A term used to describe an agent, agency or insurer that sells both Industrial Life Insurance and Ordinary Life policies. (LI)

A group policy provision which helps determine the primary carrier in situations where an insured is covered by more than one policy. This provision prevents an insured from receiving claims overpayments.

A form of Life Insurance that provides a death benefit which declines throughout the term of the contract, reaching zero at the end of the term.

In pensions this is a term applied to the combining of Life Insurance contracts with a fund called a side fund or auxiliary fund. The purpose is to increase the amount of money available for a pension or annuity at some future date.

The amount a policy owner pays to an insurer, minus what he or she gets back from the insurer. This expression is used when determining the true cost of permanent forms of Life Insurance to a policy owner. It considers the fact that premiums are paid in, but also that an actual cash value is being built up, which is the portion that the insured will get back from the insurance.

The unpaid and yet undue premiums on Life Insurance, paid on other than an annual premium basis.

A form of combined reinsurance which provides that, in consideration of a premium, which is a fixed percentage of the ceding company’s subject premium on the business covered, the reinsurer will indemnify the ceding company for the amount of loss of each risk in excess of a specified retention and subject to a specified limit and, after deducting the excess recoveries on each risk, the reinsurer will indemnify the ceding company against a fixed quota share percent of all remaining losses.

Another term used to describe the charge for the pure insurance protection element of a life insurance contract. It is also known as the Mortality Charge.

That form of vesting under which rights to vested benefits are acquired by a participant, commencing upon fulfillment of specified requirements; usually reaching a certain age or number of years of service or membership. See also Vesting.

A mortality table which was published in 1928 for use in determining rates for group annuities.