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Insurance Terms
You'll find everything you need to know about life insurance here. Our Research Center is different
because we only offer material which is explained in "Plain English".
To get started, let's take a look at common Insurance terms, and make it easy to understand what they mean:
These definitions are courtesy of the American Council of Life Insurers
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Immediate annuity A contract in which annuity payouts begin immediately or within one year of the policy's issue.
Individual life insurance Life insurance on an individual, usually issued in amounts of $2,000 or more, with premiums payable annually, semiannually, quarterly, or monthly.
Individual policy pension trust A type of pension plan frequently used for small groups and administered by trustees authorized to purchase individual levelpremium policies or annuity contracts for each plan member. The policies usually provide both life insurance and retirement benefits.
Individual retirement account (IRA) An account to which an individual can make annual contributions of 100 percent of earnings up to $3,000. These contributions are tax-deductible for workers either not covered by an employment based retirement plan regardless of income, or covered workers who do not exceed certain taxable income levels.
Insurability Acceptability to an insurance company of an applicant for insurance.
Insurance examiner The representative of a state insurance department assigned to participate in the official audit and examination of the affairs of an insurance company.
Insured The person on whom an insurance policy is issued. Also known as
insured life.
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