High Net Worth Insurance

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  1. Life Settlement

    A life settlement is the selling of one's life insurance policy to a third party for a one-time cash payment.
  2. Windstorm Insurance

    Windstorm insurance is a special type of property-casualty insurance that protects policyholders from property damage caused ...
  3. Business Liability Insurance

    Business liability insurance protects a company and/or business owner in the event of a formal lawsuit or any third-party ...
  4. Laddering

    Laddering is the promotion of inflated pre-IPO prices for the sake of obtaining a greater allotment of the offering.
  5. Covenant Not To Sue

    Covenant not to sue is a legal agreement in which the party seeking damages agrees not to sue the party against which it ...
  6. Insurance Trust

    An insurance trust is an irrevocable trust set up with a life insurance policy as the asset, allowing the grantor to exempt ...
  7. Insurance Proceeds

    Insurance proceeds are benefit proceeds paid out by any type of insurance policy as a result of a claim.
  8. Statutory Liability

    Statutory liability is a legal term for someone being held responsible for a certain action or omission due to a related ...
  9. Annuity Contract

    An annuity contract is a written agreement between an insurance company and a customer outlining each party's obligations ...
  10. Group Universal Life Policy (GULP)

    A group universal life policy is universal life insurance offered to a group that is less expensive than what is typically ...
  11. Level Death Benefit

    A level death benefit is a life insurance payout that is the same whether the insured person dies shortly after purchasing ...
  12. Cash Refund Annuity

    A cash refund annuity refunds to a beneficiary any sum left over should the annuitant die before breaking even on what they ...
  13. Single-Premium Deferred Annuity (SPDA)

    A single-premium deferred annuity (SPDA) is an annuity established with a single payment featuring investment growth solely ...
  14. Offering

    An offering is the issue or sale of a security by a company. It is often used in reference to an initial public offering ...
  15. Return On Capital Gains

    The value of an investment in an asset as it matures or is sold can be expressed as a return on capital gains.
  16. Coinsurance Formula

    A coinsurance formula is the homeowners insurance formula that determines the amount of reimbursement that a homeowner will ...
  17. Private-Passenger Auto Insurance Policyholder Risk Profile

    Private-passenger auto insurance policyholder risk profile is an estimate of the risk an insurance company will take on by ...
  18. Insurance Inflation Protection

    Insurance inflation protection is designed to allow policyholders to make sure that the benefits they receive can keep up ...
  19. Social Security Number (SSN)

    A Social Security Number (SSN) is a numerical identifier assigned to U.S. citizens and some residents to track their income ...
  20. Immediate Payment Annuity

    An immediate payment annuity is an annuity contract that is purchased with a single payment and pays a guaranteed income ...
  21. Interest-Crediting Methods

    An interest-crediting method determines how interest changes to a fixed index annuity are measured.
  22. Apportionment

    An apportionment is the allocation of a loss between all of the insurance companies that insure a piece of property.
  23. Underwriting Standards

    Underwriting standards are guidelines established to ensure that safe and secure loans are issued and maintained.
  24. Contractual Liability Insurance

    Contractual liability insurance protects against liabilities that policyholders assume when entering into a contract.
  25. Key Person Insurance

    Key person insurance is a life insurance policy that a company purchases on a key executive's life.
  26. Yearly Renewable Term (YRT)

    A yearly renewable term is a one-year term life insurance policy. This type of policy gives policyholders a quote for the ...
  27. Annual Dividend (Insurance)

    In the insurance industry, an annual dividend is a yearly payment given by an insurance company to a policyholder.
  28. Commutation

    Commutation refers to the rights of beneficiaries to exchange one type of income for another.
  29. Named Perils Insurance Policy

    A named perils insurance policy is a home insurance policy that only covers losses incurred to your property from hazards ...
  30. Gross Spread

    Gross spread is the difference between the underwriting price received by the issuing company and the actual price offered ...
  31. Ceding Company

    A ceding company is an insurance company that passes a part or all of its risks from its insurance policy portfolio to a ...
  32. Undersubscribed

    Undersubscribed is a situation in which demand for IPO securities is less than the number of shares issued, also known as ...
  33. Death Benefit

    A death benefit is the amount on a life insurance policy or pension that is payable to the beneficiary when the annuitant ...
  34. Hammer Clause

    A hammer clause is an insurance policy clause that allows an insurer to compel the insured to settle a claim.
  35. Actual Cash Value

    Actual cash value is the amount equal to the replacement cost minus depreciation of a damaged or stolen property at the time ...
  36. Broad Form Insurance

    Broad form insurance coverage extends beyond the basics to include rare events that may be of serious risk to the insured.
  37. Noncancellable Insurance Policy

    A noncancellable insurance policy can't be cancelled by an insurance company, nor can premiums be increased or benefits reduced ...
  38. Cut-Through Clause

    A cut-through clause is a reinsurance provision that lets a party, other than the ceding company and reinsurance company, ...
  39. Cash Value Accumulation Test (CVAT)

    Cash value accumulation test (CVAT) is a test for determining whether a financial product can be taxed as an insurance contract ...
  40. Average Indexed Monthly Earnings (AIME)

    Average indexed monthly earnings (AIME) is used to determine the primary insurance amount (PIA) that values an individual's ...
  41. Waiver Of Premium For Payer Benefit

    A waiver of premium for payer benefit clause says that an insurance company will not require a fee to maintain the policy ...
  42. Comprehensive Insurance

    Comprehensive insurance is a type of automobile insurance that covers damage to your car from causes other than a collision.
  43. Collision Damage Waiver (CDW)

    Collision damage waiver (CDW) is additional insurance coverage offered to an individual renting an automobile.
  44. Conversion Privilege

    Conversion privilege is an insurance policy in which the insurer is required to renew or update the policy regardless of ...
  45. Blanket Insurance

    Blanket insurance covers many types of property in one place, the same type of property in many locations, or many kinds ...
  46. Umbrella Insurance Policy

    An umbrella insurance policy provides extra liability insurance coverage that goes beyond the limits of the insured's home, ...
  47. Actuarial Service

    Actuarial service is one way corporations determine, assess and plan for the financial impact of risk.
  48. Cession

    Cession refers to the portions of obligations in an insurance company's policy portfolio that are transferred to a reinsurer.
  49. Own-Occupation Policy

    An own-occupation policy covers individuals who become disabled and can't perform what they have been trained to perform.
  50. Reciprocal Insurance Exchange

    Reciprocal insurance exchanges are where individuals and businesses exchange insurance contracts to spread the risk among ...
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Hot Definitions
  1. Compound Annual Growth Rate - CAGR

    The Compound Annual Growth Rate (CAGR) is the mean annual growth rate of an investment over a specified period of time longer ...
  2. Net Present Value - NPV

    Net Present Value (NPV) is the difference between the present value of cash inflows and the present value of cash outflows ...
  3. Price-Earnings Ratio - P/E Ratio

    The Price-to-Earnings Ratio or P/E ratio is a ratio for valuing a company that measures its current share price relative ...
  4. Internal Rate of Return - IRR

    Internal Rate of Return (IRR) is a metric used in capital budgeting to estimate the profitability of potential investments.
  5. Limit Order

    An order placed with a brokerage to buy or sell a set number of shares at a specified price or better.
  6. Current Ratio

    The current ratio is a liquidity ratio that measures a company's ability to pay short-term and long-term obligations.
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