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Actuary: A professional who specializes in using mathematics and statistics to assess financial risks. In the insurance industry, they are responsible for calculating the rates and premiums for our policies.
Adjustable Life Insurance: A form of permanent life insurance offering the flexibility to change the policy's key features as personal needs evolve. For example, the policyholder can often modify their premium payments or adjust the death benefit amount.
Advanced Imaging Services: A category of sophisticated diagnostic tests that use advanced technology to create detailed images of internal body structures. Common examples of these services include MRI, CT, and PET scans.
All Risk Insurance: A type of property coverage that protects against damage from any cause, unless that cause is specifically written out of the policy as an exclusion. This is the opposite of a "named peril" policy, which only covers the specific causes of damage that are listed.
Anesthesia: A medical treatment that uses drugs to cause a temporary loss of sensation or awareness, allowing procedures to be performed without pain. This can range from numbing a small part of the body to inducing a complete loss of consciousness for major surgery.
Assumption Reinsurance: An agreement where one insurance company takes over the full responsibility for a set of policies from the original insurer. As a result, the original company is no longer involved, and the new company handles everything from billing to claims.
Automatic Premium Loan: A provision available in a cash-value life insurance policy that automatically borrows from the policy's accumulated value to pay an overdue premium. This feature is designed to prevent the policy from accidentally lapsing due to a missed payment.
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B
Bear Market: A prolonged period in which investment prices fall, often accompanied by widespread investor pessimism. This condition, the opposite of a rising "bull market," is generally declared when a major market index falls by 20% or more from its recent high.
Beneficiary: The individual, trust, or organization designated to receive the funds or assets from a policy, will, or retirement account. The policy owner can name a primary recipient, as well as a contingent (or secondary) recipient who would receive the benefit if the primary cannot.
Benefits: The money or services an insurance policy pays out to a policyholder or their designees when a covered event occurs. For example, this can be the death payout from a life insurance policy, payments for medical care from a health policy, or income from a disability policy.
Broker: An insurance professional or firm who legally represents the client, not the insurance company, in an insurance transaction. Because they are not tied to one company, they can shop the market to find policies and rates that best fit a client's specific needs.
Bull Market: A financial market condition characterized by rising securities prices and widespread investor optimism. This optimistic trend is the direct opposite of a "bear market," in which prices are generally falling.
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C
Canker Sores: Small, non-contagious ulcers that appear inside the mouth and can make eating and talking uncomfortable. Unlike cold sores, they are not caused by a virus and develop on the soft tissues within the mouth, not on the outer lips.
Capital Sum: A lump-sum benefit paid from an Accidental Death & Dismemberment (AD&D) policy for specific, severe injuries that do not result in death. This payout is typically a percentage of the full policy amount, with the specific percentage depending on the type of injury sustained.
Cash Value: The savings component of a permanent life insurance policy that accumulates money over time, typically on a tax-deferred basis. This accumulated fund can be borrowed against or withdrawn by the policyholder while they are still alive.
Cash Value Accumulation: The ongoing increase in the savings portion of a permanent life insurance policy. This growth is fueled by a portion of your premium payments plus any interest or investment gains credited to the policy over time.
COBRA: A federal law that allows employees and their families to temporarily keep their group health coverage after losing it due to job loss or other qualifying events. The individual is required to pay the full premium for this continued coverage, including the portion previously paid by the employer.
Computed Tomography Imaging: Often called a CT or CAT scan, this is a diagnostic procedure that combines multiple X-ray measurements to produce virtual "slices" of bones, blood vessels, and soft tissues. The resulting images provide more detailed information than plain X-rays, helping physicians diagnose a wide range of medical conditions.
Contact Lenses: Thin, prescribed lenses placed directly on the surface of the eye to correct vision problems. They function as an alternative to eyeglasses, and coverage for their cost is typically provided through a vision insurance plan.
Contingent Beneficiary: The second person, trust, or entity in line to receive the proceeds from a life insurance policy or other account. They will only receive the payout if the primary recipient has passed away or is otherwise unable to accept the funds.
Cost: A general term for the expenses a policyholder is responsible for in relation to their insurance plan. This includes not only the regular premium paid to keep the policy active, but also any out-of-pocket expenses like deductibles, copayments, and coinsurance.
Coverage: The specific amount of protection and range of risks that are included under an insurance policy. This specifies both the types of losses or services the plan will pay for and the maximum dollar amount the insurance company will pay out.
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D
Death Benefit: The sum of money, also known as the face amount, that is paid to the designated beneficiary upon the death of the insured individual. This payment is a core feature of all life insurance policies and is typically received by the beneficiary income-tax-free.
