Guide to Life Insurance Terms

Listed below is a useful guide to life insurance terms. It is a list of definitions of life insurance terms that may or may not be familiar to you.

Accelerated Benefit Provision

A provision in many new policies which will allow the policy owner to receive a portion of the death benefit early if the insured person is diagnosed with a terminal illness or permanently confined to a nursing home.

Accidental Death Benefit

A provision added to a policy that provides an additional benefit if the insured dies from accidental causes.

Certificate

A document provided to a person insured under a group insurance policy that provides evidence that the coverage exists.

Convertible Term Insurance

These policies allow conversion, without further medical evidence, to a different type of policy from an insurance company's range.

Decreasing Term Insurance

The sum assured decreases each year throughout the term of the policy.

Dependent protection

Where the protection is required on a permanent basis rather than just for a specified term.

Evidence of Insurability

Medical and other information about a person applying for insurance that the life insurance company keeps confidential, but uses to decide whether the policy can be issued and what premiums will be charged.

Face Amount

The amount to be paid to the beneficiary when the insured dies.

Free Look

The right of the policy holder to have a period of ten or more days to examine an insurance policy, and if not satisfied, return it to the company for a full refund of all amounts paid.

Grace Period

A period of time after the premium due date when an overdue premium may be paid without penalty. The policy remains in force throughout the period.

Guaranteed Insurability

An option that permits the policyholder to buy additional stated amounts of life insurance at certain times in the future, without having to provide new evidence of insurability.

Illustration

A document used in life insurance sales presentations showing year-by-year numbers indicating how a policy will work.

Increasing Term Insurance

Under this option, the benefit payable on death increases and is particularly useful to avoid the sum assured being eroded by inflation.

Insured

The person whose life is covered by a life insurance policy.

Lapse

The discontinuation of insurance without cash value when the required premium is not paid.

Level Term Life Insurance

In this form a policy will pay out a fixed sum on death during the term.

Loan Value

The amount which can be borrowed by the policy holder from the company using the value of the policy as collateral.

Mode of Premium Payment

The frequency of premium payments during the policy year. Premium payments can usually be made on annual, quarterly, or monthly basis.

Mortality Table

A statistical table showing the death rate for each age.

Nonforfeiture Options

A provision in the policy that allows the policy holder to choose how the cash value of the policy will be used if the policy is surrendered or lapses due to non-payment of premium.

Ownership

All rights, benefits, and privileges under a policy controlled by the insured.

Paid-Up Insurance

A life insurance policy where all premiums have already been paid, with no further premium payment due.

Policy

The printed document issued to the policy holder by the company stating the terms of the insurance contract.

Policy Year

A one-year period starting on the day and the month the policy was issued. The first policy year starts on the date of issue, and ends on the day before the policy's first anniversary date.

Premium

The payment a policy holder is required to make to an insurance company to purchase insurance coverage and to keep the policy in force.

Rated Policy

A policy issued with an additional premium to cover the extra risk involved if an insured has impaired health, a hazardous occupation or hobby.

Reinstatement

The restoring of a lapsed or surrendered policy to full force and effect.

Renewable Increasable Convertible Term Insurance

This contract combines the options of increasing the sum assured, converting the policy and renewing the contract.

Reviewable Term

Level term assurance with an option to renew the contract at the end of the term, without the need for further medical evidence.

Rider

A provision added to a policy that provides additional benefits.

Settlement Option

The manner in which the insured or beneficiary may choose to have the policy proceeds paid.

Suicide Clause

A policy provision which reduces or eliminates the amount to be paid if the insured dies from suicide.

Surrender

To voluntarily terminate or cancel a policy for its cash value.

Term Life Insurance

This type of policy runs for a specified time period.

Underwriting

The process of evaluating applicants for insurance and classifying them fairly, so the appropriate premium rate may be charged

Waiver of Premium

A provision added to a policy that will waive the premium payments required by an insured during the total disability of the insured.

You may freely reprint this article provided the author's biography remains intact:

About the Author:
John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the www.directonlineloans.co.uk website.
Article Source: Articles Directory.net

Business Overhead Expense Insurance – Do I need it?

