The value of a book of business to an insurer, assuming that the business has been in force long enough to show true mortality rates. This value must be known by the insurer in order to make rates and also in order to sell the business. If assets share values do not grow properly, either the rates have been too low or expenses too high.

See Cash Surrender Value. (LI)

The transfer of the ownership rights of a Life Insurance policy from one person to another. The term also refers to the document that effects the transfer.

See Accidental Death and Dismemberment Insurance.

The age an insured has reached on a given date.

See Irrevocable Beneficiary.

A provision in a Life policy authorizing the insurer to use the loan value to pay any premiums still due at the end of the grace period.

A dividend option allowing dividend accumulations to be applied to convert a life insurance policy into an endowment, or to shorten the endowment term.

This form of reinsurance, also known as Treaty Reinsurance, is one whereby an insurer must cede that portion of a risk that is above the limit established by contract, and the reinsurer must accept all risks ceded to it.

An option to use Life Insurance policy dividends to mature a policy as an endowment before the regular maturity date.