meaning of indeterminate term insurance
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types of policies and riders Indeterminate premium life insurance is a type of whole life insurance that specifies two premium rates: a guaranteed maximum, and a lower rate you actually pay. The lower premium level is for a set period of time. Then the company establishes a new rate that may be higher or lower than the initial premium.
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- IndemnityAn indemnity insurance policy is the kind that will pay a specified dollar amount should a named event occur.A health insurance indemnity plan will usually pay a fixed dollar amount for each day you are in a hospital for example.
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- New Jersey statutes do not address this question specifically. The New Jersey Notary Association recommends that a notary consider their statutory responsibility of remaining an impartial witness in all transactions they execute. If you notarize for a family member, your impartiality may be compromised.
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Amortization of Certain Intangible Assets (Note that indeterminate life and indefinite life are not synonymous—Statement no. 142 requires companies to make a best estimate for the former.) The exhibit provides a decision path CPAs can use to determine the useful life of contractual/legal intangible assets.
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- Home › Resources › Insurance Dictionary › Nonforfeiture Provisions - Definition of the Insurance Term Nonforfeiture Provisions Protects the contract holder from total forfeiture or loss of benefits if he stops making the required periodic payments and surrender charges, or penalties for cashing in the annuity before the pay out period.
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What is an elimination period? By Chizoba Morah AAA |. A: Elimination period is a term used in insurance to refer to the time period between an injury and the receipt of benefit payments. In other words, it is the length of time between the beginning of an injury or illness and receiving benefit payments from an insurer. It is sometimes referred to as a 'waiting' or 'qualifying' period. Before benefits are paid, most insurance policies require that a policyholder qualify for the elimination period.
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Indemnity Health Insurance Definition The word indemnity is synonymous with insurance, compensation and reimbursement. When used to describe health insurance, conventional indemnity plans are what is thought of as traditional health insurance.Managed care plans evolved from indemnity health insurance policies, and therefore contemporary group health plans sometimes have many of the same features as traditional insurance.onventional Indemnity. Indemnity health insurance plans typically provide comprehensive medical coverage for a monthly premium. These are called fee-for-service plans, because bills are paid as charges are incurred.
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How Does Insurance Work With Suicide? If someone commits suicide after the suicide exclusion clause on a life insurance contract expires, the insurer can still avoid making a payout but only if the insurer can prove that the deceased person bought the insurance as part of a long-term plan to defraud the insurance company.
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Memorandum of Insurance A Memorandum of Insurance (MOI) provides on-line information about a company's insurance program. This information includes policy numbers, limits, and insurance companies. Marsh prepares the Memorandum and the information is subject to the terms and conditions stated on the Memorandum. The information can be viewed at the MOI web site.
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What is 'Accidental Death Benefit' DEFINITION of 'Accidental Death Benefit'. The payment due to the beneficiary of an accidental death insurance policy, which is often a clause or a rider connected to a life insurance policy. The accidental death benefit is usually an amount paid in addition to the standard benefit payable if the insured died of natural causes. Depending on the issuer of the policy, the accidental death benefit may extend up to a year after the initial accident occurred, so long as the accident led to the insured's death.
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Indeterminate Meaning of Indeterminate. That which Is uncertain, or not particularly designated; as, if I sell you one hundred bushels of wheat, without stating what wheat. 1 Bouv. Inst, note 950.
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livestock insurance livestock insurance. Insurance that provides a lump sum benefit to the insured if an animal listed in the policy dies from one of the perils specified in the contract. You Also Might Like... When choosing a life insurance policy two of the main types of plans available are term life insurance and whole life insurance.
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- Term insurance is a policy with a set duration limit on the coverage period. Once the policy is expired, it is up to the policy owner to decide whether to renew the term life insurance policy or to let the coverage end.
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What is term insurance? Really good question! Term is a type of life insurance that provides a potential death benefit for a fixed period or term.. This is commonly a flat premium for say, 5, 10, 15, 20, or 30 years. After the end of the term the policy no longer provides a death benefit.
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Incontestability Clause Incontestability Clause. A provision in a life or Health Insurance policy that precludes the insurer from alleging that the policy, after it has been in effect for a stated period (typically two or three years), is void because of misrepresentations made by the insured in the application for it.
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undetermined indeterminate, undetermined - not precisely determined or established; not fixed or known in advance; of indeterminate age; a zillion is a large indeterminate number; an indeterminate point of law; the influence of environment is indeterminate; an indeterminate future.
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Glossary of Insurance Terms The waiver of premium for disability remains in effect as long as the insured is disabled. Whole Life Insurance-Life insurance which might be kept in force for a person's whole life and which pays a benefit upon the person's death, whenever that might be. back to top. Yield on Invested Assets (IRIS) - Annual net investment income after expenses, divided by the mean of cash and net invested assets.
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The Best Natural Sources of Vitamin C Ascorbic acid, or vitamin C, is an essential nutrient required for collagen synthesis, bone and teeth calcification, healing of wounds, hemoglobin formation, growth and other metabolic functions. Vitamin C is found in all fresh fruits, vegetables and their juices.Citrus fruits such as sweet limes, guava, oranges, grapefruit, lemon, papaya and pineapple contain large amounts of this vitamin along with kiwis, berries, and mangoes.itamin C is found in all fresh fruits, vegetables and their juices. Citrus fruits such as sweet limes, guava, oranges, grapefruit, lemon, papaya and pineapple contain large amounts of this vitamin along with kiwis, berries, and mangoes.
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Services News Government LocalLocation TranslateSelect Language â¼ An insurance contract contains a short-rate penalty clause that applies when the policyholder initiates a mid-term cancellation. When the policyholder entered into the contract, the company held a financial strength rating in the A range from rating service A.M. Best Co.
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Decreasing Term Life: What The Insurance Industry Doesn't Want You To Know This is decreasing term life insurance. Since the effectiveness of decreasing term insurance is by definition limited by the age and demographic of the insured—in other words, since the coverage is temporary—insurance companies undertook to design a permanent type of life insurance. They soon found a solution.
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term life insurance term life insurance. Definition. A life insurance policy which provides a stated benefit upon the holder's death, provided that the death occurs within a certain specified time period. However, the policy does not provide any returns beyond the stated benefit, unlike an insurance policy which allows investors to share in returns from the insurance company's investment portfolio.
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Life insurance The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses (such as funeral expenses) can also be included in the benefits. Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.
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Life insurance A legally binding agreement between the insurance company and the contract owner, where the insurer agrees to pay a designated beneficiary a sum of money upon the occurrence of the insured death or other event, such as terminal illness or critical illness.
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Life insurance Accidental death insurance is a type of limited life insurance that is designed to cover the insured should they die as the result of an accident. Accidents run the gamut from abrasions to catastrophes but normally do not include deaths resulting from non-accident-related health problems or suicide.
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Health Insurance Test Terms A type of limited risk health insurance that pays a cash benefit directly to the policyowner in the event of hospitalization. Available on an individual or group policy basis, hospital indemnity insurance provides extra cash to cover personal expenses not covered by medical insurance during hospitalization.
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Cancellation (insurance) Policy term. The period of time that an insurance policy provides coverage. Most policies have a one-year term (365 days) but many other policies also have a 6-month term. Policy terms can be for any length of time and can be for a short period when the period of risk is also short.