Terms with Category Insurance
- Surrender Charge — Definition,
- A charge levied when a life insurance policyholder cancels his or her policy.
- Surrender Rights — Definition,
- The contractual right for a life insurance or annuity policyholder to cancel his or her policy.
- Survival Analysis — Definition,
- A statistical analysis of how likely someone or something will survive to a set date.
- Term — Definition,
- The length of time you commit to repay a lender or bank at an agreed upon interest rate and payment schedule. The interest rate usually remains constant during this term unless the commitment states otherwise. For example, a five year fixed rate mortgage has a term of five years.
- Term Life Insurance — Definition,
- Life insurance that provides coverage for a set period of time, often from five to forty years.
- Third-party Administrator (TPA) — Acronym, Important,
- A claims administrator that is hired to process insurance claims and/or employee benefits for another party.
- Title Binder — Definition,
- Insurance that covers both the buyer and seller of a property until the property has sold.
- Title Insurance — Definition,
- Insurance that covers title defects and ownership challenges on a property.
- Title Report — Definition,
- A report that reveals any competing claims, liens, or other problems relating to a property. A title report is required before title insurance will be issued. Also known as a "Preliminary Title Report" or "Prelim."
- Total Admitted Assets — Definition,
- What assets an insurance company is legally allowed to include when determining its financial solvency.
- Total Loss (Ltot, TL) — Acronym & Abbreviation,
- When as asset is considered to be damaged beyond repair.
- Transferable Insurance Policy — Definition,
- A life insurance policy that can be sold to another party through a viatical settlement.
- Travel Insurance — Definition, Very Important,
- Insurance that covers a number of events that can occur when an individual is travelling out of the province or country.
- Tuition Insurance — Definition,
- Insurance that covers tuition costs if a student is required to leave school in the middle of a semester.
- Two-Tier Healthcare — Definition,
- A situation where public healthcare is available to all people, but private healthcare can be purchased by those who want it.
- Ultimate Mortality Table — Definition,
- A mortality table that does not include information from people who have been approved for life insurance recently.
- Ultimate Net Loss (UNL) — Acronym,
- The final sum that an insurer is required to pay a policyholder after they have filed a valid claim.
- Umbrella Insurance — Definition,
- Insurance used to cover different types of property in a single policy.
- Unaffiliated Investments — Definition,
- Investments in assets made by an insurance company where they have no control over the assets.
- Unallocated Benefit — Definition,
- A requirement for health insurance policyholders to pay reasonable hospital expenses out of pocket to a certain limit.
- Unauthorized Insurance — Definition,
- A fraud where a scammer sells a victim an insurance policy that doesn't exist.
- Underinsurance — Definition,
- When the amount of insurance coverage on an asset is less than the asset's full value.
- Underinsured Motorist Coverage — Definition,
- Auto insurance that covers damages when the other driver in a collision is at fault but does not have sufficient insurance coverage.
- Underlying Mortality Assumption — Definition,
- A measurement of death rates that is used to estimate pension obligations and insurance premiums.
- Underlying Retention — Definition,
- The liability an insurance company still retains after ceding liability to a reinsurer.
- Underwriter — Definition,
- An entity that issues and distributes financial products including equity capital, credit, mortgages, and insurance.
- Underwriters Association — Definition,
- A group of underwriters in a specific field who join together to maintain professional standards.
- Underwriting (UW) — Acronym, Important,
- The analysis of risk involved in making a mortgage loan to determine whether the risk is acceptable to the lender. Underwriting involves evaluating the property as outlined in the appraisal report, and also evaluating the borrower's ability and willingness to repay the loan.
- Assessing individuals for eligibility and issuing and distributing a financial product such as insurance, equity capital or credit.
- Underwriting Expenses — Definition,
- The expenses accumulated by an insurance company while underwriting a product.
- Underwriting Guide — Definition,
- The rules and guidelines an underwriter must follow while writing policies.
12.
Surrender Charge -
Tuition Insurance
Tuition Insurance
