Glossary
The life income with period certain option is a life insurance settlement option under which a beneficiary may have policy proceeds converted to a life annuity for the beneficiary with the benefit period based on the beneficiary's life expectancy and payments that continue for that period of time whether or not the beneficiary lives.
Read MoreLife insurance risk factors describe information about an individual that is needed to underwrite a life insurance policy, such as age, sex, weight, current health, medical history, height, tobacco use, and occupation.
Read MoreA life insurance trust is an agreement that provides for the placing of life insurance proceeds into a trust fund, which is administered by a trustee within the terms of the trust.
Read MoreThe Life Office Management Association (LOMA) is an educational organization that focuses on the life insurance business and develops administrative and technical courses.
Read MoreLife underwriters' professional liability insurance refers to a specialized professional liability insurance policy patterned after the insurance agents errors and omissions (E&O) policy that provides coverage for life insurance agents and general agents.
Read MoreThe Life Underwriter Training Council (LUTC) is an organization that prepares and administers life insurance underwriter training programs.
Read MoreLilly Ledbetter Fair Pay Act of 2009 is a federal law amending the Civil Rights Act of 1964 and stating that the 180-day statute of limitations for filing an equal pay lawsuit begins to run with each new discriminatory paycheck.
Read MoreA limitation of liability clause caps the amount of liability one party to the contract may have to the other party.
Read MoreA limitation of risk concerns the maximum amount an insurer or reinsurer can be obligated to pay in any one loss event.
Read More