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12 Cards in this Set

  • Front
  • Back
Glossary1035 Exchange
A nontaxable exchange of
life insurance and annuity policies as provided
under section 1035(a) of the Internal Revenue
24-hour Care Coverage
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.
501(c)(9) Trust
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.
Absolute Assignment
Assignment by a poli-
cyowner to a third part of all control and rights
in a policy.
Accelerated Benefits
Accelerated Benefits
An unplanned and unexpected
event which occurs suddenly and at a definite
place and time.
Accident and Sickness Insurance (A&S)
other name for health insurance.
Accident Insurance
A type of insurance that
protects the insured against loss due to acci-
dental bodily injury.
Accidental Bodily Injury
Generally, traumatic
damage to the body of external origins which
is unexpected and unintended by the injured
Accidental Death and Dismemberment
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.
Accidental Death Benefit
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.
Accident Insurance
A type of insurance that
protects the insured against loss due to accidental bodily injury.