Dental Bonding: A cosmetic procedure in which a durable, tooth-colored resin is applied and hardened onto a tooth to restore or improve its appearance. It is commonly used to repair issues like chipped or cracked teeth, close gaps, or change the shape and color of teeth.
Dental Braces: Devices used in orthodontics that apply continuous pressure to slowly straighten and align teeth and jaws over time. Their purpose is to correct a misaligned bite and improve the overall function and appearance of a person's smile.
Dental Bridge: A prosthetic solution for missing teeth that consists of a false tooth, or teeth, anchored in place by the natural teeth on either side of the gap. As its name suggests, it spans the space where teeth are missing, using the neighboring teeth for support.
Dental Crown: A tooth-shaped "cap" that is placed over a tooth to restore its shape, size, strength, and improve its appearance. It is typically used to protect a weak or broken tooth, restore a tooth after a root canal, or to anchor a dental bridge.
Dentist: A medical professional who specializes in the diagnosis, prevention, and treatment of diseases and conditions of the mouth, teeth, and gums. Their work includes filling cavities, treating gum disease, performing oral surgery, and advising on proper oral hygiene.
Disability Benefits: A form of income replacement paid to an individual who cannot perform their job due to a qualifying physical or mental impairment. These payments can come from private insurance policies (short-term or long-term) or from government programs like Social Security.
Dividend: A distribution of a portion of a company's earnings, as determined by its board of directors, that is paid to a class of its shareholders. While typically paid as cash, this should be distinguished from its use in insurance, where the term refers to a non-taxable return of premium on a participating policy.
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EPO: A type of health insurance plan, short for Exclusive Provider Organization, that only covers care from doctors and hospitals within its network, except in an emergency. It is often considered a hybrid plan, as it generally does not require a referral to see an in-network specialist, but provides no coverage for out-of-network care.
Estate Planning: The process of creating a detailed plan for how your assets will be managed and distributed after you pass away, and how your care will be handled if you become incapacitated. This is done to ensure your wishes are carried out while minimizing potential taxes and simplifying the transfer of assets to your beneficiaries, often using tools like wills, trusts, and life insurance.
Evidence of Insurability: Documentation of a person's health, lifestyle, and financial status that an insurance company requires to determine if they are an acceptable risk for coverage. This can include completing a health questionnaire, undergoing a medical exam, or providing copies of medical records.
Expenses: The money that an individual or business spends to pay for a good, service, or liability. In a business context this can include payroll and rent, while for a household it includes costs like mortgage payments, utilities, and groceries.
Extended Term Insurance: A non-forfeiture option available on a permanent life insurance policy that uses the policy's accumulated cash value to purchase term life insurance. This allows the policyholder to stop paying premiums but maintain the original death benefit for a specified period of time, or "term," instead of letting the policy lapse.
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Fiduciary: A person or organization that has an ethical and legal obligation to act in the best interests of another party. Common examples include trustees managing a trust or certain financial advisors, who are required to put their clients' interests ahead of their own and avoid conflicts of interest.
Financial Account: An arrangement with a financial institution, such as a bank or brokerage firm, that records the monetary transactions for an individual or business. This is a broad term that includes everything from checking and savings accounts to investment portfolios, retirement plans, and credit cards.
Financial Advisor: A broad term for a professional who helps people manage their money and achieve their long-term financial goals. Their services often include investment management, retirement planning, and advice on insurance and estate planning.
Financial Markets: A broad term for any marketplace where buyers and sellers participate in the trade of financial assets like stocks, bonds, and currencies. The most well-known examples are the stock market, where ownership in public companies is traded, and the bond market.
Financial Metrics: Key quantifiable measurements used to track, monitor, and assess the financial performance and health of a business, project, or individual. For a company, this includes data points like revenue and profit margin, while for personal finance it could be a person's net worth or savings rate.
Financial Stability: The state of having sufficient income or assets to cover expenses and debts, with enough of a cushion to be resilient to unexpected financial events. For an individual, this means having manageable debt and adequate savings, while for an insurance company, it refers to its long-term ability to pay future claims.
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Gingivitis: The earliest and most common stage of gum disease, causing inflammation and irritation of the gums, most often due to a buildup of plaque on the teeth. With professional treatment and good oral hygiene this condition is reversible, but if left untreated, it can progress to more serious gum disease and potential tooth loss.
Group Annuity: A financial contract issued by an insurance company to an organization, such as an employer, to provide retirement income for a group of its members or employees. This type of financial vehicle is commonly used to fund employer-sponsored retirement plans, such as 401(k)s.
