Alternative.
A choice limited to one of two or more possibilities, as of things, propositions, or courses of action, the selection of which precludes any other possibility

Assignment.
The transfer of the ownership rights of a Life Insurance policy from one person to another. The term also refers to the document that effect the transfer

Attained Age.
The age an insured has reached on a given date

Backdating.
A procedure for making the effective date of a policy earlier than the application date. Backdating is often used to make the age at issue lower than it actually was in order to get a lower premium. State laws often limit to six months the time to which policies can be backdated

Beneficiary.
A person designated as the recipient of funds or other property under a will, trust, insurance policy, etc

Benefits.
A payment made or an entitlement available in accordance with a wage agreement, an insurance policy, or a public assistance program

Bids.
An offer or proposal of a price

Binding receipt.
If a premium accompanies an application, the coverage will be in force from the date of application or medical examination, if any, whichever is later, provided the insurer would have issued the coverage on the basis of the facts revealed on the application, medical examination and other usual sources of underwriting information.

Broker.
A person who functions as an intermediary between two or more parties in negotiating agreements, bargains, or the like

Cash Surrender Value.
Is the cash amount offered to the policy owner by the issuing life carrier upon cancellation of the contract

Charitable Trust.
A trust designed for the benefit of the general public, as for educational or other charitable purposes

Commutation Rights.
The right of a beneficiary to receive in one sum the unpaid payments remaining under an installment option which was selected for the settlement of the proceeds or values of a Life Insurance policy

Consumer Credit.
A trade association for insurers of Credit Insurance in the areas of Life and Health.

Corporations.
A body that is granted a charter recognizing it as a separate legal entity having its own rights, privileges, and liabilities distinct from those of its members

Eligibility.
Meeting the stipulated requirements, as to participate, or work; qualified

Entity Agreement.
A buy-sell agreement usually used with a partnership in which the partnership agrees to purchase the interest of a deceased or disabled partner

Excess Interest.
Interest credited to an insured's contract in excess of the amount guaranteed by the terms of the contract

Financial Portfolio.
Is an appropriate mix of or collection of investments held by an institution or a private individual

Fraternal Insurance.
Insurance offered a special group of people, namely, members of a lodge or a fraternal order. Such insurance may be written on an assessment basis or on a legal reserve basis

Fund.
An organization created to administer or manage a fund, as of money invested or contributed for some special purpose

Gross Premiums.
Where an insurance company protects themselves again the risk of a loss above a certain threshold; the cost of reinsurance (reinsurance premiums) is deducted from gross premiums.

Health Status.
The insured health has changed since the policy had been issued.

Independence.
Freedom from the control, influence, support, aid, or the like, of others

Lapse.
An accidental or temporary decline or deviation from an expected or accepted condition or state; a temporary falling or slipping from a previous standard

Liability.
Specifically designed to offer specific protection against third party claims, i.e., payment is not typically made to the insured, but rather to someone suffering loss who is not a party to the insurance contract

Limited.
Restriction; a certain available amount of time

Medicaid.
Health program for individuals and families with low incomes and resources

Medicare.
a social insurance program administered by the United States Govt., providing health insurance coverage to people who are either age 65 and over, or who meet other special criteria

Net Premium Valuation.
An actuarial calculation, used to place a value on the liabilities of a life insurer

Ownership Equity.
It is the remaining interests in assets.

Partnership.
A legal contract entered into by two or more persons in which each agrees to furnish a part of the capital and labor for a business enterprise, and by which each shares a fixed proportion of profits and losses

Pension.
An allowance, annuity, or subsidy

Permanent Disability.
One that "will remain with a person throughout" his or her lifetime, or he or she will not recover, or "that in all possibility, will continue indefinitely."

Policy.
A document embodying a contract of insurance

Policy Lapse.
Where an insurance company promptly and gladly terminates your insurance contract because you have failed to pay the end of your bargain

Retirement.
Withdrawal from one's occupation, business, or office

Secondary Market.
Is the financial market for trading of securities that have already been issued in an initial private or public offering

Securitization.
Involves pooling and repackaging of cash-flow producing financial assets into securities that are then sold to investors.

Sell.
To persuade or induce institution to buy back their policy

Stability.
Reliability; dependability. Financial status does not fluctuate to desperate matters

Survivorship.
A right of a person to property on the death of another having a joint interest.
in the case of more than two joint tenants, the property passes to successive survivors

Third Party.
Any relationship between two parties or entities to refer to some other person or entity with some involvement

Underwriting.
The Process where a large financial service provider (bank, insurer, investment house) uses to assess the eligibility of a customer to receive their products like; equity capital, insurance, mortgage or credit to a customer

Vacation.
Freedom or release from duty, business, or activity

Valuation.
The act of estimating or setting the value of something; appraisal

Variable Universal Life.
The cash value can be invested in a wide variety of separate accounts, similar to mutual funds, and the choice of which of the available separate accounts to use is entirely up to the contract owner