All > Business > Finance > Insurance > Life Insurance

• Benefits available in some life insurance policies prior to death.

  Alabama Department of Insurance - Cite This Source - This Definition
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  Cite Definition for Accelerated Death Benefits

  American Psychological Association (APA)

  Accelerated Death Benefits. (n.d.). Glossary of Life Insurance Terms. Retrieved May 29, 2023, from website: http://www.expertglossary.com/definition/accelerated-death-benefits.

  Chicago Manual of Style (CMS)

  Accelerated Death Benefits. www.aldoi.gov. Glossary of Life Insurance Terms. Alabama Department of Insurance. http://www.expertglossary.com/definition/accelerated-death-benefits (accessed: May 29, 2023).

  Modern Language Association (MLA)

  "Accelerated Death Benefits." Glossary of Life Insurance Terms. Alabama Department of Insurance. 29 May. 2023 http://www.expertglossary.com/definition/accelerated-death-benefits.

• Browse Related Terms: Accelerated Death Benefits, Accidental Death Benefit, Beneficiary, Cash Value (Cash Surrender Value), Current Assumption Whole Life, Double Indemnity, Face Amount, Living Benefits, Mortality Table, Rider, Variable Life Insurance

All > Business > Finance > Insurance > Life Insurance

• A provision added to a life insurance policy for payment of an additional benefit in case of death as a result of an accident. This provision is often called "double indemnity."
  Alabama Department of Insurance - Cite This Source - This Definition
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  Cite Definition for Accidental Death Benefit

  American Psychological Association (APA)

  Accidental Death Benefit. (n.d.). Glossary of Life Insurance Terms. Retrieved May 29, 2023, from website: http://www.expertglossary.com/definition/accidental-death-benefit.

  Chicago Manual of Style (CMS)

  Accidental Death Benefit. www.aldoi.gov. Glossary of Life Insurance Terms. Alabama Department of Insurance. http://www.expertglossary.com/definition/accidental-death-benefit (accessed: May 29, 2023).

  Modern Language Association (MLA)

  "Accidental Death Benefit." Glossary of Life Insurance Terms. Alabama Department of Insurance. 29 May. 2023 http://www.expertglossary.com/definition/accidental-death-benefit.

• Browse Related Terms: Accelerated Death Benefits, Accidental Death Benefit, Beneficiary, Cash Value (Cash Surrender Value), Current Assumption Whole Life, Double Indemnity, Face Amount, Living Benefits, Mortality Table, Rider, Variable Life Insurance

All > Business > Finance > Insurance > Life Insurance

• A life insurance product that provides an income either for a specified period of time or for a person's lifetime.

  Alabama Department of Insurance - Cite This Source - This Definition
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  Cite Definition for Annuity

  American Psychological Association (APA)

  Annuity. (n.d.). Glossary of Life Insurance Terms. Retrieved May 29, 2023, from website: http://www.expertglossary.com/definition/annuity.

  Chicago Manual of Style (CMS)

  Annuity. www.aldoi.gov. Glossary of Life Insurance Terms. Alabama Department of Insurance. http://www.expertglossary.com/definition/annuity (accessed: May 29, 2023).

  Modern Language Association (MLA)

  "Annuity." Glossary of Life Insurance Terms. Alabama Department of Insurance. 29 May. 2023 http://www.expertglossary.com/definition/annuity.

• Browse Related Terms: Annuity, Convertible Term Insurance, Cost Index, Cost-Of-Living Rider, Guaranteed Insurability, Insured, policy, Policy Loan, Renewable Term Insurance, Straight Life Insurance, Term insurance, Term Rider, Universal life insurance, Whole Life Insurance (Straight Life or Permanent Life)

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All > Business > Finance > Insurance > Life Insurance

• A provision in a life insurance policy that any premium not paid by the end of the grace period (usually 31 days) will be automatically paid by a policy loan if there is sufficient cash value.

