Getting MarriedLife Insurance Terms
These definitions are courtesy of the American Council of Life Insurers
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
C
Cash balance plan A defined benefit plan that strongly resembles a defined contribution plan. Benefits accrue through employer contributions to employee accounts and interest credits to balances in those accounts. The accounts serve as bookkeeping devices to track benefit accruals.
Cash value The amount available in cash upon surrender of a permanent life insurance policy. Also known as cash surrender value.
Cede To transfer the risk of potential loss to another insurer.
Certificate A statement issued to individuals insured under a group policy that defines the essential provisions of their coverage.
Claim Notification to an insurance company that payment of an amount is due under the terms of a policy.
Convertible term insurance Term insurance that can be exchanged, at the option of the policyholder and without evidence of insurability, for another plan of insurance.
Credit life insurance Term life insurance issued through a lender or lending agency to cover payment of a loan, an installment purchase, or other obligation in case of death.