Guardian Life Insurance Definitions Guide

The Guardian Life Insurance Company of America 7 Hanover Square, New York, NY 10004 BASICS #1 LIFE INSURANCE

[object Object],DEFINITIONS : To make certain , especially by taking necessary measures and precautions.

LIFE INSURANCE BASICS DEFINITIONS: ,[object Object],Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril, or, the means of eliminating or reducing the financial burden of risk by dividing the losses they produce among many individuals.

LIFE INSURANCE BASICS DEFINITIONS: ,[object Object],To make compensation for incurred hurt, loss, or damage.

LIFE INSURANCE BASICS DEFINITIONS: ,[object Object],Insurance providing for payment of a stipulated sum to a designated beneficiary upon death of the insured .

[object Object],LIFE INSURANCE BASICS DEFINITIONS: The person named to receive proceeds or benefits.

[object Object],LIFE INSURANCE BASICS DEFINITIONS: The use of all the alternative methods of dealing with risk ... - waiving of liability or exercising insurance to indemnify ,[object Object],- conscious act of keeping or assuming risk ,[object Object],[object Object],[object Object]

[object Object],LIFE INSURANCE BASICS DEFINITIONS: Consideration paid for a contract of of insurance.

[object Object],LIFE INSURANCE BASICS DEFINITIONS: An act, or the promise thereof done or given by one party in return for the act or promise of another.

[object Object],LIFE INSURANCE BASICS DEFINITIONS: Return of unneeded premium , and are not subject to income taxation.

[object Object],LIFE INSURANCE BASICS DEFINITIONS: - at death of the insured (under any payout arrangement) To Beneficiary - or at election of income settlement option - at surrender of policy To Insured Amount of benefits paid out

Common Types of ,[object Object],LIFE INSURANCE COMPANIES ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

STOCK COMPANIES (Non-Participating) Stock Company Stockholders receive common stock dividends (profit goes to stockholders) No dividends paid to policyholders Stock Policy

Common Types of ,[object Object],LIFE INSURANCE COMPANIES ,[object Object],[object Object],[object Object]

MUTUAL COMPANIES (Participating) Mutual Company Policyholders receive policy dividends (return of excess premium) Policyholders are the owners of the company Policy

Common Types of ,[object Object],LIFE INSURANCE COMPANIES ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

FRATERNAL COMPANIES (Participating) Fraternal Company Policyholders receive policy dividends (return of excess premium) Company receives tax benefits: operates for the benefit of a charitable or religious affiliation Grand Poo-Bah International Brotherhood of Water Buffalo IBWB Policy

The Guardian Life Insurance Company of America 7 Hanover Square, New York, NY 10004 See Different Types of Life Insurance Covered In BASICS #2 LIFE INSURANCE

Guardian Life Insurance Definitions Guide

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