  Alabama Department of Insurance - Cite This Source - This Definition
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  Cite Definition for Automatic Premium Loan

  American Psychological Association (APA)

  Automatic Premium Loan. (n.d.). Glossary of Life Insurance Terms. Retrieved May 29, 2023, from website: http://www.expertglossary.com/definition/automatic-premium-loan.

  Chicago Manual of Style (CMS)

  Automatic Premium Loan. www.aldoi.gov. Glossary of Life Insurance Terms. Alabama Department of Insurance. http://www.expertglossary.com/definition/automatic-premium-loan (accessed: May 29, 2023).

  Modern Language Association (MLA)

  "Automatic Premium Loan." Glossary of Life Insurance Terms. Alabama Department of Insurance. 29 May. 2023 http://www.expertglossary.com/definition/automatic-premium-loan.

• Browse Related Terms: Automatic Premium Loan, dividend, Grace Period, Lapsed Policy, Level Premium Insurance, Loan Value, Non-forfeiture Values, Paid-up Insurance, Premium, Reinstatement, Settlement Option, Waiver of premium

All > Business > Finance > Insurance > Life Insurance

• The person or financial instrument (e.g., a trust fund) named in the policy as the recipient of insurance money in the event of the policyholder's death.

  Alabama Department of Insurance - Cite This Source - This Definition
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  Cite Definition for Beneficiary

  American Psychological Association (APA)

  Beneficiary. (n.d.). Glossary of Life Insurance Terms. Retrieved May 29, 2023, from website: http://www.expertglossary.com/definition/beneficiary.

  Chicago Manual of Style (CMS)

  Beneficiary. www.aldoi.gov. Glossary of Life Insurance Terms. Alabama Department of Insurance. http://www.expertglossary.com/definition/beneficiary (accessed: May 29, 2023).

  Modern Language Association (MLA)

  "Beneficiary." Glossary of Life Insurance Terms. Alabama Department of Insurance. 29 May. 2023 http://www.expertglossary.com/definition/beneficiary.

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• The amount available in cash upon surrender of a policy before it becomes payable upon death or maturity.

  Alabama Department of Insurance - Cite This Source - This Definition
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  Cite Definition for Cash Value (Cash Surrender Value)

  American Psychological Association (APA)

  Cash Value (Cash Surrender Value). (n.d.). Glossary of Life Insurance Terms. Retrieved May 29, 2023, from website: http://www.expertglossary.com/definition/cash-value-cash-surrender-value.

  Chicago Manual of Style (CMS)

  Cash Value (Cash Surrender Value). www.aldoi.gov. Glossary of Life Insurance Terms. Alabama Department of Insurance. http://www.expertglossary.com/definition/cash-value-cash-surrender-value (accessed: May 29, 2023).

  Modern Language Association (MLA)

  "Cash Value (Cash Surrender Value)." Glossary of Life Insurance Terms. Alabama Department of Insurance. 29 May. 2023 http://www.expertglossary.com/definition/cash-value-cash-surrender-value.

• Browse Related Terms: Accelerated Death Benefits, Accidental Death Benefit, Beneficiary, Cash Value (Cash Surrender Value), Current Assumption Whole Life, Double Indemnity, Face Amount, Living Benefits, Mortality Table, Rider, Variable Life Insurance

All > Business > Finance > Insurance > Life Insurance

• Term insurance that offers the policyholder the option of exchanging it for a permanent plan of insurance without evidence of insurability.

  Alabama Department of Insurance - Cite This Source - This Definition
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  Cite Definition for Convertible Term Insurance

  American Psychological Association (APA)

  Convertible Term Insurance. (n.d.). Glossary of Life Insurance Terms. Retrieved May 29, 2023, from website: http://www.expertglossary.com/definition/convertible-term-insurance.

  Chicago Manual of Style (CMS)

  Convertible Term Insurance. www.aldoi.gov. Glossary of Life Insurance Terms. Alabama Department of Insurance. http://www.expertglossary.com/definition/convertible-term-insurance (accessed: May 29, 2023).

  Modern Language Association (MLA)

  "Convertible Term Insurance." Glossary of Life Insurance Terms. Alabama Department of Insurance. 29 May. 2023 http://www.expertglossary.com/definition/convertible-term-insurance.

