In the financial services industry, it is a contract according to which an insurance company promises to make a series of periodic payments to a designated individual through a premium or series of premiums.
Archives: Glossary Terms
Annuitant
The designated individual, whose life is used as the measuring life in a life annuity or annuity.
Rehabilitation or reinstatement
The process through which an insurance company reinstates an insurance policy that: (1) has lapsed due to lack of payment of renewal premiums, or (2) the life insurance continues under the no-lapse option of the reduced insurance paid off or the extended insurance.
Fraudulent claim
Claim through which the claimant aims to collect the policy proceeds by intentionally providing false information to the insurer.
Claim
A payment application for loss suffered under the terms of the policy.
Erroneous claim
Claim through which the beneficiary makes an honest mistake when presenting their claim to the insurer.
Rabies
A viral disease that affects the central nervous system (brain and spinal cord). It spreads from infected mammals to humans, and once the symptoms appear, it is almost always fatal. It is caused by a Rhabdovirus, which is transmitted through saliva and attacks the central nervous system. Important animal vectors include dogs, cats, bats, mongooses, foxes, raccoons, and wolves.
PRO-65
Individual insurance coverage provided by Triple-S Vida, which offers accidental death or dismemberment protection to persons older than 65 years of age.
Contract holder
The person applying for and acquiring the life annuity or annuity contract.
Policyholder
Person who signs as applicant in the policy application.