he or she has been disabled for a specified period of time.

Whole life insurance:
A plan of insurance offering protection for the whole of life, proceeds being payable at death.  Premiums may be paid under a continuous premium arrangement or on a limited payment basis for virtually any desired period of years.


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Yearly Renewable term insurance:
Renewable term insurance under which the successive terms are for one year.

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