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Glossary of Terms

Accelerated Benefit Provision	A provision in many new policies which will allow the policy owner to receive a portion of the death benefit early if the insured person is diagnosed with a terminal illness.
Accidental Death Benefit Rider	A rider added to a policy that provides an additional benefit if the insured dies from accidental causes.
Agent	A licensed person or organization authorized to sell insurance by or on behalf of an insurance company.
Annual Renewable Term	A form of renewable term insurance that provides coverage for one year and allows the policy owner to renew his or coverage each year, without evidence of insurability. Also called Yearly Renewable Term (YRT).
Annuities	The accumulated value of the annuity is converted into a guaranteed stream of income.
Annuity Arbitrage	Involves income from a Single Premium Immediate Annuity while at the same time a pay out to a Universal Life policy.
Application	Form supplied by the insurance company, usually filled in by the agent and medical examiner (if applicable) on the basis of information received from the applicant. It is signed by the applicant and is part of the insurance policy if it is issued. It gives information to the home office underwriting department so it may consider whether an insurance policy will be issued and at what premium rate.