Personal disability insurance protects a physician's ability to earn income, but what protects his or her medical practice? Business overhead expenses are just as relentless for those who suffer a disability. A practice that relies on a small number of people (or one person) to produce revenue is economically vulnerable if one of those individuals becomes disabled. A business overhead expense ("BOE") disability policy will cover the ongoing operating expenses of your practice. It ensures that you do not have to use personal assets to pay for business expenses if you become disabled.

If the insured does become disabled, a BOE policy pays a monthly benefit based on business expenses, not anticipated profits. The following are some business overhead expenses that are covered by BOE insurance:

- Rent or Mortgage Payments

- Employee Salaries and Benefits

- Utility Bills

- Property Taxes

- Accounting Fees, Legal Fees, and Professional Dues

- Malpractice and Other Business Insurance Premiums

- Maintenance and Janitorial Services

- Depreciation

- Interest on Business Debts

- Office Supplies

- Other Fixed Expenses that are Ordinary, Necessary, and Tax Deductible

Some policies even cover the salary of a temporary employee hired to do the duties of the disabled. Income taxes, the cost of inventory, and the cost of furniture are a few expenses that are not covered.

There are several key areas in which BOE insurance differs from personal disability insurance.

Benefit Periods – Usually, BOE insurance policies have short benefit periods that do not exceed two years. Remember that BOE insurance is not protecting your ability to generate income—that is what a personal disability policy does. Instead, BOE insurance allows you to keep your practice open, or at least pay for its expenses until you recover. In the case of a long-term disability, it offers you up to two years to make a business decision, such as whether to shut down or liquidate your practice, without worrying about accruing debt from business expenses.

Maximum Benefits – Personal disability insurance pays a monthly benefit as defined in the policy. BOE insurance policies offer a maximum monthly benefit, but only pay the actual overhead expenses if they are less than the maximum benefit. For example, if the maximum monthly benefit is $1,000 but actual business overhead expenses are only $600, the benefit paid is $600. With some insurers, that unused $400 benefit can be applied to increase future monthly maximums or to extend the benefit period.

Taxation – As long as premiums for personal disability insurance are paid with after-tax dollars, the benefits are tax free. DOE insurance benefits are subject to income tax, but the premiums are tax deductible as a business expense.

One similarity that BOE insurance and personal disability insurance policies share is that the sooner you purchase a policy, the better. Not only will you get lower rates when you are younger and generally in better health, but additional coverage can be purchased later without providing further evidence of medical insurability.

BOE insurance is a great idea for small practices with several physicians. If one physician is disabled, their portion of business overhead expenses will be covered by the policy so the other physicians are still able to practice without an extra financial burden.

Your practice should allow you to earn income, not be a financial parasite if you become disabled. BOE insurance doesn't just protect your practice… it protects you.

About the Author:
Andy Puls is a freelance writer for Doctor Disability Insurance
Added: 21 Jan 2007
Article Source: http://articles.simplysearch4it.com/article/48756.html

Online Insurance Quotes California Auto

Insurance Quotes

Finding insurance quotes for California auto is now pretty easy. There was a time where finding auto insurance at a price we were willing to pay took a lot of driving and calling around. You'd select different agents that represented different companies, call them and repeat the process 4 or 5 times. Then you'd have to wait for a return call for the information. Consequently,insurance quotes for California was cumbersome to say the least.

Today we have many services that negotiate a listing fee for their services and the insurance companies happily pay them a slight fee rather than a large commission to give people their rates. That's good business for you and them. Cost effective, time efficient without bias or opinion. These services let you varying amounts, coverage's, deductible and so forth to produce numerous options for you to select from.

When you get an insurance quote from an agent it's usually more time consuming and less thorough as they are limited by the companies they have. Getting appointments with companies is very difficult to do. The process your taken through, commitmants that they require along with the overall tone and nonesense is riduclous. Then complicating it further the agent wants you to think that they have many companies but in reality probably just a few. Also, the bigger and blue chips so to speak are very selective in selecting agents so often times you never even get a quote from them.

The business of getting anything decent to some degree now really falls in our laps. Online ability to reach these companies along with phones that pop up on the T.V. frankly entice you directly to them, rather than an agent.

Then there's also the issue of direct writers who work directly with the public not through agents and generally speaking their rates are more competitive because the cost of doing business is less and they can pass on those savings to you. You'll be able to decide with your insurances quotes for California auto.

