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12 Cards in this Set
- Front
- Back
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Glossary1035 Exchange
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A nontaxable exchange of
life insurance and annuity policies as provided under section 1035(a) of the Internal Revenue Code. |
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24-hour Care Coverage
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A health insurance
concept that blends occupational and nonoc- cupational benefits in order to provide 24-hour per day coverage for injuries or diseases regard- less if they are work-related. |
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501(c)(9) Trust
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A type of self-funded em-
ployee health benefit plan that allows some favorable tax advantages that are not offered by a regular self-funded plan. |
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Absolute Assignment
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Assignment by a poli-
cyowner to a third part of all control and rights in a policy. |
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Accelerated Benefits
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Accelerated Benefits
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Accident
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An unplanned and unexpected
event which occurs suddenly and at a definite place and time. |
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Accident and Sickness Insurance (A&S)
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An-
other name for health insurance. |
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Accident Insurance
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A type of insurance that
protects the insured against loss due to acci- dental bodily injury. |
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Accidental Bodily Injury
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Generally, traumatic
damage to the body of external origins which is unexpected and unintended by the injured person. |
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Accidental Death and Dismemberment
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An
insurance policy which pays either a specified amount or a multiple of the insured’s weekly disability benefit if the insured dies, loses his sight, or loses two limbs due to an accident. |
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Accidental Death Benefit
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A rider which provides an additional death benefit, usually equal
to the face amount of the policy, if the insured dies as the result of an accident. It is sometimes called Double Indemnity. |
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Accident Insurance
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A type of insurance that
protects the insured against loss due to accidental bodily injury. |
