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Absolute Beneficiary - A beneficiary is person that will not be changed without written approval or consent.

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Accelerated Benefits - Benefits that is accessible in some life insurance policies before death and generally triggered by long-term, catastrophic or terminal illness.

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Accident Benefit - Payment provided for additional benefit equal to the sum assured in installments on permanent disability and waiver of subsequent premiums payable under the policy.

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Accidental Death Benefits (ADB)- A provision added to a life insurance policy for payment of an extra benefit in case of death, which results from an accident. This provision is normally known as "double indemnity."

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Account Value or Accumulation Value - The accumulated premiums amount and interest amount after expense charges cost of insurance and charges for any supplemental advantages or riders in Universal life Insurance policies, used to decide the policy's amount-at-risk in calculation of mortality charges. A surrender charge is as well applied to it to decide the loan and surrender cash value.

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Actual Age - An age calculation based on a person's last birth date (real age) for insurance premium rate determinations.

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Actuary - A mathematician employed by an insurance company to calculate insurance premiums, reserves, dividends, and insurance, pension, and other annuity rates, using risk factors acquired from experience tables.

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Adjustable Life Insurance - A type of life insurance, which permits the policy holder to change the plan of insurance, hoist or lower the face amount of the policy, increase or may even decrease the premium and extend or shorten the protection period.

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Advanced Premium Deposit - Annual premiums paid in advance at a given discount. The interest earned on the amount deposited before the insurance premium due date decreases the cost of the premiums.

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Adverse Selection - The tendency of persons who present a poorer-that-average risk to apply for, or continue, insurance to a larger extent than do persons with standard or better-than-average expectations of loss.

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Age Change - It is date on which an insured's age actually changes. In most life insurance contracts this is the date halfway among the insured's birthdays. The date of age change depends on whether the insurer uses an age nearby birthday or age last birthday calculation for influential premium rates.

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Age Nearest Birthday - An age calculation based on an individual person's nearest birth date for premium rate determinations. If the person's birth date is within six months, they are well thought-out the next age.

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Age Limits - Ages below and above which an insurance company will not accept applications or renew policies.

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Agent - An agent is an official representative of an insurance company who sells and services insurance contracts.

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Amendment - Document changing the provisions of any insurance contract signed mutually by the insurer as well as the policyholder.

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Annual Policy Statement - It is an Individual statement, which provides exact policy information and values that are sent to policy owners on each contract anniversary.

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Annuities - It simply means to begin a series of payments from an annuity. This term is as well referred to the settlement of a life insurance policy under the contract's annuity options.

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Annuity - A contract sold by a life insurance company, which offers fixed or variable payments to an annuitant, it could be immediately or even at a future date.

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Annuity Plans - These plans offered for a "pension" (or a mix of a lump sum amount and a pension) to be paid to the insurance policyholder or to his spouse. In the event of death of both of them during the insurance policy period, a lump sum amount is offered for the next person in the family.

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Applicant - The person who is applies for the insurance policy. The applicant is not essentially should be the owner or the insured.

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Application - A statement of information provided by person who is applying for life insurance. The information collected assists the life insurance company assesses whether the risk presented by the applicant is adequate to underwriters.

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Application Form - Supplied by the insurance company, generally filled in by the agent or broker and medical examiner (if in case it is applicable) on the basis of information received from the applicant. It is signed by the applicant and as well it is a part of the insurance policy as it is issued.

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Application Supplement - It is a supplement to the application stating that the non-guaranteed elements of the insurance deal have been disclosed to the applicant during the sales process.

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Approval - Signifies the official acceptance of forms by a state when insurance policy information is been filed; Signifies the insurer's receipt of risks as lay down in an application for insurance (as initially made or been modified by the insurer).

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Assignment - Assignment simply means legal transference. It is a method by which the policyholder could pass on his interest to an additional person. An assignment could even be made by an approval on the insurance policy document or as a separate deed. Assignment could be of two types as followed: 1) Conditional assignment 2) Absolute Assignment.

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Attained Age - It is a given date of the insurer. Attained age is one of the factors that a life insurance company uses to decide on the insurance premiums. Some insurance companies just round up the age of the insurance person to the next age six month after each birthday.

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Attending Physician's Statement (APS) - Information proposed for the insurance person's physician covering medical history and as well it is a result of medical examinations. It is used to decide the apt underwriting classification for the proposed insured.

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Authorization - It is a authorization from the policy owner or proposed insured that permits release of information to a named party.

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Aviation Hazard - The additional hazard of death or any wound that result from contribution in aeronautics normally as other than a passenger. This usually needs an extra premium rating or waiver of some coverage benefits.

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