Nys Life Insurance Agent

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Loss

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The reduction, decrease, or disappearance of value of the person or property insured in a policy, by a peril insured against.

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Lump Sum

Back 2

Settlement method that pays the beneficiary the entire proceeds of a life insurane policy in one payment rather than in installments.

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Market Value Adjusted Annuity

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A single-premium deferred annuity that allows a contract owner to lock in a guarateed interest rate over a specified maturity period.

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Maturity Date

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The date when the face amount of the life insurance becomes payable.

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Medical Information Bureau

Back 5

An information database that stores the health histories of individuals who have applied for insurance in the past. Most insurance companies subscribe to this database for underwriting purposes.

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Misrepresentation

Back 6

A false statement or lie that can render the contract void.

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Mode of Payment

Back 7

The method of premium payment, whether annually, semiannually, quarterly, or monthly.

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Mortality Table

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A table showing the probability of death at specified ages.

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Mutual Companies

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Insurance organizations that have no capital stock, but are owned by the policyholders.

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Nonadmitted (Nonauthorized)

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An insurance company that has not applied for, or has applied and been denied a Certificate of Authority and may not transact insurance in a particular state.

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Noncancellable

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An insurance contract that the insured has a right to continue in force by payment of premiums that remain the same for a substantial period of time.

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Nonforfeiture Values

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Those guaranteed values in a life insurance policy that cannot be taken from the insured, even if he or she ceases to pay premiums.

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Nonmedical

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A life or health insurance policy that is underwritten based on the insured's statement of health rather than a medical examination.

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Nonparticipating Policies (Non-par)

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Insurance that does not pay dividends.

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Nonqualified Plan

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A type of benefir plan that may discriminate, is not required to be filed with the IRS, and does not provide a current tax deduction for contributions.

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Nonrenewal

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A termination of a policy by an insurer on the anniversary or renewal date.

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Nonresident Agent

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An agent licensed in a state in which he or she is not a resident.

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Option

Back 18

A choice of ways of receiving policy dividends, nonforfeiture values, death benefits, or cash values.

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Overinsurance

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An excessive amount of insurance that would result in overpayment to the insured in the event of a loss.

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Paid-Up Insurance

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A policy on which all premiums have been paid but which has not matured due either to death or endowment.

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Participating Policies (Par)

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Insurance that pays dividends to policyholders.

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Payor Benefit

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A rider found in juvenile policies which waives the premiums if the person paying them (often the parent) is disabled or dies while the child is still a minor.

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Peril

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The cause of a possible loss.

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Permanent Life Insurance

Back 24

A general term used to refer to various forms of whole life insurance policies that remain in effect to age 100 so long as the premium is paid.

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Persistency

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The tendency or likelihood of insurance policies not lapsing or being replaced with insurance from another insurer.

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Personal Contract

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An agreement between an insurance company and an individual that states that insurance policies cover the individual's insurable interest.