A form of vesting in a contributory pension plan under which entitlement to a vested benefit is conditional upon non-withdrawal of the participant’s contribution. See also Vesting.

The portion of a participant’s pension benefit that relates to his credited service in a contemporary period, usually 12 months.

A designation granted by the American College of Life Underwriters upon successful completion of a series of examinations. (LI)

A provision in an insurance policy setting forth the conditions under which, or the period of time during which the insurer may contest or void the policy. After that time has lapsed, normally two years, the policy cannot be contested.

The amount stated in a policy contract as payable upon the death of the person whose life is being insured (cesti que vie). See also Principal Sum.

Life or Health Insurance on risks which do not meet the standards for the regular manual rate. See also Substandard. (LI,H)

A person(s) named to receive policy benefits if the primary beneficiary is deceased at the time the benefits become payable.

See Mortality Rate.

A term commonly used to designate policies whose express purpose is to pay final expenses of death.

A general term used to describe a plan of employee coverage in which the employee pays at least part of the premium.