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

U

Unfunded Pension Plan
A pension plan that depends on a balance of contributions and disbursements for its funding instead of a separate pension fund. Under such a plan, the full amount of current contributions are used, after minimum reserve provisions, to pay benefits to retirees or their successors.
Synonym: Pay-as-You-Go Pension Plan.

Universal Life Insurance
Type of life insurance that offers a savings component in addition to an insurance component. Savings are made through the investment of surplus premiums and yields a return to the policyowner.

V

Variable Annuity
A life annuity contract under which the periodic payments vary according to the return on fund investments.

Variable Premium
A premium which is not fixed and which may vary over the duration of the insurance contract.

Vesting
A member's right to receive pension benefits once the conditions for the pension plan are met.

W

Waiting Period
1) A period of time, generally beginning either at the time the insurance policy takes effect or on the date of a loss, during which the benefits for certain risks covered are not payable.
2) In health or disability insurance, the waiting period is the period of time that must elapse after the onset of illness or disability or the occurrence of an accident before the insurance company is required to pay benefits to the insured person.
3) In group insurance contracts, a specified period of time that must elapse before new members can exercise a right, avail themselves of a privilege, or be eligible for benefits.
Synonym: Elimination Period

Waiver of Premium
A provision that under certain conditions (e.g., disability,loss of employment, death etc.) the policyowner will be exempted from paying premiums for certain coverage.

Whole Life Insurance
Life insurance that provides coverage for the entire life of the insured party at a uniform rate, which does not rise with the insured party's age.

Whole Life Premium
Premium payable for as long as the insured person lives.

Y

Year Guaranteed Life Annuity (5,10 or 15)
A life annuity contract under which payments to the annuitant, or to the beneficiary if the annuitant is dead, are garanteed for 5, 10 or 15 years.