The transfer of all incidents of ownership (rights) in a life insurance policy to another individual or entity.
Accelerated Benefits Rider
Allows a portion of the policy death benefit to be accessed during the lifetime of the insured should he or she be diagnosed with a terminal illness. Please see your contract for specific details.
Accidental Death Benefit Rider
Provides an additional death benefit equal to the face amount of the policy if the insured dies as a result of an accident prior to a certain age. Please see your contract for specific details.
In Account Summary, the value of the assets in the account on the specified "as of date." This value may be subject to a contingent deferred sales charge.
In Account Summary, the designation indicates the type of account or contract that has been established and helps define ownership roles and the tax qualification status of the account or contract.
With an annuity, the time period between the purchase of the deferred annuity and the onset of the annuities payout period.
In Account Summary, the value of the annuity on the specified "as of date." Upon surrender of this policy, this value may be reduced by a surrender charge, policy fee, or outstanding loan.
Life insurance premiums, in addition to those used to scheduled, that can be applied directly toward the purchase of additional coverage and/or to increase cash values. Also, additional money added to/deposited into an annuity policy.
Adjustable Life Insurance
A type of life insurance that allows you to change your coverage; raise or lower the face amount, increase or decrease the premium, and lengthen or shorten the protection period.
Adjusted Operating Earnings
Adjusted operating earnings is the measure used for management purposes to highlight the Company's results from ongoing operations and the underlying profitability of our business. Adjusted Operating Earnings represents GAAP net income adjusted for exclusion of, a) investment gains and losses, net of tax, b) dividends on participating life policies related to capital gains, c) equity base tax (release), d) a deferred tax benefit associated with a foreign subsidiary, and e) the inclusion of certain statutory interest maintenance reserve amortization, net of tax, with an offset for amortization of deferred acquisition costs where applicable.
The tendency of persons with poorer-than-average health expectations to apply for or continue insurance coverage to a greater extent than persons with average or better-than-average health expectations.
This is the point at which you are considered to be one year older for insurance premium calculation purposes. Your age change is determined based on your last birthday or closest birthday (within 6 months of your date of birth).
This is the agreement between an agent and an insurance company which gives the agent the authority (with limitations spelled out in the agency agreement) to act on the company's behalf. The term also refers to the office with which the agent is affiliated.
A licensed individual or entity authorized to act for an insurance company and/or its affiliates in the solicitation and/or sale of the company's and/or affiliate's products.
Alternate Cash Surrender Value
The Alternative Cash Surrender Value is equal to the Cash Value of the policy, plus the value of the Deferred Premium Load Account.
A.M. Best Company
One of several independent rating companies that evaluate the financial soundness and claims paying ability of insurance companies. Ratings range from a high of A (superior) to F (poor).
This is the date (one year or more) following the date your policy goes into effect.
Annual 5% Coverage Increase Offer
On the first anniversary of the Policy, and on each subsequent anniversary, you will be offered the opportunity to increase Your Nursing Home Maximum Daily Benefit, the Home and Community Based Care Maximum Daily Benefit, if applicable, the Informal Care Daily Indemnity Benefit, if applicable, as well as Your Policy Lifetime Maximum Benefit by five percent from their levels at the time that the offering is made. You will pay for the additional benefit at your attained age. The increase offer will be considered declined unless you notify us in writing of your election to accept the increase within 31 days of the nearest anniversary of the Policy. Once you have declined the offer four times, no further offers will be made.
Annual Gross Income
Annual Gross Income is your current annual income from all sources, including earned and unearned income before taxes. If applicable, this should also include the current annual income from all sources, including earned and unearned income before taxes, for your spouse or domestic partner.
The person whose lifetime is used as the measuring period to determine how long payments under an annuity policy may be made.
A contract issued by an insurance company that can be used to accumulate money for retirement or to generate a stream of income that is guaranteed for life or for a specific period of time.
A contract providing income for a definite and specified period of time, with payment going to a designated beneficiary if the annuitant dies prior to the end of that period.
A long-term accumulation vehicle sold by a life insurance company that provides benefits for life or a fixed period of time. During the accumulation phase (before benefits are received), values accumulate on a tax-deferred basis.
An annuity that earns a fixed, guaranteed rate of return on cash values and provides fixed payments during the payout period, regardless of other economic conditions. This contrasts with a variable annuity, which features accumulation or loss based on the performance of investment funds selected by the contract owner.
Annuity, Flexible Premium
A type of fixed or variable deferred annuity allowing flexible premium payments after the initial premium has been paid.
An annuity that provides periodic income payments and under which the first income payment is sent immediately or shortly after the initial premium is paid.
Annuity, Joint & Survivor
An annuity that provides income payments for as long as either annuitants remains alive.
An annuity which is payable for no less than the life of the annuitant, regardless of how long he or she lives.
An annuity which features accumulation or loss based on the performance of investment funds selected by the contract owner. This contrasts with a fixed annuity that earns a fixed, guaranteed rate of return on cash values and provides fixed payments during the payout period, regardless of other economic conditions.
This is a document that, when completed, requests coverage from the insurance company. The insurer reviews the application and, along with other information, determines whether or not to accept the application and issue a policy.
The person who receives certain rights to an insurance policy when the policy is assigned.
A legal transfer of one person's interest in an insurance policy to another person.
Association with FINRA Firm
Employees of firms associated with the Financial Industry Regulatory Authority (FINRA) would constitute an association with a FINRA firm.
Automatic Asset Reallocation
If you choose the Automatic Asset Reallocation feature, we will automatically reallocate your assets among the Investment Divisions in order to maintain a pre-determined percentage invested in the Investment Division(s) you have selected.
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