Health Symphony has a comprehensive list of health insurance definitions. (If your definition is not listed here, please email us at info@healthsymphony.com and we'll send it to you.)

List of Life Insurance Definitions:

Term:  Accelerated Benefits
Definition:  Life insurance benefits that become available because of a long-term, catastrophic or terminal illness. 

Term:  Accidental Death Benefit
Definition: A provision added to a life insurance policy for payment of an additional benefit in case of death as a result of an accident.

Term:  Actuary
Definition: A professional individual responsible for reviewing the technical and financial aspects of an insurance policy, such as setting the premium rates and assessing risks.

Term:  Annuity
Definition: A contract that provides a series of payments, usually at regular intervals, for the duration of life.

Term:  Beneficiary
Definition: The individual or financial instrument named in the policy as the recipient of the life insurance payment at the time of policyholder’s death.

Term:  Cash Value
Definition: The amount available in cash given to an individual who surrenders their policy prior to death or maturity.

Term:  Convertible Term Insurance
Definition: Term insurance that could be covered into a permanent life insurance policy without evidence of insurability.

Term:  Deferred Anuity
Definition: A series of payments that will begin at a later or future date.

Term:  Group Life Insurance
Definition: A life insurance policy that is offered to a group of people under a master policy and which does not require medical examinations.  It is usually issued to an employer for its employees or to members of an association. 

Term:  Guaranteed Insurability
Definition: It provides the policyholder with an option to purchase additional insurance in the future without evidence of insurability.

Term:  Individual Retirement Account (IRA)
Definition: An account by an individual who allows deductions to be taken from their income and creates earnings on contributions to accumulate tax-deferred until retirement.

Term:  Insurability
Definition: The insurance company’s acceptance of an applicant of insurance.

Term:  Insured
Definition: The individual to which the policy is issued.

Term:  Keogh Plan
Definition: A tax-favored retirement plan for self-employed people.

Term:  Life Annuity
Definition: A policy and contract that provides income for life.

Term:  Mortality Table
Definition: A table statistically representing the death rates at various ages.

Term:  Policyholder
Definition: The owner of the insurance policy.

Term:  Premium
Definition:  The amount paid at regular intervals for the insurance policy.

Term:  Reinstatement
Definition: Restoring a lapsed policy.

Term:  Rider
Definition: An amendment of an insurance policy that provides a modification, either by expanding or restricting certain benefits and coverage.

Term:  Risk Classification
Definition: Characteristics of those individual seeking a life insurance policy based on standard criteria (age, sex, health condition, occupation).

Term:  Waiver of Premium
Definition:  A provision by which the insurance company keeps an existing insurance policy in force under certain conditions when the premium is not being paid.