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Insurance Glossary T - W
T
Term Insurance – Insurance that provides protection for a specific period of time.
Terminally Ill – A patient who is expected to die within an amount of time specified in the policy.
Tertiary Beneficiary – The third in line to receive the benefits of a life insurance policy.
Total Disability – A condition which does not allow a person to perform the duties of any occupation for
payment as a result of injury or sickness.
Transfer - A basic principle of insurance under which the risk of financial loss is assigned to another party.
U
Underwriter – A person who evaluates and classifies risks to accept or reject them on behalf of the insurer.
Underwriting – The process of reviewing, accepting or rejecting applications for insurance.
Unearned Premium – The portion of premium for which policy protection has not yet been given.
Unilateral Contract – A contract that legally binds only one party to contractual obligations after the
premium is paid.
Universal Life – A combination of a flexible premium and adjustable life insurance.
Utmost Good Faith – The fair and equal bargaining by both parties in forming the contract, where the
applicant must make full disclosure of risk to the company, and the insurance company must be fair in
underwriting the risk.
V
Valued Contract – A contract that pays a stated amount in the event of a loss (disability insurance/life
insurance).
Viatical Settlement – An arrangement that allows someone living with a life threatening condition to sell
their existing life insurance policy and use the proceeds when and where they are most needed, before
death.
W
Waiting Period – Time between the beginning of a disability and the start of disability insurance benefits.
Waiver – The voluntary abandonment of a known or legal right or advantage.
Waiver of Cost – A disability rider, found in Universal Life Insurance, that waives the cost of the insurance
but does not waive the cost of premiums necessary to accumulate cash values.
Waiver of Premium – Continuation of life insurance coverage if the insured becomes totally disabled and is
unable to pay the premiums.
Warranty – A material stipulation in the policy that if breached may void coverage.
Whole Life Insurance – Insurance that is kept in force for a person’s entire life and pays a benefit upon the
person’s death, whenever that may be.
Workers Compensation – Benefits required by state law to be paid to an employee by an employer in the
case of injury, disability, or death as the result of an on-the-job hazard.
T
Term Insurance – Insurance that provides protection for a specific period of time.
Terminally Ill – A patient who is expected to die within an amount of time specified in the policy.
Tertiary Beneficiary – The third in line to receive the benefits of a life insurance policy.
Total Disability – A condition which does not allow a person to perform the duties of any occupation for
payment as a result of injury or sickness.
Transfer - A basic principle of insurance under which the risk of financial loss is assigned to another party.
U
Underwriter – A person who evaluates and classifies risks to accept or reject them on behalf of the insurer.
Underwriting – The process of reviewing, accepting or rejecting applications for insurance.
Unearned Premium – The portion of premium for which policy protection has not yet been given.
Unilateral Contract – A contract that legally binds only one party to contractual obligations after the
premium is paid.
Universal Life – A combination of a flexible premium and adjustable life insurance.
Utmost Good Faith – The fair and equal bargaining by both parties in forming the contract, where the
applicant must make full disclosure of risk to the company, and the insurance company must be fair in
underwriting the risk.
V
Valued Contract – A contract that pays a stated amount in the event of a loss (disability insurance/life
insurance).
Viatical Settlement – An arrangement that allows someone living with a life threatening condition to sell
their existing life insurance policy and use the proceeds when and where they are most needed, before
death.
W
Waiting Period – Time between the beginning of a disability and the start of disability insurance benefits.
Waiver – The voluntary abandonment of a known or legal right or advantage.
Waiver of Cost – A disability rider, found in Universal Life Insurance, that waives the cost of the insurance
but does not waive the cost of premiums necessary to accumulate cash values.
Waiver of Premium – Continuation of life insurance coverage if the insured becomes totally disabled and is
unable to pay the premiums.
Warranty – A material stipulation in the policy that if breached may void coverage.
Whole Life Insurance – Insurance that is kept in force for a person’s entire life and pays a benefit upon the
person’s death, whenever that may be.
Workers Compensation – Benefits required by state law to be paid to an employee by an employer in the
case of injury, disability, or death as the result of an on-the-job hazard.
| Trout Insurance is a full line insurance agency located in Asheville, NC. Trout Insurance offers life, health, disability, home and auto insurance for individuals as well as college funding and retirement planning. Christopher Smith, Dave Trout, Jan Trout and Ralph Redpath are independent insurance agents with Trout Insurance. Christopher Smith specializes in group health insurance, employee benefits, insurance needs for business owners, individual life insurance, short term health insurance, disability and critical illness insurance. Dave Trout specializes in life and disability insurance, retirement planning for individuals and businesses, commercial business insurance and college funding. Jan Trout specializes in individual health insurance. Ralph Redpath specializes in home and auto coverage. Web site design by Christopher Smith. Agency photo by Jason Sanford. © 2010 Trout Insurance Corporation |
