There is no doubt that single parents have special challenges, especially while trying to balance their work life with their home life. It’s even more challenging when single moms have multiple children to raise while they are working. They have so many balls in the air that represent their responsibilities, it is almost mind-boggling. In […]
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.
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.
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.
Yearly Renewable term insurance:
Renewable term insurance under which the successive terms are for one year.
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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 […]
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 […]