• Browse Related Terms: Annuity, Convertible Term Insurance, Cost Index, Cost-Of-Living Rider, Guaranteed Insurability, Insured, policy, Policy Loan, Renewable Term Insurance, Straight Life Insurance, Term insurance, Term Rider, Universal life insurance, Whole Life Insurance (Straight Life or Permanent Life)

All > Business > Finance > Insurance > Life Insurance

• A way to compare the costs of similar plans of life insurance. A policy with a smaller index number is generally a better buy than a comparable policy with a larger index number.

  Alabama Department of Insurance - Cite This Source - This Definition
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  Cite Definition for Cost Index

  American Psychological Association (APA)

  Cost Index. (n.d.). Glossary of Life Insurance Terms. Retrieved May 29, 2023, from website: http://www.expertglossary.com/definition/cost-index.

  Chicago Manual of Style (CMS)

  Cost Index. www.aldoi.gov. Glossary of Life Insurance Terms. Alabama Department of Insurance. http://www.expertglossary.com/definition/cost-index (accessed: May 29, 2023).

  Modern Language Association (MLA)

  "Cost Index." Glossary of Life Insurance Terms. Alabama Department of Insurance. 29 May. 2023 http://www.expertglossary.com/definition/cost-index.

• Browse Related Terms: Annuity, Convertible Term Insurance, Cost Index, Cost-Of-Living Rider, Guaranteed Insurability, Insured, policy, Policy Loan, Renewable Term Insurance, Straight Life Insurance, Term insurance, Term Rider, Universal life insurance, Whole Life Insurance (Straight Life or Permanent Life)

All > Business > Finance > Insurance > Life Insurance

• An option that permits the policyholder to purchase increasing term insurance coverage. The death proceeds increase by a stated amount each year, to coincide with an estimated increase in the cost of living.

  Alabama Department of Insurance - Cite This Source - This Definition
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  Cite Definition for Cost-Of-Living Rider

  American Psychological Association (APA)

  Cost-Of-Living Rider. (n.d.). Glossary of Life Insurance Terms. Retrieved May 29, 2023, from website: http://www.expertglossary.com/definition/cost-of-living-rider.

  Chicago Manual of Style (CMS)

  Cost-Of-Living Rider. www.aldoi.gov. Glossary of Life Insurance Terms. Alabama Department of Insurance. http://www.expertglossary.com/definition/cost-of-living-rider (accessed: May 29, 2023).

  Modern Language Association (MLA)

  "Cost-Of-Living Rider." Glossary of Life Insurance Terms. Alabama Department of Insurance. 29 May. 2023 http://www.expertglossary.com/definition/cost-of-living-rider.

• Browse Related Terms: Annuity, Convertible Term Insurance, Cost Index, Cost-Of-Living Rider, Guaranteed Insurability, Insured, policy, Policy Loan, Renewable Term Insurance, Straight Life Insurance, Term insurance, Term Rider, Universal life insurance, Whole Life Insurance (Straight Life or Permanent Life)

All > Business > Finance > Insurance > Life Insurance

• A variation of universal life insurance, this product involves fixed premiums and fixed death benefits. Its cash value growth depends on market conditions. If they are favorable and if premiums paid in the policy's first year are large enough, premiums for one or more years may be reduced to zero.

  Alabama Department of Insurance - Cite This Source - This Definition
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  Cite Definition for Current Assumption Whole Life

  American Psychological Association (APA)

  Current Assumption Whole Life. (n.d.). Glossary of Life Insurance Terms. Retrieved May 29, 2023, from website: http://www.expertglossary.com/definition/current-assumption-whole-life.

  Chicago Manual of Style (CMS)

  Current Assumption Whole Life. www.aldoi.gov. Glossary of Life Insurance Terms. Alabama Department of Insurance. http://www.expertglossary.com/definition/current-assumption-whole-life (accessed: May 29, 2023).

  Modern Language Association (MLA)

  "Current Assumption Whole Life." Glossary of Life Insurance Terms. Alabama Department of Insurance. 29 May. 2023 http://www.expertglossary.com/definition/current-assumption-whole-life.

