A calculation of the policy reserve in life insurance. Also, a mathematical analysis of the financial condition of a pension plan.

content" class="container"> Home › Resources › Expat Resources › Key Insurance Terms Insurance Terms  The following is a list of key insurance terms and definitions to assist you in understanding your coverage.

In a life insurance policy, benefit in addition to the death benefit paid to the beneficiary, should death occur due to an accident. There can be certain exclusions as well as time and age limits.

Cost of replacing damaged or destroyed property with comparable new property, minus depreciation and obsolescence. For example, a 10-year-old sofa will not be replaced at current full value because of a decade of depreciation.

An interest rate that changes based on changes in a published market-rate index.

individual who sells and services insurance policies in either of two classifications:

Usually refers to liability insurance and indicates the amount of coverage that the insured has under the contract for a specific period of time, usually the contract period, no matter how many separate accidents might occur.

An agreement by an insurer to make periodic payments that continue during the survival of the annuitant(s) or for a specified period.

Indicates the company is approved (or not disapproved) to write excess or surplus lines in this state.

Assets refer to "all the available properties of every kind or possession of an insurance company that might be used to pay its debts." There are three classifications of assets: invested assets, all other assets, and total admitted assets. Invested assets refer to things such as bonds, stocks, cash and income-producing real estate. All o [..]