Archives: Glossary Terms

The identification and classification process of the degree of risk that a proposed insured or group represents.

This insurance offers protection to the employee who, due to the nature of their functions, has a greater risk of suffering an accident that results in death or dismemberment.

Insurance through which a monthly income is provided to an insured while they are incapable of performing the material tasks of their occupation, due to injury or disease. Said disability shall entail the loss of wages and not being employed in a paid occupation of any kind. The insured must be under the regular care of a physician.

Insurance that provides benefit payments during a short period of time while the employee is fully disabled to perform the material tasks of their occupation.

The law that indemnifies workers for the loss of income resulting from disability due to a disease or accident unrelated to the job or a car accident.

Insurance issued by a creditor, for instance, a bank, to insure the lives of the creditor’s current and future debtors.

A type of temporary life insurance designed to pay the balance owed of a loan if the debtor dies before the loan’s amortization.

Insurance that grants a death benefit if the insured dies during the period specified in the policy.

Insurance designed for employers, bona fide associations, and labor unions that have three (3) to nine (9) eligible persons.

It offers the same life insurance policy benefit for a mortgage amortization, unless the joint policy insures the lives of two people.