About the Author:
rolfie
Learn more about getting effective insurance and quotes.
Article Source: http://www.articles411.com

Credit Card and Insurance

Credit card and insurance are two very important financial services in modern sociaty. In a world that is built on the basis of credit, credit cards is a part of daily life for most ordinary people. Insurance, on the other hand, is something to protect you from uncertainty which may happen unexpectedly to anybody. The idea of insuring the future is now accepted by more and more people. Insurance and credit cards go hand in hand in many ways.

Coverage for certain insurance policies are sometimes provided as benefit by credit cards issuers at no extra charge. For example, Chase i-card provides the following insurance coverage:

- $500,000 Worldwide Automatic Travel Accident Insurance coverage

- Purchase Protection - an insurance program that covers purchases against damage or theft for 90 days from purchase date

Auto insurance and travel insurance are usually such benefit for cardholders.

For an additional premium, insurance protection plans are also available for cardholders to protect an outstanding balance on the cards. Usually, the insurance policy will cover the following:

- Critical Illnes Protection: For a primary or spousal cardholder under 65 years of age and were to be diagnosed with certain critical illnesses, such as Cancer, Heart Attack or Stroke, the insurance policy would pay in full the balance owing on the insured account up to a maximum.

- Disablitily Protection: For primary cardholders under 65 years of age who become temporarily disabled as a direct result of an illness or accident, this insurance policy will make the minimum monthly payments with certain limitation.

- Accidental Death Protection: For primary or spousal cardholders over 65 years of age and were to lose their life as a direct result of an accident, the full outstanding balance (to a maximum limitation) will be paid in full by the insurance plan.

- Job Loss Protection: For a primary cardholder under 65 years of age and he or she becomes involuntarily unemployed, the insurance policy will cover the minimum monthly payments based on the balance to a certain limitation until the cardholder is working again, or until your balance is reduced to zero.

- Dismemberment Protection: For a primary or spousal cardholder who were to lose the sight in both eyes or lose a limb as a direct result of an accident, the insurance policy will pay the outstanding balance up to a maximum.

- Strike Protection: For a primary cardholder under 65 years of age who become unemployed due to a strike or lockout, the insurance policy will make the minimum monthly payments up to a limitation until the insured resume working or the balance is reduced to zero.

- Loss of Life Protection: This insurance policy will pay the full balance on the credit card account to a certain maximum if the primary or spousal cardholder under 65 years of age lose their life.

Insurance for credit cards is a service that is getting hotter. However, usually this service is provided by the card issuer. The cardholder is notified normally by mail along with their monthly bill or at the time when they get the cards. There are growing concerns about fraud within unsolicited credit card insurance marketing activities. Some thieves use this as a way to steal your personal confidential information. As a rule of thumb, never give your confidential information over phone!

The above information is informational only. For accurate insurance policy, please contact your card issuers or local insurance agents before you take out any insurance policy.

If you are interested in Life Insurance, Auto Insurance, Health Insurance, Home Insurance, or other Specialty insurance, visit angelinsuredeal.com to get a free insurance quote.

About the Author:
Editor of http://www.angelinsuredeal.com
Article Source: Articles Directory.net

Cheap And Affordable Health Insurance: Live Without Worries!

Health is wealth --- so goes the saying. Without proper health, you cannot comprehend to live a happy and a contented life. For this, regular and routine check-ups of your health are an utmost necessity. Again it is also important to consult a doctor and take proper medications, even if the ailment is a minor one. No one knows when this minor ailment will become complication, if not taken care of properly.

But normally it is seen that many people hesitate to go to any doctor because of the rising cost of medications and other medical treatments. If you are again and again avoiding going to a doctor, beware; you might face serious problems at a later stage. So, to take care of all your health related expenses, insurance markets have come up with cheap and affordable health insurance policies.

Many people have the false impression that the term cheap and affordable health insurance will not give a proper coverage to your health related medical expenses. It is not the case. Actually many insurance companies have lowered their rates of premium for health insurance policies because of the availability of too many insurance companies in the market. They have therefore, made health insurance available at a cheap and affordable rate.

