Death by means other than accident, murder or suicide.
Net Cash Value
In Account Summary, the net amount payable to the policyowner if the policy is surrendered to the Company on the specified "as of" date. This value includes any dividends, interest or investment gain/loss credited to date, and is reduced by any outstanding policy loans and loan interest due, any policy charges due and any surrender charges which may apply. A surrender may result in a taxable gain that may be subject to federal and state withholding.
The total, out-of-pocket cost of owning a life insurance policy. There are different methods of calculating this. A simplified method of calculating it is to reduce the total premium paid by dividends returned, and then subtract the cash value from that figure. (Example: If you paid a total of $10,000 in premiums, had $1,200 returned in policy dividends and had accumulated a cash value of $2,000, your net cost for the policy would be $6,800.) This simplified method does not account for the time value of money.
In insurance, the total premium minus dividends.
The value of a business or an individual. It is calculated by subtracting total liabilities from total assets.
New York Life Insurance Company
A mutual life insurance company founded in 1845, and operating continuously ever since in all 50 states and the District of Columbia.
Next Income Payment Date
The date of the next income payment.
No Lapse Guarantee Rider
Guarantees the policy will not lapse within the specified guaranteed period even if the policy's value is not sufficient to cover their monthly deduction charges.
An insurance company not licensed to do business in a particular state.
An insurance policy which the insured has the right to continue in force (by the timely payment of premiums as set forth in the contract) for a specified period of time. During that time, the insurance company cannot alter or cancel the policy.
In business, a type of employee benefit plan or insurance coverage in which the employer pays the full cost for all eligible employees. The employees do not contribute.
A term life insurance policy that cannot be converted to a permanent policy.
In pension plans, a vested benefit that belongs, unconditionally, to the participant.
Non-forfeiture Benefit Rider
The optional Non-forfeiture rider provides a period of paid-up long-term care insurance coverage if the policy lapses after having been in force for at least three years. During this period, benefits will be payable in the same manner as if the policy had remained in force, based on the daily maximum benefit amounts in effect at the time of lapse.
Cash values in a life insurance policy to which the policyowner has a right, even if he or she elects to stop paying premiums. These can be taken under one of three possible non-forfeiture options: (1) surrender for full cash value; (2) use of the cash value to purchase reduced paid-up life insurance; and (3) use of the cash value to purchase extended term insurance in the full face amount of the original policy for as long as the cash value will pay net premiums.
A life insurance policy which is not eligible for dividend distributions from the company's surplus. (Literally, the policy does not "participate" in the dividends).
A retirement plan that does not qualify for the federal tax advantages received by qualified plans, but which, in turn, is subject to fewer restrictions regarding participants and contribution limits.
Nursing Home Maximum Daily Benefit
Maximum benefit payable per day for covered daily room and board charges of a nursing home and for care provided in a hospice facility. The policy will pay up to the selected amount and the policy Lifetime Maximum Benefit shown. This benefit is subject to the Elimination/Waiting Period shown.
= external link that opens in new window...more