• Browse Related Terms: Accelerated Death Benefits, Accidental Death Benefit, Beneficiary, Cash Value (Cash Surrender Value), Current Assumption Whole Life, Double Indemnity, Face Amount, Living Benefits, Mortality Table, Rider, Variable Life Insurance

All > Business > Finance > Insurance > Life Insurance

• An amount of money returned to the holder of a participating policy. The money is a partial refund of the premium paid. It results from actual mortality, interest and expenses that were more favorable than expected when the premiums were set.

  Alabama Department of Insurance - Cite This Source - This Definition
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  Cite Definition for dividend

  American Psychological Association (APA)

  dividend. (n.d.). Glossary of Life Insurance Terms. Retrieved May 29, 2023, from website: http://www.expertglossary.com/definition/dividend.

  Chicago Manual of Style (CMS)

  dividend. www.aldoi.gov. Glossary of Life Insurance Terms. Alabama Department of Insurance. http://www.expertglossary.com/definition/dividend (accessed: May 29, 2023).

  Modern Language Association (MLA)

  "dividend." Glossary of Life Insurance Terms. Alabama Department of Insurance. 29 May. 2023 http://www.expertglossary.com/definition/dividend.

• Browse Related Terms: Automatic Premium Loan, dividend, Grace Period, Lapsed Policy, Level Premium Insurance, Loan Value, Non-forfeiture Values, Paid-up Insurance, Premium, Reinstatement, Settlement Option, Waiver of premium

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• (See Accidental Death Benefit.)
  Alabama Department of Insurance - Cite This Source - This Definition
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  Cite Definition for Double Indemnity

  American Psychological Association (APA)

  Double Indemnity. (n.d.). Glossary of Life Insurance Terms. Retrieved May 29, 2023, from website: http://www.expertglossary.com/definition/double-indemnity.

  Chicago Manual of Style (CMS)

  Double Indemnity. www.aldoi.gov. Glossary of Life Insurance Terms. Alabama Department of Insurance. http://www.expertglossary.com/definition/double-indemnity (accessed: May 29, 2023).

  Modern Language Association (MLA)

  "Double Indemnity." Glossary of Life Insurance Terms. Alabama Department of Insurance. 29 May. 2023 http://www.expertglossary.com/definition/double-indemnity.

• Browse Related Terms: Accelerated Death Benefits, Accidental Death Benefit, Beneficiary, Cash Value (Cash Surrender Value), Current Assumption Whole Life, Double Indemnity, Face Amount, Living Benefits, Mortality Table, Rider, Variable Life Insurance

All > Business > Finance > Insurance > Life Insurance

• The amount stated on the face of the policy that will be paid in case of death or at maturity. It does not include dividend additions or additional amounts payable under accidental death or other special provisions.

  Alabama Department of Insurance - Cite This Source - This Definition
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  Cite Definition for Face Amount

  American Psychological Association (APA)

  Face Amount. (n.d.). Glossary of Life Insurance Terms. Retrieved May 29, 2023, from website: http://www.expertglossary.com/definition/face-amount.

  Chicago Manual of Style (CMS)

  Face Amount. www.aldoi.gov. Glossary of Life Insurance Terms. Alabama Department of Insurance. http://www.expertglossary.com/definition/face-amount (accessed: May 29, 2023).

  Modern Language Association (MLA)

  "Face Amount." Glossary of Life Insurance Terms. Alabama Department of Insurance. 29 May. 2023 http://www.expertglossary.com/definition/face-amount.

• Browse Related Terms: Accelerated Death Benefits, Accidental Death Benefit, Beneficiary, Cash Value (Cash Surrender Value), Current Assumption Whole Life, Double Indemnity, Face Amount, Living Benefits, Mortality Table, Rider, Variable Life Insurance

All > Business > Finance > Insurance > Life Insurance

• A period (usually 31 days) following each premium due date, other than the first due date, during which an overdue premium may be paid. All provisions of the policy remain in force throughout this period.

