GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Policy Illustration


Synonyms:insurance policy illustration, insurance policy outline, policy outline, sales illustration
Filed Under: insurance
Tags: insurance
 

Definition of policy illustration

policy illustration
1. The outline used by an agent to show prospective clients how a policy will perform under a multitude of conditions over a number of years. Also known as a "sales illustration."

Related Terms and Acronyms:

  • actuarial table   A table used in actuarial science that outlines the statistical probability that an individual of a specific age and sex will die within a year.
  • expense ratio   A method of calculating an insurer's operating efficiency.
  • insurance policy   A legal contract between an insurer and entity that specifies what the insurer is required to cover and any benefits the insured entity is entitled to.
  • loss ratio   A method of comparing an insurer's losses to premiums earned in a specific period of time.
  • morbidity rate   A measurement of how prevalent a medical condition or disease is.
  • mortality rate   A measurement of how many people in a particular population set and in a particular period of time die.
  • policy declarations   The section of the insurance policy that declares the specifics of the insurance policy including premiums, named perils, and policy limits, amongst others.
  • policyholder dividend ratio   A ratio comparing the dividends paid to policyholders to net premiums earned by the insurer.
  • premium-to-surplus ratio   A method used to determine an insurance company's financial stability.
  • survival analysis   A statistical analysis of how likely someone or something will survive to a set date.

More Related Terms and Acronyms

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