Paid-Up Additional Insurance
An additional amount of fully paid up insurance purchased with policy dividends or additional premium payments. Paid up additional insurance increases both the face amount and the cash value of the policy.
Archives: Glossary Terms
Partial Disability Insurance
While some disabilities can prevent you from working completely, other conditions may only reduce your working capacity partially. For example, chronic pain or degenerative conditions may force doctors to work fewer hours or meet with fewer patients which can substantially reduce their earnings without qualifying as a total disability. A residual or partial disability rider … Read more
Policy
A contract issued by an insurance company to a policyholder specifying the scope of the coverage provided as well as any limitations in the policy. Any endorsements or riders added to the policy become a part of the contract.
Pre-Existing Condition
A condition for which symptoms existed that would cause an ordinarily prudent person to seek diagnosis, care or treatment within a 12-month period immediately prior to the coverage date(s), or for which medical advice or treatment was recommended by a doctor or received from a doctor within a 24-month period prior to the coverage date(s).
Preferred Risk
The status given to an individual applying for life insurance who meets the insurers criteria for more favorable premium pricing based on the person’s health condition, medical history, life style habits, and occupation.
