Looking for the meaning of a particular word? Click on a letter to obtain the list of corresponding words.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

J

Joint and Survivor Annuity
An annuity payable during the life of the annuitant and continued in whole or part after the death of the annuitant to a specified survivor.

Joint Insurance
Life insurance that covers more than one insured.

Joint Life and Survivorship Annuity
An annuity that continues to be payable in whole or in part to a specified survivor for life after the death of the annuitant. The amount may be reduced by a certain percentage upon the death of the annuitant or at the end of a guaranteed period. Note: The percentage of the benefit reduction is subject to prevailing legislation on pension plan benefits payable to surviving spouses.

L

Lapse
Termination of a life insurance policy for nonpayment of premiums. The policy is then said to have lapsed.
Synonym: Forfeiture

Last-to-Die Insurance
Similar to first-to-die insurance, this is a policy taken out by two or more persons where the benefit is paid upon the death of the last surviving insured person.

Level Premium
A premium that remains fixed for the duration of the contract. Also known as a fixed premium.

Life Annuity
An annuity payable until the death of the annuitant.

Life Insurance
A type of insurance that pays a benefit upon the death of the insured party.
Also known as death coverage.

Limited Premium
A premium that is only payable for a specified period of time.

Liquid Assets
Amounts that are immediately available.
Synonyms: Cash Assets, Cash and Cash Equivalents.

Locking-In
The freezing of pension plan benefits for retirement purposes.

Loss
An event whose occurrence gives rise to the insurer's liability. Death, disability, illness, etc. can all constitute losses in insurance terms.

M

Management Fees
Portfolio management and professional fees charged by a mutual fund manager. These fees are generally based on a fixed percentage of the fund's net asset value.

Maturity Date
The date on which a contract ends.

Medical History
List of any illnesses or medical conditions suffered by the applicant or other family members.

Member
1) Someone participating in a group insurance plan through an employer, association, or other group.
2) A unionized or non-unionized employee who is a member of a private pension plan set up by the employer or union.
Also called: participant

Membership
Enrollment in a retirement savings plan or group insurance plan.

Misrepresentation
Misstatement, falsehood, or omission likely to influence the approval or rejection by the insurer of the risk the person to be insured represents.
Synonyms: False Statement, Misstatement, False Declaration, Concealment

See also Fraudulent Misrepresentation

Morbidity Rate
The total number of people affected by a given disease relative to the total population.

Mortality Rate
The total number of deaths relative to the total population in a specific place and period of time.
Synonym: Death Rate

Mortgage Insurance
Insurance that liquidates the insured party's mortgage in case of death of the insured party. "Disability insurance" may be added as an option to ensure that the insurer reimburses the insured party for the insured portion of periodic installments for the duration of the insured party's disability period.

Mortgages
The pledge of real property to a creditor as security to guarantee the payment of a debt or the performance of an obligation.

Mutual Fund Company
A company that pools funds collected from investors to invest in securities.

Mutual Funds
Funds pooled together by individuals to be invested on their collective behalf. Such a fund is managed by a third party, who upon request must repurchase the units at their net asset value.

N

Nonforfeiture Values
The values acquired by a policy for specific purposes.

Nonparticipating Policy
Policy under which the policyholder does not receive a share of the company's profits.

Normal Retirement Age
Prescribed age of retirement under the rules of a retirement savings plan.