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GLOSSARY OF INSURANCE TERMS

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Term Definition
A-SHARE VARIABLE ANNUITY

A form of variable annuity contract where the contract holder pays sales charges up front rather than eventually having to pay a surrender charge.

ABSOLUTE ASSIGNMENT

An irrevocable transfer of complete ownership of benefits, liabilities, and/or rights from one party to the other.

ACCELERATED DEATH BENEFITS

A life insurance policy option that provides policy proceeds to insured individuals over their lifetimes, in the event of a terminal illness. This is in lieu of a traditional policy that pays beneficiaries after the insured’s death. Such benefits kick in if the insured becomes terminally ill, needs extreme medical intervention, or must reside in a nursing home. The payments made while the insured is living are deducted from any death benefits paid to beneficiaries.

ACCIDENT AND HEALTH INSURANCE

Coverage for accidental injury, accidental death, and related health expenses. Benefits will pay for preventative services, medical expenses and catastrophic care, with limits.

ACCIDENTAL DEATH AND DISMEMBERMENT (AD&D

A supplementary life insurance policy benefit that provides for an amount of money in addition to the policy’s basic death benefit. This additional amount is payable if the insured dies as the result of an accident or if the insured loses any two limbs or the sight in both eyes as the result of an accident.

ACCIDENTAL DEATH BENEFIT (ADB)

A rider that can be added to a life insurance policy that provides an additional benefit if the person insured were to die as a result of an accident. Sometimes referred to as “Double Indemnity Benefit.”

ACCOUNT RECEIVABLES

See Receivables

ACCUMULATION AT INTEREST DIVIDEND OPTION

An option, available to the owners of participating insurance policies, that allows a policy owner to leave policy dividends on deposit with the insurer and earn interest. (See Dividend)

ACTUAL CASH VALUE

A form of insurance that pays damages equal to the replacement value of damaged property minus depreciation. (See Replacement cost)

ACTUARY

An insurance professional skilled in the analysis, evaluation and management of statistical information. Evaluates insurance firms’ reserves, determines rates and rating methods, and determines other business and financial risks.

ADDITIONAL LIVING EXPENSES

Extra charges covered by homeowners policies over and above the policyholder’s customary living expenses. They kick in when the insured requires temporary shelter due to damage by a covered peril that makes the home temporarily uninhabitable.

ADDITIONAL TERM INSURANCE OPTION

An option available where dividends can be used to purchase one-year term insurance on the insured’s life. Also known as Fifth Dividend Option. (See Dividend; Policy Dividend Options)

ADJUSTABLE LIFE INSURANCE

A form of life insurance that gives policy owners the flexibility to modify their coverage as their insurance needs change.

ADJUSTER

An individual employed by a property/casualty insurer to evaluate losses and settle policyholder claims. These adjusters differ from public adjusters, who negotiate with insurers on behalf of policyholders, and receive a portion of a claims settlement. Independent adjusters are independent contractors who adjust claims for different insurance companies.

ADMINISTRATOR (TRIX) ( MALE OR FEMALE)

Person appointed by the Surrogate Court to manage and distribute the estate of a person who died without a will; one appointed by the court to act for a decedent who left no will. (Personal Representative)

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