Terms with Category Estate Management
- Accelerated Benefit Option — Definition,
- An option that allows the insured to receive insurance benefits before they would ordinarily be available.
- Accidental Death and Dismemberment Insurance — Definition,
- Insurance coverage for death or dismemberment (the loss of a body part).
- Accidental Death Benefit (ADB) — Acronym, Very Important,
- An additional benefit that pays an additional sum to a beneficiary if the cause of death is deemed to be accidental.
➥ A life insurance policy rider. - Annuitization — Definition,
- The process of turning a retirement plan or annuity into income in the form of periodic payments or a single lump sum.
- Annuitization Options — Definition,
- The different income dispersal options available when annuitizing a retirement plan or annuity, such as the timeframe and list of beneficiaries.
- Annuity — Definition,
- A regular periodic payment made by an insurance company to a policyholder for a specified period of time.
- A financial instrument that disperses a number of payments over a set period of time.
- Annuity Certain — Definition,
- A type of annuity that makes payments to the annuitant for a set term; payments stop when the agreed upon term ends, even if the annuitant is still alive after the term ends.
- Annuity Contract — Definition,
- A contract that outlines each party's responsibilities as they relate to an annuity.
- Annuity Factor Method — Definition,
- A way of determining the maximum amount an annuitant can withdraw from an annuity before penalties are applied.
- Annuity Table — Definition,
- A table that can be used to find the future value of an annuity.
- Assignee — Definition,
- In the insurance industry, an assignee is someone who is assigned ownership of another person's insurance policy.
- A person appointed to acquire (take) an item, such as a property.
- Assignor — Definition,
- Attained Age — Definition,
- The current age of an insured individual.
- Beneficiary — Definition,
- An individual or entity chosen to receive benefits from a will, trust, deed or insurance policy.
- Burial Insurance — Definition,
- Insurance that provides coverage for funeral expenses.
- Cash Refund Annuity — Definition,
- An annuity that refunds any remaining balance to the beneficiaries or the annuitant's estate when the annuitant dies.
- Cash Surrender Value (CSV) — Acronym, Important,
- The liquid value of an insurance policy if the policyholder voluntarily cancels the policy before maturity or an insured event.
- Certified Annuity Specialist (CAS) — Acronym, Important,
- A professional who is certified to provide investment advice about annuities to clients.
- Commutation — Definition,
- An option given to the beneficiaries of annuities and life insurance policies that allows them to modify the frequency and size of benefit payments.
- Competent — Definition,
- Legal ability to make decisions and enter into contracts.
- Contingent Beneficiary — Definition,
- A beneficiary who only receives his or her benefit when specific conditions have been met.
- Convertible Life Insurance — Definition,
- A type of term life insurance policy that has the option to be converted into a permanent life insurance policy such as whole or universal life insurance.
- Credit Life Insurance — Definition,
- Life insurance that repays the insured's debts upon their death. The death benefit decreases as the debt is paid off.
- Death Benefit (DB) — Acronym, Very Important,
- A payment or series of payments made to the beneficiaries of a life insurance policy.
➥ An amount paid to a beneficiary in a life linsurance policy. - Decreasing Term Life Insurance — Definition,
- A Term life insurance policy with benefits that decrease each year as the policyholder ages.
- Dread Disease Rider — Definition,
- Insurance that provides a benefit if the policyholder is diagnosed with an illness that is deemed serious or terminal.
- Empty Nesters — Definition,
- Men or women whose children have grown up and moved out and who might be in the market for a smaller house.
- Estate — Definition,
- The ownership interest of an individual in real property.
- The total sum of all the real property and personal property owned by an individual at time of death.
- Estate Planning — Definition,
- The process of determining how assets will be dispersed after an individual's death, ideally in the most tax-efficient way possible.
- Family Income Rider — Definition,
- A recurring or lump sum life insurance benefit that matches the policyholder's income.
1.
Accelerated Benefit Option -
Annuitization
Annuitization
