Backdating claim director face insurers officer
Accidental Death and Dismemberment Benefit: Pays a stated benefit in case of death or the loss of limbs or sight as a result of an accident.
Actuary: A professional person trained in mathematics, statistics, and legal-accounting methods, and principles of the operation of insurance, annuities and retirement plans.
Appointment: The authorization of an agent to represent an insurance company.
Approved: A term referring to an application for life insurance being approved and accepted by the insurance company.
The application can either beapproved as applied, which means the health class and premium approved matches the original quote; or; approved other than applied, which means your health class and premium will differ from your original quote.
Age nearest birthday: A method use by some insurance companies to compute an insured’s age as that nearest the closest birthday.
Therefore, if the insured has passed six months after the last birthday, he or she is considered to be one year older (as opposed to age last birthday).