Insurance

load: Any sales fees or charges paid in purchasing an annuity contract.
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living benefits: Some life insurance companies title their accelerated death benefits as a “living benefit” or “living needs benefit” because excercising that option allows the insured to receive a portion of the life insurance death benefit while living.
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liquidity ratio: Standard & Poor’s measure of an insurer’s liquidity.
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liquidity margin of safety: The ratio of liquidity resources (liquid investments, net operating cash flow, risk-adjusted soft capital) to liquidity exposure (unanticipated defaults on principal and interest, unanticipated draws on DSR surety policies, and municipal investment contracts (MICs) and deal-specific liquidity.)
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limited policy: Policy that covers only specified accidents or sicknesses.
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limited payment life insurance: Whole life insurance on which premiums are payable for a specified number of years or until death, if death occurs before the end of the specified period.
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lifetime disability benefit: A provision making benefits payable for an insured’s lifetime as long as the insured person is totally disabled.
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life insurance in force: The sum of the face amounts, plus dividend additions, of life insurance policies outstanding at a given time. Additional amounts payable under accidental death or other special provisions are not included.
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life expectancy: The average number of years of life remaining for a group of people of a given age according to a particular mortality table.
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life annuity: A contract that provides an income for life.
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