FAQs
A non-forfeiture option. (or clause) is a provision included in certain life insurance policies stipulating that the policyholder will not forfeit the value of the policy if the policy lapses after a defined period due to missed premium payments.
What is the portion of the insured loss in dollars paid by the policy holder? ›
Deductible - portion of the insured loss (in dollars) paid by the policy holder. Deferred Annuity - annuity payment to be made as a single payment or a series of installments to begin at some future date, such as in a specified number of years or at a specified age.
What is the amount paid for insurance called? ›
Premium - The payment, or one of the periodic payments, a policyowner agrees to make for an insurance policy. Depending on the terms of the policy, the premium may be paid in one payment or a series of regular payments, e.g., annually, semi-annually, quarterly or monthly.
What is the amount of money an insured person pays before the insurance company makes payments for loss? ›
Deductible. The amount you pay when you have a claim before your insurance company begins payment.
What does the NTO stand for? ›
Naib Tehsildar Office (NTO)
What does premium mean? ›
Broadly speaking, a premium is a price paid for above and beyond some basic or intrinsic value. Relatedly, it is the price paid for protection from a loss, hazard, or harm (e.g., insurance or options contracts). The word "premium" is derived from the Latin praemium, where it meant "reward" or "prize."
What is the total premium that a policy holder pays? ›
Premium in life insurance refers to the amount that a policyholder will pay either in a lump sum or regularly to purchase the insurance policy. It is also known as policy premium. The insurers normally provide monthly or annual premium amounts for the life insurance plans.
How does insurance calculate loss of income? ›
The insurance company calculates lost wages based on your earning potential and the amount of time you've missed from work due to the accident. They require evidence such as pay stubs, medical records, and a letter from your employer.
What is the amount of money that the policyholder pays to the insurer called? ›
Premium - The fee you pay to have insurance. Also called 'rate' or 'premium rate.
What does al mean in insurance? ›
TPS offers both Auto Liability (AL) and Auto Physical Damage (APD) coverage for our Members. AL coverage protects the Member against financial loss due to automobile-related injuries to third parties or damage to their property due to auto.
Contractual liability insurance helps protect small business owners from claims due to contracts.
What is the meaning of CC insurance? ›
Consumer Credit Insurance is a type of insurance that helps protect consumers from financial loss if they are unable to make payments on their credit accounts due to certain covered events. These events can include loss of life, disability, or involuntary unemployment.
What is a lifetime limit? ›
A cap on the total lifetime benefits you may get from your insurance company.
What do you call someone who relies on you financially? ›
A financial dependant is anyone who relies on you financially for things like money, clothes or food.
What is it called when a child relies on you financially? ›
Kids are dependants (or dependents) of their parents, which means they depend on them for food and shelter. Definitions of dependant. noun. a person who relies on another person for support (especially financial support) synonyms: dependent.
What is the purpose of having an accelerated death benefit? ›
Accelerated death benefits exist to help terminally ill individuals with life insurance access a portion of their death benefit before they pass away. The intent is to use the money to help cover healthcare and related costs. In return, the amount of the total death benefit is reduced.
What does a non-forfeiture clause give the policy owner? ›
A nonforfeiture clause is an element included in standard life insurance and long-term care insurance. It stipulates that the policyholder will receive a partial or full refund of premiums paid if the policy lapses after a defined period due to missed premium payments.
What is a non forfeiture option? ›
Key Takeaways. A nonforfeiture clause is an insurance policy clause stipulating that an insured party can receive full or partial benefits or a partial refund of premiums after a lapse due to nonpayment. Permanent life insurance, long-term disability, and long-term care insurance policies may have nonforfeiture clauses ...
What does NTO mean in property? ›
A Notice to Owner (NTO) is a document that subcontractors and material suppliers, not in direct contract with an owner, will send to an owner to identify their presence on a property improvement. This could be in the form of labor, services, or supplying materials.
