Home | About | Compare & Save | Insurance Company Ratings | Understanding Insurance | Articles | Links | Contact | Video Life insurance...because life is unpredictable. Auto Insurance Life Insurance Importance of Life Insurance Time Is Money Life Insurance For The Self Employed Life Insurance Needs Analysis Glossary of Life Insurance Terms Health Insurance Glosssary of Life Insurance Terms 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 Definitions written so you can actually understand them. Browse alphabetically, or search for a word or term by typing it into the search field located in the top navigation by the GO button (above right). Occupation Class A class of applicants whose occupations present a similar risk to life insurance underwriters. When all other factors are equal (age, nonsmoker and the like), applicants in the same occupation class will pay the same premium rates on their life insurance. Back to Top Ongoing Trust A trust that is designed to be irrevocable and be operational for an extended amount of time. Back to Top Open Contract An insurance contract type issued by fraternal benefit societies. With an open contract, the society's charter, constitution, and bylaws are part of the insurance contract itself, and any amendments to these association documents automatically become amendments to the insurance contract. It’s important to note that these amendments can never destroy or diminish benefits that the society is contractually obligated to pay. See also fraternal benefit society. Back to Top Option One of a number of choices available to life insurance policyholders as they decide how to apply settlements, dividends, or nonforfeiture values. See also dividend options, nonforfeiture options, and settlement options. Back to Top Option A Plan A universal life insurance plan type in which the policy proceeds remain level. In an option a plan, the net amount the insurance carrier has at risk equals the policy's death benefit minus the policy's cash value. This means that as the cash value increases over time, the net amount at risk decreases. Contrast with option B plan. Back to Top Option B Plan A universal life insurance plan in which the policy proceeds increase over time. In an option B plan, the policy proceeds are equal to the death benefit plus the policy's cash value. This means the net amount the insurance carrier has at risk is always equal to the death benefit of the policy. Contrast with option A plan. Back to Top Ordinary Life Insurance A form of life insurance available to individuals featuring relatively unrestricted maximum death benefit amounts, and annual premiums that can be diced up and paid in monthly or quarterly installments. Back to Top Original Age Conversion The changing of a term life insurance policy to a whole life policy with the new policy’s premium rates being based on the age the policyholder was at the time the original term policy was purchased. Back to Top   Life insurance...because life is unpredictable. InsureMeOnline.com Car Insurance Quotes Rate Your Insurance Company Car Insurance Tutorial Auto Insurance News Competitive Auto Insurance Quotes Life Insurance Tutorial Life Insurance News Save Money on Life Insurance Privacy Policy Terms of Use Site Map COPYRIGHT © 2008-2010 InsureMeOnline.com