A disability that prevents a person from performing any and all occupational duties. The exact definition varies among policies.

1. A company that receives the premiums and accepts responsibility for the fulfilment of the policy contract.2.The company employee who decides whether or not the company should assume a particular risk.3.The agent who sells the policy.

Process of selecting risks for insurance and determining in what amounts and on what terms the insurance company will accept the risk.

The portion of a premium that a company has collected but has yet to earn because the policy still has unexpired time to run.

High-risk persons, items, or activities, which fall outside the parameters of risks of standard underwriting practices.

That which is being insured.

Unlike traditional cash-value policies (known as "whole life"), universal life policy returns were freed from long-term, fixed-rate contracts and replaced with policies whose returns were tied to short-term interest rates and periodically adjusted. In addition, the policyholder can change premiums and death benefits.

The length of time an insurance client must wait before their insurance becomes effective.

A plan of insurance for life, with premiums payable for a person`s entire life.