There are two types of cheap and affordable health insurance policies in the market—Health Maintenance Organizations (HMO) and Preferred Provider Organization (PPO). With HMO plans, you can visit doctors that are on the list of your service provider. But with PPO you can go to the specialist of your choice. The rate of premium is little higher in case of PPO than in HMO.

For a detailed understanding of the cheap and affordable health insurance plans, you need to find out how your insurance policy will work, how it will handle emergency situations, hospitalizations etc. For this certainly a thorough research is required. There are many cheap and affordable health insurance plans that are provided by different health insurance companies. You need to compare all these plans meticulously. Various aspects of the different cheap and affordable health insurance plans have to be taken into consideration like how much coverage are they providing, the quality of care etc. After this you can compare these plans and later on when you are fully satisfied that a particular cheap and affordable health insurance plan is satisfying your needs, you can buy the policy then and there. Internet has come up as a viable option of doing this comparison and research. You can compare hundreds of plans within a few seconds through internet. So, go and get hold of a cheap and affordable health insurance policy now.

About the Author:
Jenny Black is the financial analyst at Health Insurance UK. To find more about affordable health insurance, supplemental dental insurance, affordable health insurance plans, international students, car insurance, pet insurance visit http://www.healthinsuranceuk.org.uk
Added: 10 Jan 2007
Article Source: http://articles.simplysearch4it.com/article/47536.html

Guide to Getting UK Car Insurance

Remember back when you had to travel from insurer to insurer or spend hours on the telephone ringing up possible insurers to find the best deal on car insurance? Who actually has the extra time anymore to run all over town? Besides, the odds aren’t in your favor that you actually found the best deal, anyhow. That’s why so many of us are now shopping on the World Wide Web for those tough to find items that require comparison shopping, with insurance being at the top of the list. Here’s a quick and easy guide to getting car insurance in the UK.

1. Service is a top priority. What good does saving a few pounds do for anyone if your claim is constantly placed at the back of the pile, your telephone messages go unreturned, and you’re inconvenienced for weeks on end? These things are called accidents are for a reason, and the entire scenario can be exhausting enough without your insurer dragging their feet at every possible avenue. So before you agree to the terms and conditions of an insurer, be sure to check their customer satisfaction ratings and for any complaints filed.

2. Price is another important point to consider. And the best way to get the best price is by comparison shopping. Be sure to inform any potential insurer that you will be getting multiple quotes from other insurers. This will help to keep them at the top of their game and at the bottom of their price.

3. Have your VIN (Vehicle Identification Number) ready. Just because you’re driving a Honda Civic, it doesn’t mean that you’ll be paying the same rate as someone else with a Honda Civic, even if your driving records are exactly the same. Your auto might have anti-lock brakes and an anti-theft device of sorts, while the other might have an expensive sound system. All of these things will have an effect your individual quote and final price.

4. Don’t be afraid to say NO! If you don’t need the extra coverage for compact discs, don’t buy it- no matter how much the insurer tells you that it’s a good idea to have. You’ll need basic collision to protect your car, comprehensive to protect others, and a few other tidbits depending on your individual situation. For instance, perhaps your auto has a loan from the bank attached to it. In this case, you are technically not the owner of the car--the bank is, and they can demand as much insurance coverage as they’d like on their investment.

5. Just because something is easy, it doesn’t mean it’s bad. There are some highly qualified websites out there on the Internet who will do all of the comparison-shopping for you. Such a service is free, as you, the insured, do not pay for this service; the insurance company you choose picks up the bill.

About the Author:
Mary Simone recommends that you visit www.onlyinsurance.co.uk/car_insurance for more information on car insurance.
Article Source: http://www.articles411.com

Everyone Wants The Cheapest Automobile Insurance Quote

When you are looking for an automobile insurance quote, the first thing you usually do is pick up the phone and start calling the various insurance companies in your local area. Then you have to wait for them to call you back with a quote, which quite often is very similar to what you are already paying. The funny thing is that no one bothers about getting an automobile insurance quote until they receive the notification for their renewal and then they start scrambling to find ways to save money.

When you are looking for an automobile insurance quote online, you need to look through all the online insurance companies. Most of these companies will give you a free automobile insurance quote. All you have to do is fill in the necessary information on the form provided and you will receive the quote in an email within 24 hours. Of course, it many take a bit longer if you request the quote on a weekend.

