Act that made insurance coverage mandatory and standardized healthcare plan offerings.
Type of insurance that replaces lost earnings when someone is unable to work due to accident or illness. This insurance typically only covers people until full retirement age.
Type of insurance provided by employers. It is generally cheaper than if employees were to buy insurance individually.
Allows individuals to pay for current health expenses and save for future qualified medical and retiree health expenses tax-free.
A form of insurance that protects your home, its contents, people who are injured at your home, and provides liability protection. The main Homeowners Policy provides fire protection. You can get separate or combined policies to also protect against Wind & Hail and Flood Policies are sold separately.
Insurance coverage that is acquired on a personal basis and is not provided by an employer. It tends to be more expensive than group coverage.
A contract with a life insurance company where a policyholder pays a premium in exchange for an amount paid to his or her beneficiaries in the event of death. Life insurance is not needed by everyone but often should be purchased by those who have financial dependents (e.g., children).
Type of insurance that covers the cost of support services (e.g., home health care and nursing home care) when someone is unable to perform basic activities of daily living such as bathing, eating, and dressing for extended periods of time. Typically for those in retirement age. Sources of coverage include Medicare, Medicaid, and individual policies.
Temporary insurance that builds no cash value and must be renewed for a higher premium at the end of the term.
Excess liability insurance that supplements the liability limits of a homeowner’s or renter’s policy and automobile insurance policy.
Form of permanent insurance that offers flexibility in death benefit and premium payments.
Life insurance that is tied to investments. The death benefit and cash value fluctuate according to fluctuations of the separate account
Flexible premium insurance with cash value and death benefit tied to the performance of the separate account.
Most common form of permanent insurance with a guaranteed death benefit and minimum guaranteed cash value.
CFP® certification is a voluntary certification granted in the United States by Certified Financial Planner Board of Standards, Inc. It is recognized in the United States and a number of other countries for its (1) high standard of professional education; (2) stringent code of conduct and standards of practice; and (3) ethical requirements that govern professional engagements with clients. Individuals who become certified are required to complete continuing education.
The glossary terms displayed on our website are solely for information purposes. Nothing contained herein should be considered as investment advice. The terminology and definitions provided on our website derive from third-party sources believed to be reliable and accurate at the time the information was retained. Morris Financial Concepts, Inc. is not responsible for errors or omissions in the material on third party websites and does not necessarily approve of or endorse the information provided. For questions or to report in known material inaccuracies, please contact us.