The specific period during which the insured must be disabled before the requirements to receive the policy benefits are met. The number of elimination days typically used are 60, 90, 120, or 180 days.
Archives: Glossary Terms
Loss due to accident
It means dismemberment by separation. When using this term with regard to a hand or foot, it means the loss by full separation beyond the wrist or ankle. When used with regard to an arm or leg, it means loss by full separation beyond the elbow or knee. When used with regard to an eye, it means total and unrecoverable loss of vision. Enucleation need not have occurred.
Osteomyelitis
An acute and chronic bone disease, generally caused by bacteria. The infection that causes osteomyelitis originates in another part of the body and spreads to the bones through the blood. The bone may have been predisposed to the infection due to a recent trauma.
Lifetime income option
The insurance company agrees to pay the policy proceeds in periodic installments throughout the recipient’s life.
Nominal amount
The death benefit amount.
Mode of premium payment
The frequency with which renewal premiums must be paid.
Electronic funds transfer method
The system in which policyholders authorize their banks to pay premiums automatically on premiums’ due dates.
Meningitis
An infection that causes inflammation of the membranes that cover the brain and the spinal cord. It is also caused by fungi, chemical irritation, allergies to drugs, and tumors. Non-bacterial meningitis is frequently referred to as “aseptic meningitis,” while the bacterial one may be referred to as “purulent meningitis.”
Physician
When referring to a cancer diagnosis, it means a physician who is a Hematologist-Oncologist or Pathologist legally authorized to practice medicine, certified by the American Board of Pathology to exercise Pathological Anatomy and Oncological Hematology, provided it is not the insured or a relative to the fourth degree of consanguinity or third degree of affinity. When referring to the diagnosis of any of the dread/critical diseases or any other disease, it means a physician who is a legally authorized specialist to practice medicine, to treat diseases and injuries, and to provide services within the limits of their license, provided it is not the insured or a relative to the fourth degree of consanguinity or third degree of affinity.
Lupus erythematosus
An autoimmune, inflammatory, and chronic disorder that may affect the skin, joints, kidneys, and other organs.