  Alabama Department of Insurance - Cite This Source - This Definition
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  Cite Definition for Grace Period

  American Psychological Association (APA)

  Grace Period. (n.d.). Glossary of Life Insurance Terms. Retrieved May 29, 2023, from website: http://www.expertglossary.com/definition/grace-period.

  Chicago Manual of Style (CMS)

  Grace Period. www.aldoi.gov. Glossary of Life Insurance Terms. Alabama Department of Insurance. http://www.expertglossary.com/definition/grace-period (accessed: May 29, 2023).

  Modern Language Association (MLA)

  "Grace Period." Glossary of Life Insurance Terms. Alabama Department of Insurance. 29 May. 2023 http://www.expertglossary.com/definition/grace-period.

• Browse Related Terms: Automatic Premium Loan, dividend, Grace Period, Lapsed Policy, Level Premium Insurance, Loan Value, Non-forfeiture Values, Paid-up Insurance, Premium, Reinstatement, Settlement Option, Waiver of premium

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• An option that permits the policyholder to buy additional stated amounts of life insurance at stated times in the future without evidence of insurability.

  Alabama Department of Insurance - Cite This Source - This Definition
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  Cite Definition for Guaranteed Insurability

  American Psychological Association (APA)

  Guaranteed Insurability. (n.d.). Glossary of Life Insurance Terms. Retrieved May 29, 2023, from website: http://www.expertglossary.com/definition/guaranteed-insurability.

  Chicago Manual of Style (CMS)

  Guaranteed Insurability. www.aldoi.gov. Glossary of Life Insurance Terms. Alabama Department of Insurance. http://www.expertglossary.com/definition/guaranteed-insurability (accessed: May 29, 2023).

  Modern Language Association (MLA)

  "Guaranteed Insurability." Glossary of Life Insurance Terms. Alabama Department of Insurance. 29 May. 2023 http://www.expertglossary.com/definition/guaranteed-insurability.

• Browse Related Terms: Annuity, Convertible Term Insurance, Cost Index, Cost-Of-Living Rider, Guaranteed Insurability, Insured, policy, Policy Loan, Renewable Term Insurance, Straight Life Insurance, Term insurance, Term Rider, Universal life insurance, Whole Life Insurance (Straight Life or Permanent Life)

All > Business > Finance > Insurance > Life Insurance

• The person on whose life an insurance policy is issued.

  Alabama Department of Insurance - Cite This Source - This Definition
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  Cite Definition for Insured

  American Psychological Association (APA)

  Insured. (n.d.). Glossary of Life Insurance Terms. Retrieved May 29, 2023, from website: http://www.expertglossary.com/definition/insured.

  Chicago Manual of Style (CMS)

  Insured. www.aldoi.gov. Glossary of Life Insurance Terms. Alabama Department of Insurance. http://www.expertglossary.com/definition/insured (accessed: May 29, 2023).

  Modern Language Association (MLA)

  "Insured." Glossary of Life Insurance Terms. Alabama Department of Insurance. 29 May. 2023 http://www.expertglossary.com/definition/insured.

• Browse Related Terms: Annuity, Convertible Term Insurance, Cost Index, Cost-Of-Living Rider, Guaranteed Insurability, Insured, policy, Policy Loan, Renewable Term Insurance, Straight Life Insurance, Term insurance, Term Rider, Universal life insurance, Whole Life Insurance (Straight Life or Permanent Life)

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• A policy terminated at the end of the grace period because of nonpayment of premiums. (See Nonforfeiture Values.)
  Alabama Department of Insurance - Cite This Source - This Definition
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  Cite Definition for Lapsed Policy

  American Psychological Association (APA)

  Lapsed Policy. (n.d.). Glossary of Life Insurance Terms. Retrieved May 29, 2023, from website: http://www.expertglossary.com/definition/lapsed-policy.

  Chicago Manual of Style (CMS)

  Lapsed Policy. www.aldoi.gov. Glossary of Life Insurance Terms. Alabama Department of Insurance. http://www.expertglossary.com/definition/lapsed-policy (accessed: May 29, 2023).