In order to be able to choose the cheapest automobile insurance quote online, you should request a quote from at least three online insurance companies. Then wait for all the automobile insurance quotes to come in. You can print them off and compare them to find the best quote for your needs.

Comparing automobile insurance quotes does not just involve comparing the total prices. You have to look at each online quote to make sure that each one offers the same coverage. You may find that some automobile insurance quotes online do not provide adequate coverage for medical expenses should you or someone else get hurt in an accident. You also have to look at the quotes to see whether or not they provide for loss of use if your automobile is getting repaired and of course you have to have coverage for uninsured drivers that just might cause an accident.

With automobile insurance quotes online, you don’t have to spend time on the phone trying to contact the different agencies during business hours. Now you can get the automobile insurance quote you need at any time of the day or night from your computer. You don’t have to speak to anyone to get the quote you need. Once you find an automobile insurance quote that meets your needs in terms of cost and coverage, then you can have the representative call you to make the arrangements.

You can find automobile insurance quotes online, and it saves you quite some time.

About the Author :
For a website about Car Insurance visit Peter's Website Car Insurance Answers and find out about Car Insurance as well as Cheap Car Insurance and more, including Online Car Insurance Quotes, UK Car Insurance, Car Insurance Rates and Car Insurance Quotes.
Article Source: Articles Directory.net

Travel Insurance: Enjoy Travelling With Security

Traveling insurance is taken to insure you during travel to any place. Traveling can be done either due to some official purpose or for some personal reasons. Travel insurance covers all these traveling. Travel insurance provides great security during journey as it insures against any upcoming and unknown incidents or happenings.

Travel insurance covers all the problems and troubles which may happen during traveling like illness, personal accident in travel, any medical expenses. Travel insurance covers all expenses associated with traveling. Hence if you have taken travel insurance you can avail all these facilities and you can enjoy your real pleasure of traveling without any tension.

Travel insurance provides a kind of assurance so that you travel hassle free. Depending upon the plans taken by you travel insurance can be annual or only for a certain number of days. Hence if you travel frequently then you can take annual travel plan but if you travel on some occasions only then you can take short time travel insurance plan.

While selecting any policy of travel insurance you must carefully consider the level of coverage that you want for yourself and the cost of the policy. Before you opt for any policy of travel insurance you need to make sure that the coverage of travel insurance covers personal belongings and money, medical expenses, legal expenses, personal liability and also personal accident. You must check different form of insurance policies on travel around and also check out various options given so as to save a great deal of money for your self.

Travel insurance can also provide third party coverage. In case during the trip you unintentionally cause some damage to another person's property or to the third parties and be held liable for damage, then insurance company will after examining the claim pay the damage caused to that person.

Now internet has emerged as the best option of getting any information related to anything within a few moments. It only needs you to have access to the internet. So you can search as many quotes of travel insurance as you want within a very short span of time. Then you can select and choose any of the travel insurance available online that suits best to your parameters. You can also compare travel insurance quotes of various insurance companies. You are also not supposed to worry about spending money on collecting quotes because these quotes of travel insurance are available free at internet.

About the Author:
Henry Bell is an author who can certainly identify the kind of insurance that you will need. He is proficient in the insurance world; he is an MBA(finance) from University of Oxford. Insuranceb.co.uk endeavors to find the best possible deals for its customers. To find Travel insurance, Break down cover, Mobile phone insurance, Motorcycle insurance, Medical insurance visit http://www.insuranceb.co.uk
Added: 26 Jan 2007
Article Source: http://articles.simplysearch4it.com/article/49174.html

Cheap Health Insurance - Save $1,200 in 15 Minutes

Cheap health insurance is still available – it has not gone the way of the nickel soda or the 10 cent candy bar. As with anything in life, information is power (you have to know where to look) and a little bit of hard work will go a long way (albeit a little bit of smarts along with hard work will go even farther).

So, let’s get down to it. Here are 3 things to do now (estimated time: 15 minutes) that if you actually do them could end up saving you $50, $100, or even more every month on you health insurance bill. If you would care to save $600, $1,200, or more over the next 12 months and use that money to go out to eat or go on vacation rather than giving it away to a large insurance company in extra premiums then start your 15 minute timer!

