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dividend
a mutual insurance company paid to policyholders either in the form of cash disbursements or through reduction of premiums 3 : a payment disbursed to investors from the income of a mutual fund
life insurance
set term and does not accumulate cash surrender value universal life insurance : life insurance characterized by flexible premiums, benefits, and payment schedules, by the indexing of cash value to money market interest rates, and by the
lapse
before the testator) compare anti-lapse statute b : the termination of an insurance policy because of nonpayment of premiums or nonrenewal vb lapsed laps·ing vi : to terminate, become ineffective, or fail [the bequest lapsed when the
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grace period
consequences (as penalty or cancellation): as a : a period of 30 days or one month during which premiums on insurance policies may be paid without penalty b : a period of ten days during which certain
actuary
actuary pl: -ar·ies : a person who calculates insurance and annuity premiums, reserves, and dividends
National insurance
George, established a wide system of compulsory state insurance covering both ill-health and unemployment, which is based upon premiums contributed in part by the employer, in part by the employee, and in part by the State. The
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