  Modern Language Association (MLA)

  "Lapsed Policy." Glossary of Life Insurance Terms. Alabama Department of Insurance. 29 May. 2023 http://www.expertglossary.com/definition/lapsed-policy.

• Browse Related Terms: Automatic Premium Loan, dividend, Grace Period, Lapsed Policy, Level Premium Insurance, Loan Value, Non-forfeiture Values, Paid-up Insurance, Premium, Reinstatement, Settlement Option, Waiver of premium

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• Insurance for which the cost is distributed evenly over the premium payment period. The premium remains the same from year to year, and is more than the actual cost of protection in the earlier years of the policy and less than the actual cost in the later years. The excess paid in the early years builds up a reserve to cover the higher cost in the later years.

  Alabama Department of Insurance - Cite This Source - This Definition
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  Cite Definition for Level Premium Insurance

  American Psychological Association (APA)

  Level Premium Insurance. (n.d.). Glossary of Life Insurance Terms. Retrieved May 29, 2023, from website: http://www.expertglossary.com/definition/level-premium-insurance.

  Chicago Manual of Style (CMS)

  Level Premium Insurance. www.aldoi.gov. Glossary of Life Insurance Terms. Alabama Department of Insurance. http://www.expertglossary.com/definition/level-premium-insurance (accessed: May 29, 2023).

  Modern Language Association (MLA)

  "Level Premium Insurance." Glossary of Life Insurance Terms. Alabama Department of Insurance. 29 May. 2023 http://www.expertglossary.com/definition/level-premium-insurance.

• Browse Related Terms: Automatic Premium Loan, dividend, Grace Period, Lapsed Policy, Level Premium Insurance, Loan Value, Non-forfeiture Values, Paid-up Insurance, Premium, Reinstatement, Settlement Option, Waiver of premium

All > Business > Finance > Insurance > Life Insurance

• (See Accelerated Death Benefits.)
  Alabama Department of Insurance - Cite This Source - This Definition
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  Cite Definition for Living Benefits

  American Psychological Association (APA)

  Living Benefits. (n.d.). Glossary of Life Insurance Terms. Retrieved May 29, 2023, from website: http://www.expertglossary.com/definition/living-benefits.

  Chicago Manual of Style (CMS)

  Living Benefits. www.aldoi.gov. Glossary of Life Insurance Terms. Alabama Department of Insurance. http://www.expertglossary.com/definition/living-benefits (accessed: May 29, 2023).

  Modern Language Association (MLA)

  "Living Benefits." Glossary of Life Insurance Terms. Alabama Department of Insurance. 29 May. 2023 http://www.expertglossary.com/definition/living-benefits.

• Browse Related Terms: Accelerated Death Benefits, Accidental Death Benefit, Beneficiary, Cash Value (Cash Surrender Value), Current Assumption Whole Life, Double Indemnity, Face Amount, Living Benefits, Mortality Table, Rider, Variable Life Insurance

All > Business > Finance > Insurance > Life Insurance

• (See Policy Loan.)
  Alabama Department of Insurance - Cite This Source - This Definition
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  Cite Definition for Loan Value

  American Psychological Association (APA)

  Loan Value. (n.d.). Glossary of Life Insurance Terms. Retrieved May 29, 2023, from website: http://www.expertglossary.com/definition/loan-value.

  Chicago Manual of Style (CMS)

  Loan Value. www.aldoi.gov. Glossary of Life Insurance Terms. Alabama Department of Insurance. http://www.expertglossary.com/definition/loan-value (accessed: May 29, 2023).

  Modern Language Association (MLA)

  "Loan Value." Glossary of Life Insurance Terms. Alabama Department of Insurance. 29 May. 2023 http://www.expertglossary.com/definition/loan-value.

• Browse Related Terms: Automatic Premium Loan, dividend, Grace Period, Lapsed Policy, Level Premium Insurance, Loan Value, Non-forfeiture Values, Paid-up Insurance, Premium, Reinstatement, Settlement Option, Waiver of premium