1. Evaluate your plan deductible carefully. Actuaries and product design specialists at insurance companies spend a lot of time and money to learn how they can best price their policies to maximize value for the company. This is not necessarily a bad thing as it is the goal of all non charitable companies to seek a profit. Overall, rates will stay competitive from company to company because of the competition factor. However, within the same company from plan to plan you may see interesting little differences in how the premiums change from one deductible level to another.

Try this little calculation: every time you compare a plan’s price, deductible level, and maximum out of pocket expense think of it in 12 month increments. Many people will over pay in premiums every month in order to have a lower potential out of pocket or to have extras that over the course of 12 months will cost more than if they had just paid for the extras out of pocket or kept a higher deductible.

2. Think tax smart. Take your little calculation from step 1 and add to it potential tax savings over the next 12 months. Health savings accounts make for a very attractive value proposition when you consider that an HSA’s balance rolls over from year to year (even better than a flexible spending account [FSA]), all contributions (up to IRS limits) are tax deductible, and the money grows tax free and is able to be used tax free for qualified medical expenses. The higher your tax bracket; the more advantageous an HSA is for you.

3. Get live up-to-date data. You are now armed and dangerous with your 12 month forward looking formula that incorporates premium level, deductible level, and out of pocket expense along with tax benefits. All that you now need is some up to date health insurance rates and plan features to plug into your formula. You could call up all of the insurance companies individually or you could let the ease of the Internet work to your favor. Let’s go; 5 minutes is left on the timer!

About the Author:
Joel J. Ohman
Search for health insurance the easy way by taking 30 seconds to input your health information and then viewing free health insurance quotes from the top 5 companies that offer health insurance coverage in your home zip code. Also learn about Health Savings Accounts. Make sure that you use the price transparency of the Internet to find the most affordable and comprehensive health plan quotes in your home zip code!
Article Source: http://www.articles411.com

Top 5 Factors Determining Your Car Insurance Rate

Auto insurance can be confusing and mind boggling sometimes and it’s hard to determine exactly why some individuals are receiving rates which are lower than others. There are many factors which contribute to the rate of auto insurance, some you have control over and others you don’t.

Below you will find valuable information regarding the factors which are compiled in order to determine the rate of your car insurance. These will help you understand important aspects of auto insurance and why some individuals receive higher rates than others. Here are the top five factors which auto insurance companies will consider when determining your rate of insurance:

1. Age – Your age will greatly affect the rate of your car insurance. Teenagers and individuals who are just beginning to drive will have higher rates for no reason other than their age. There is nothing you can do about this, as you get older and become a more experienced driver your rates will go down. Although they will go down, they will not stay down. When you reach a certain age your car insurance rates will go back up because you are an elderly driver and your eyes and coordination may not be as effective anymore.

2. Auto Insurance Companies – This is a factor which you have control over. Some car insurance companies offer lower rates than others for many reasons. It is up to you to choose which one will benefit you the most both now and in the long run.

3. Gender – Whether you are male or female will also affect the rate of your car insurance. This is yet another factor which you have no control over. Females generally have lower car insurance rates because according to insurance companies men are seen as potential dangerous and careless drivers who are more likely to be involved in car accidents.

4. Type of Vehicle – As much as we would all love to be driving a shiny silver Porsche Boxter all around town, the insurance rates for these types of vehicles are unreal. If you want your auto insurance rates to be low, I would suggest driving a car with a lower price tag. The more money your car is worth, the higher your car insurance rate will be.

5. Driving Violations – This is another factor which you have control over. I know how tempting it is to race your friends the moment you get your license for the first time, but the amount of money you will pay in the long run hardly seems worth it. Any form of ticket you receive can potentially raise the rate of your car insurance. If you want to pay less for car insurance I would suggest abiding by the rules of the road.

Although these are the most important factors in determining your rate of car insurance, there are many other factors which also play a part in how much you will pay. Auto insurance is something we all have to pay for, but by researching and understanding the aspects of this form of insurance you are learning how to reduce your rate to your best ability.

About the author:
Bill Mason is a retired insurance agent who now writes as a freelance writer for http://www.insuranceguide101.com– a site that offers information on home owners insurance, auto insurance, low cost health insurance and more.

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