A settlement option under which the proceeds are guaranteed to be paid in equal installments for a specified period of time.

contract of insurance made with an employer or other entity that covers a group of persons identified by reference to their relationship to the entity buying the contract. The group contractual arrangement is generally used to cover employees of a common employer, members of a trade association or trusteeship, members of a welfare or employee benefit association, members of a labor union, or members of a professional or other association not formed only for the purpose of obtaining insurance.

(1)That type of Life Insurance, which usually only covers one insured under a contract; (2) The term used to distinguish this type of Life Insurance from Group Life Insurance.

This is another term used to describe Universal Life type policies.

Insurance on the Life or Health of debtors of a creditor, payable for reduction or extinguishment of the debts in case of the disability or death of a debtor.

One of the major classes of insurance. It is generally sold in amounts of less than $1,000 by agents who service insureds on debits. The premiums are collected weekly or monthly at the address of the insured. See also Debit.

A life insurance policy under which the policyholder may vary the amount or timing of premium payments.

Life Insurance provided for members of a group. It is most often issued to a group of employees, but may be issued to any group provided it is not formed for the purpose of buying insurance. The cost is lower than for individual policies because administrative expenses per life are decreased and measures taken against adverse selection are effective. See also Franchise Insurance and True Group.

Life or Health Insurance for which premiums are being paid, or for which premiums have been fully paid. The term refers to the total face amount of a Life insurer’s portfolio of business. In Health Insurance it refers to the total premium volume of an insurer’s portfolio of business.

A whole life contract and a security which features flexible premium payments, non-guaranteed cash values and either a minimum guaranteed death benefit or no guaranteed death benefit. Policy values are dependent on the performance of a separate account.