People on a Policy
Beneficiary
The person or party that the policyowner names to receive the death benefit proceeds.
1035 Exchange
A type of replacement involving a tax-deferred exchange of an existing life insurance policy with cash value for a new insurance policy or annuity contract or of an existing annuity contract for a new annuity contract.
Papers-Only Submission
A type of Informal Submission in which the life insurance producer provides only medical information, typically from another carrier, to establish the rating a client may receive based on impairment and situation. No Formal Application is received (Full or Ticket/Tele-App)
Illustration
A Sales Proposal. Some information on the proposal is regulatedIllustrations and quotes are nearly synonymous. The forms used are similar, except for product channel differences, regulatory, and metadata collected
Policyowner
A person or entity that owns a life insurance policy or annuity contract.
External Replacement
A replacement in which the new individual life insurance policy or annuity contract is purchased from an insurer other than the insurer that issued the policy or contract being replaced. Contrast with internal replacement.
Orphan Medical Submission
A type of submission in which medical documents are received without an application. When an application or informal submission is received, the orphan medical documents are tied to that case. If after a period of time no application is received, a pending policy is created.
Annual Premium Amount
a.k.a. Planned Annual Premium
Total annual premium amount for the policy
Producer
Any individual who is licensed to sell insurance products, solicit sales, or negotiate insurance contracts
Internal Replacement
A replacement in which the new life insurance policy or annuity contract is purchased from the same insurer that issued the original policy or contract. Contrast with external replacement.
Formal Submission
A form containing questions requiring detailed information and signatures from the proposed insured and applicable parties, such as owner, applicant, life insurance producer, etc. It is a legal and binding contract that becomes part of the life insurance policy when the policy is placed in force.
Policy Rider
A form that is attached to an insurance policy and changes or amends the policy’s provisions. The policy rider becomes part of the insurance contract and either expands or limits the benefits payable under the contract. Also known as an endorsement or a rider.
Applicant
The individual or entity that makes the purchase decision for the life insurance policy or annuity contract.
Temporary Insurance Agreement
A life insurance term used to describe the amount of temporary life insurance coverage provided by the insurer as outlined in the temporary insurance agreement (TIA). Money along with an IGO TIA agreement and application must be all submitted together.
Informal Submission
A form requesting an estimate of the rating a client may receive based on impairments or situations. Includes Papers Only, Informal Inquiry, and Orphans.
Optional Rider
A rider that contributes to the net amount at risk.
Primary Insured
The person whose life is insured under an insurance policy.
(What does it stand for?)
Premium Deposit Fund
Guaranteed Issue
A term generally used in multilife cases. Refers to underwriting insureds as a whole rather than individually. Guaranteed Issue applications include very basic information on the insured and no medical questions.
DTSA
(What does it stand for?)