Products Flashcards
Accidental Death & Dismemberment
(AD&D)
An insurance product sold along with a life insurance policy that covers the unintentional death or dismemberment of the covered employee. This is sometimes called a Traditional or Basic plan, and it can be offered on a contributory or non-contributory premium basis.
Dependent Accidental Death & Dismemberment
An insurance product sold along with a life insurance policy that covers the unintentional death or dismemberment of the covered spouse or child of an employee. This is sometimes called a Traditional or Basic plan, and it can be offered on a contributory or non-contributory premium basis.
Dependent Supplemental Accidental Death & Dismemberment
An optional insurance product sold along with a life insurance policy that covers the unintentional death or dismemberment of the covered spouse or child of an employee. It is typically offered on a contributory premium basis. This is an older product and is no longer actively sold.
Dependent Supplemental Term Life
An optional insurance policy that provides a benefit in the event of the death a covered spouse or child of an employee. It is typically offered on a contributory premium basis. This is an older product and is no longer actively sold.
Dependent Term Life
An insurance policy that provides a benefit in the event of the death a covered spouse or child of an employee. This is sometimes called Traditional Dependent Life or Basic Dependent Life, and it can be offered on a contributory or non-contributory premium basis.
Dependent Voluntary Accidental Death & Dismemberment
An insurance product sold along with a life insurance policy that covers the unintentional death or dismemberment of the covered spouse or child of an employee. The employee must request this coverage and is responsible to pay the premium.
Dependent Voluntary Term Life
An optional insurance policy that provides a benefit in the event of the death a covered spouse or child of an employee. The employee must request this coverage and is responsible to pay the premium.
Long-Term Disability
(LTD)
An insurance policy that protects an employee from loss of income if they are unable to work due to illness, injury, or accident for a long period of time. This is sometimes called a Traditional plan, and it can be offered on a contributory or non-contributory premium basis.
Short-Term Disability
(STD)
An insurance policy that protects an employee from loss of income if they are unable to work due to illness, injury, or accident for a short period of time, usually 26 weeks or less. This is sometimes called a Traditional plan, and it can be offered on a contributory or non-contributory premium basis.
Supplemental Accidental Death & Dismemberment
An optional insurance product sold along with a life insurance policy that covers the unintentional death or dismemberment of the covered employee. It is typically offered on a contributory premium basis. This is an older product and is no longer actively sold.
Supplemental Term Life
An optional insurance policy that provides a benefit in the event of the death a covered employee. It is typically offered on a contributory premium basis. This is an older product and is no longer actively sold.
Term Life
An insurance policy that provides a benefit in the event of the death a covered employee. This is sometimes called a Traditional or Basic plan, and it can be offered on a contributory or non-contributory premium basis.
Universal Life
A type of cash value life insurance, administered by Selman Company (formerly Vision Financial). Under the terms of the policy, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy, which is credited each month with interest.
Voluntary
Term used to describe our Life product that is usually an incremental plan design. There are contributory plans.
Voluntary Term Accidental Death & Dismemberment
An optional insurance product sold along with a life insurance policy that covers the unintentional death or dismemberment of the covered employee. The employee must request this coverage and is responsible to pay the premium.
