life insuranceActuarial science applies mathematical and statistical methods to finance and insurance, particularly to the assessment of risk. Actuaries are professionals who are qualified in this field through highly competitive examinations and experience.
Value of In-Force is a life insurance term for the present value of the profits that will emerge from a block of life insurance policies over time.
Term life insurance is the original form of life insurance and is considered to be pure insurance protection because it builds no cash value. This is in contrast to permanent life insurance such as whole life, universal life, and variable universal life.
Term life insurance is temporary, as it covers only a specific period of time, the relevant term. If the insured dies during the term, the death benefit will be paid to the beneficiary. Because the term expires the insurer often does not have to pay out making term insurance the most inexpensive way to purchase a substantial death benefit on a coverage per premium dollar basis.
Because term insurance is temporary in nature its primary use is generally to provide for covering temporary financial responsibilities of the insured. Such responsibilites may include but are not limited to consumer debt, dependent care, college education for dependents, and mortgages.
Segregated Fund are a classification of funds administered by an insurance company in the form of individual, variable life insurance contracts offering certain guarantees to the policyholder such as reimbursement of capital upon death.
As required by law, these funds are fully segregated from the company's general investment funds, hence the eponym.
Any risk that can be quantified probably has a type of insurance to protect it. Among the different types of insurance are:
English
Română