Secure A Quote, LLC

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Abandonment - As used in property insurance, prohibits the insured from abandoning damaged property to the insurance company for repair or disposal. Absolute Assignment - An irrevocable transfer of complete ownership of a life insurance policy from one party to another. See also assignment. Accelerated Benefits - Some companies provide "accelerated benefits," also known as "living benefits." This rider allows you, under certain circumstances, to receive the proceeds of your life insurance policy before you die. Such circumstances include terminal or catastrophic illness, the need for long-term care, or confinement to a nursing home. Accidental Death and Dismemberment (AD&D) Rider - A supplementary benefit rider or endorsement that provides for an amount of money in addition to the basic death benefit of a life insurance policy. This additional amount is payable only if the insured dies or loses any two limbs or the sight of both eyes as the result of an accident. Some AD&D riders pay one half of the benefit amount if the insured loses one limb or the sight in one eye. Accidental Death Benefit (ADB) Rider - A supplementary benefit rider or endorsement that provides for an amount of money in addition to the basic death benefit of a life insurance policy. This additional amount is payable only if the insured dies as the result of an accident. Accidental Means Provision - A life insurance policy accidental death benefit provision which states that an accidental death benefit will be payable if the insured's death was the result, directly and independently of all other causes, of bodily injury caused solely by external, violent, and accidental means. Accidental Result Provision - A life insurance policy accidental death benefit provision which states that an accidental death benefit will be payable if the insured's death was the result, directly and independently of all other causes, of accidental bodily injury. Accident Perils - A classification used by health insurance underwriters to evaluate the type and degree of peril represented by a particular occupation. Accident perils include exposure to fire, the use of dangerous machinery, the handling of heavy objects, and the risk of falling. See also illness perils. Accrued Benefit - In a defined benefit pension plan, the amount of pension benefit which has accumulated in a pension plan on behalf of an individual plan participant at any particular time. Accumulated Cost of Insurance - A factor used in the calculation of life insurance reserves. For a given group of insureds, the accumulated cost of insurance equals the net single premium that would have to be paid at the end of the term of coverage by the surviving insureds to provide death benefits on the insureds who died during the term. Accumulated Funding Deficiency - In the United States, the amount by which a qualified pension plan fails to meet the minimum funding standards set by law. Plans with an accumulated funding deficiency are subject to a penalty tax and enforcement provisions. Sometimes simply called a funding deficiency. Accumulated Value - An amount of money invested plus the interest earned on that money.

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