• Group
Insurance
A means through which a group of
persons who usually have a business or professional relationship to the
contract owner are provided insurance coverage under a single contract.
Group insurance is distinguished from individual insurance contracts through
general features, the substitution of group underwriting for individual
underwriting; the use of a master contract, lower administrative costs,
flexibility in contract design and the use of experience rating.
• Group Life
Second
to Die Life Insurance - Insures two (or more)
lives and pays the death proceeds only on the death of the second (or
last) insured to die (also known as survivorship life insurance).
Split Dollar Life
Insurance - An arrangement for providing funding for individually
issued, cash-value life insurance.
First to Die Life
Insurance - Pays the face amount of the policy on the first death
of one of 
two (or more) insureds covered by the contract (also known as
joint life
insurance).
Whole Life Insurance
or Straight Life Insurance - Life insurance with premiums that
are payable for the whole of life (also known as continuous premium and ordinary
life insurance).
Single Premium
Whole Life (SPWL) Insurance - The extremes in limited-payment
life
insurance wherein the policy is fully paid up from inception with a single
payment.
Such a policy has immediate, substantial cash value.
Term Life Insurance
Policies - Insurance policies that provide protection for a somewhat
shorter period
than a whole life policy and carrying a lower premium.
Examples of term insurance contracts would be
10 year term, 20 year term,
30 year term, mortgage term, to age 65 term, etc.
Universal Life
Insurance - A flexible premium insurance plan that permits the policy
owner the flexibility
of deciding the amount of the premium he or she
would like to pay for coverage.
Variable Life
Insurance (VLI) - A type of whole life insurance whose values may
vary directly with the performance
of a set of ear marked investments.
• Group Medical
Temporary
Medical - Coverage designed for a specified
period of time generally from one to six months. Providing coverage for
major hospital, medical and surgical expenses that you incur for necessary
treatment and service
rendered as the result of a covered injury or sickness.
Individual Health
Insurance - Also known as major medical insurance. Any form of insurance
whose payment is contingent on the insured incurring additional expenses
or losing income because of incapacity or loss of good
health, can include
multiple family members.
Prescription Drug
Coverage - Stand alone coverage purchased on an individual basis.
Benefit would cover
prescription drugs and medicines (not used in a hospital)
up to a maximum benefit negotiated or dependant on the premium paid for
each plan.
• Group Disability
Disability
Income Insurance - Insurance under which payment
is provided because physical or mental incapacity prevents the insured
from being able to work.
• Group Dental
Dental
Insurance - Plan that provides benefits for
diagnostic and preventive card as well as almost every form of specialty
dental treatment.
Medicare Supplement
or (Wraparound) - A policy that meets specific minimum standards set
out in insurance law
or regulation designed to provide benefits that cover
the deductible and co insurance amounts that individuals must
pay personally
under medicare.
• Supplemental
Supplemental
Insurance - Insurance coverage that is superimposed
on a basic major medical plan that indemnifies
an insured in the event
of an occurrence. Examples of supplemental insurance are Hospital Indemnity-pays
a
special amount for each day stayed in a hospital, cancer insurance,
accidental injury or death, short term disability,
etc.
Hospital Indemnity
Coverage - Coverage paying a fixed sum for each day of hospital confinement.
• Individual Life & Health
Long Term Care (LTC) Insurance - Insurance that covers physical
or mental incapacity that prohibits the insured's activities of daily
living.
Medicare Supplement or (Wraparound) - A policy that meets specific
minimum standards set out in insurance law
or regulation designed to provide
benefits that cover the deductible and co insurance amounts that individuals
must
pay personally under medicare.
Hospital Indemnity Coverage - Coverage paying a fixed sum for
each day of hospital confinement.
Disability Income Insurance - Insurance under which payment is
provided because physical or mental incapacity prevents the insured from
being able to work.
Individual Health Insurance - Also known as major medical insurance.
Any form of insurance whose payment is contingent on the insured incurring
additional expenses or losing income because of incapacity or loss of
good
health, can include multiple family members.
Second to Die Life Insurance - Insurers two (or more) lives and
pays the death proceeds only on the death of the second (or last) insured
to die (also known as survivorship life insurance).
Split Dollar Life Insurance - An arrangement for providing funding
for individually issued, cash-value life insurance.
First to Die Life Insurance - Pays the face amount of the policy
on the first death of one of two (or more) insureds covered by the contract
(also known as joint life insurance).
Whole Life Insurance or Straight Life Insurance - Life insurance
with premiums that are payable for the whole of
life (also known as continuous
premium and ordinary life insurance).
Single Premium Whole Life (SPWL) Insurance - The extremes in limited-payment
life insurance wherein the policy is fully paid up from inception with
a single payment. Such a policy has immediate, substantial cash value.
Term Life Insurance Policies - Insurance policies that provide
protection for a somewhat shorter period than a whole
life policy and
carrying a lower premium. Examples of term insurance contracts would be
10 year term, 20 year term, 30 year term, mortgage term, to age 65 term,
etc.
Universal Life Insurance - A flexible premium insurance plan that
permits the policy owner the flexibility of deciding the amount of the
premium he or she would like to pay for coverage.
Variable Life Insurance (VLI) - A type of whole life insurance
whose values may vary directly with the performance of
a set of ear marked
investments.
Supplemental Insurance - Insurance coverage that is superimposed
on a basic major medical plan that indemnifies
an insured in the event
of an occurrence. Examples of supplemental insurance are Hospital Indemnity-pays
a
special amount for each day stayed in a hospital,cancer insurance,
accidental injury or death, short term disability,
etc.
Temporary Medical - Coverage designed for a specified period of
time generally from one to six months. Providing coverage for major hospital,
medical and surgical expenses that you incur for necessary treatment and
service rendered as the result of a covered injury or sickness.
Prescription Drug Coverage - Stand alone coverage purchased on
an individual basis. Benefit would cover
prescription drugs and medicines
(not used in a hospital) up to a maximum benefit negotiated or dependent
on the premium paid for each plan.
Dental Insurance - Plan that provides benefits for diagnostic
and preventive card as well as almost every form of
specialty dental treatment.
Group Insurance - A means through which a group of persons who
usually have a business or professional
relationship to the contract owner
are provided insurance coverage under a single contract. Group insurance
is distinguished from individual insurance contracts through general features;
the substitution of group underwriting for individual underwriting; the
use of a master contract, lower administrative costs, flexibility in contract
design and the use of experience rating.
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