The minimum reserve that a company must keep to meet future claims and obligations as they are
calculated under the state of insurance code.
A premium which remains unchanged throughout the life of the policy.
One of the two major classifications of annuities. A life annuity provides for specified payments
at regular intervals but only as long as the annuitant is alive.
Life Annuity with Period Certain
A form of annuity policy which guarantees an income to the annuitant for as long as she or he lives,
but also guarantees to make payments to someone (either the annuitant or a beneficiary) for a specified
number of years.
Life Income Option
A settlement option under which the beneficiary of a life insurance policy is guaranteed regular periodic
payments for life.
Lifetime Disability Benefit
A benefit to help replace income lost by an injured person as long as he or she is totally disabled,
even for a lifetime.
A contract which covers only certain specified diseases or accidents.
Litigation Consulting Services
A consulting service designed to assist a client or their attorneys in matters
involving pending or potential litigation or dispute resolution proceedings
with a trier of fact. This includes expert consulting or witness services in
connection with pending or planned litigation.
The benefits paid by life insurance companies, primarily to policyowners, in several situations when
no death has occurred.
Long Term Disability Income
Insurance issued to an employer (group) or individual to provide a reasonable replacement of a portion
of an employee's earned income lost through serious and prolonged illness or injury during the normal
This information should not be construed as legal advice or a legal opinion on any factual situation.
This summary is for illustrative purposes and is not a contract. It is intended to provide a general
overview, at the time first posted, of the topics described. Only the insurance policy can give actual
terms, conditions and exclusions.