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Home » Tools & Resources » Life insurance glossary
 
Life Insurance Glossary

This glossary will help you better understand your term life insurance coverage.

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

A

  • Accelerated death benefit: A rider that provides early access to life insurance benefits in case of a terminal illness. “Living benefits” are paid to the insured for medical expenses before death. Benefits paid decrease the benefit payable to beneficiaries after the insured's death

  • Accidental death benefit rider: An additional cash benefit paid in addition to other benefits when a death is a result of an accident.

  • Actively at work provision: Life insurance coverage is not available to employees who are not actively at work on the effective date of the employer's contract with Humana; employees are covered when they return to work.

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B

  • Beneficiary: The person who is eligible to receive or is receiving benefits under an insurance certificate. This person is named by the certificate owner, who is usually the person insured.

C

  • Certificate of insurance: This certificate serves as proof of insurance and outlines benefits and provisions.

  • Contributory: An employer benefit plan in which employees pay at least part of the premium.

  • Conversion privilege: A certificate privilege that allows the insured to choose to convert from a group life policy to an individual policy before leaving the group to continue insurance coverage.

D

  • Death benefit: The amount payable after the death of the person whose life is insured.

  • Dependent coverage: Insurance coverage that extends to the insured's dependents, including spouse and dependent children.

  • Disability benefit: Benefit payable under a disability income policy.

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E

  • Evidence of insurability: Medical information that shows an individual is medically eligible for insurance coverage. Insured may or may not need to provide this information depending on the employer's contract with Humana.

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F

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G

  • Group certificate: This document shows the benefits provided under the group contract.

  • Guaranteed insurability: An option that enables the insured to buy additional life insurance without being required to provide evidence of insurability.

  • Guaranteed issue amount: This provision allows a certain amount of insurance to be issued without evidence of insurability.

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H

  • Human Life Value: A method to determine life insurance needs based on income, expenses, potential earnings and the projected depreciation of the dollar.

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I

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J

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K

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L

  • Limitation and exclusions: Conditions listed in a policy for which benefits are not paid.

  • Lump sum: Proceeds paid to beneficiaries all at once instead of in installments.

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M

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N

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O

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P

  • Permanent and total disability: Disability that prevents the insured from working again because of injury or illness.

  • Portability: Humana Voluntary Life is portable subject to plan provisions. An active eligible employee who leaves the group can continue coverage by paying annual premiums to Humana if he or she is not yet age 70. Only coverage in force or a lesser amount can be ported at termination.

  • Pre-existing condition: Conditions that existed during the six months immediately before the employee's or covered dependent's effective date under the Voluntary Life policy.

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Q

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R

  • Rider: A provision attached to a policy that adds or restricts benefits.

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S

  • Seat belt benefit: If the insured dies from injuries sustained in an automobile accident while driving or riding in a private passenger car and wearing a seat belt, Humana Life will increase the amount of the insured's benefit by 10 percent, but not by less than $1,000 or more than $10,000.

  • Short-term disability insurance: A policy that pays benefits for a limited period of time (e.g., one year).

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T

  • Term life Insurance: Insurance that provides death benefit protection for a specified length of time and pays benefits only if the insured dies while the term insurance is in force.

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U

  • Underwriter: A person who identifies and calculates the risk of loss from policyholders, establish premium rates, and write policies to cover the risks.

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V

  • Voluntary life insurance: Insurance for which the employee pays the entire monthly premium based on the group's characteristics.

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W

  • Waiver of premium: Provision that continues insurance coverage without further premium payments if the insured is totally disabled.

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X

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Y

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Z

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