Glossary
A liberalization clause is a provision that extends to persons already insured under a particular policy the broadened coverage features that may be introduced in subsequent editions of that policy form.
Read MoreA license and permit bond is one that is required by a municipality or other public body as a condition to granting a license or permit to engage in a specified activity, this bond guarantees that the party seeking the license or permit (the obligor) will comply with applicable laws or regulations.
Read MoreThe lifetime disability benefit is a long-term disability insurance policy that continues payments until the death of the insured.
Read MoreThe lifetime limit is the maximum dollar benefit an individual may receive under a health insurance policy or plan.
Read MoreA lifetime policy is a life insurance or disability insurance policy that is noncancelable or is guaranteed renewable, usually for as long as the insured lives.
Read MoreLife expectancy concerns the average number of years a person of a certain age is expected to live as shown on an annuity table or mortality table.
Read MoreThe life income option is a life insurance settlement option under which a beneficiary may have policy proceeds converted to a life annuity for the beneficiary.
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