Group Health Insurance: A type of health plan purchased by an employer or organization that provides medical coverage to its employees or members and their families under a single policy. Because the risk is spread across many people, the cost per person is often lower than individual plans, and the employer typically pays a portion of the premium.
Guaranteed Death Benefit: A policy provision that ensures a minimum lump-sum payment will be made to a beneficiary upon the insured's death, regardless of the policy's underlying investment performance. This is a key feature of many annuities and variable life insurance policies, protecting the beneficiary's payout from potential market downturns.
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HMO: A type of health insurance plan, short for Health Maintenance Organization, that requires members to use doctors and hospitals within its network and to select a Primary Care Physician (PCP). To see a specialist, you generally need a referral from your PCP, and except for emergencies, there is no coverage for care received outside the plan's network.
High Income Earners: A relative term for individuals or households with earnings that are substantially higher than the average income in their geographic area. This group often has more complex financial needs, requiring specialized strategies for tax planning, retirement savings, and insurance.
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IPO: The process, short for Initial Public Offering, through which a private company sells its shares of stock to the general public for the first time. This transaction transforms the company from a private to a public entity, allowing it to raise significant capital and its shares to be traded on a stock exchange.
In Network: A term referring to the doctors, hospitals, and other healthcare providers that have a contract with a health insurance plan to provide services to its members. Because these providers have agreed to accept discounted rates, patients pay significantly lower out-of-pocket costs when using providers from this group.
Indemnity Reinsurance: An agreement where one insurance company agrees to reimburse another for a specified portion of the claims it pays to its policyholders. Unlike with assumption reinsurance, the original insurer remains fully responsible to the policyholder, who has no direct contact or legal relationship with the reinsuring company.
Index: A statistical tool used to track the performance of a group of assets, providing a snapshot of a particular segment of the financial market. It serves as a benchmark for investors, with common examples including the S&P 500, the Dow Jones Industrial Average, and the NASDAQ Composite.
Inheritance: The assets, such as property, money, or personal belongings, that are passed on to an individual after a person has died. These assets are typically distributed according to the terms of a will, a trust, or through beneficiary designations on accounts like life insurance and retirement plans.
Insurable Interest: A legal principle stating that the person buying an insurance policy must be in a position to suffer a genuine financial loss if the event being insured against occurs. For example, you have this relationship with your own home, as well as with a spouse or business partner whose death would cause you direct financial hardship.
Insurance: A financial contract that allows an individual or entity to transfer the risk of a potential financial loss to a company in exchange for a fee. The basic principle is that you pay a predictable premium to protect yourself from a large, unpredictable loss, a system made possible by pooling the funds from many policyholders to pay for the claims of a few.
Insurance Benefit: The specific payment or service provided to a policyholder or their beneficiary when a valid claim is made against a policy. This can range from the lump-sum payout in a life insurance policy to coverage for a hospital stay within a health plan.
Insurance Examiner: A professional employed by a state's department of insurance to review the business practices and financial health of insurance companies. Their primary job is to verify a company's financial stability to ensure it can pay future claims and to confirm it is complying with all laws designed to protect consumers.
Investment Portfolio: A collection of all the financial assets and investments owned by an individual or an institution. This grouping can include a mix of stocks, bonds, mutual funds, real estate, and cash, and is typically structured to meet a specific financial goal.
Investor: Any person or entity that commits capital with the expectation of receiving a financial return in the future. They use their money to purchase assets like stocks, bonds, or real estate with the primary goal of generating future income or seeing the asset grow in value over time.
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Joint and Survivor Annuity: An annuity payout option that provides income payments for the lives of two people, typically a married couple. After one person passes away, the surviving person continues to receive payments, either for the same amount or a reduced amount, for the rest of their life.
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Key Person Insurance: A type of life or disability insurance policy that a business purchases on the life of a crucial employee, partner, or owner. The business is the beneficiary and receives the payout, which helps cover financial losses or recruit a replacement if that essential individual passes away or becomes disabled.
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Life Expectancy: A statistical measure of the average number of years a person is predicted to live based on factors such as their current age, gender, and demographic data. In the insurance industry, this forecast is a key factor used in pricing life insurance and annuity contracts.
Lifetime Coverage: A feature of an insurance policy that ensures protection remains in force for the insured person's entire life, as long as premiums are paid as required. This is the defining characteristic of permanent life insurance (such as Whole Life), and it differs from term insurance, which only provides protection for a specific number of years.
Limited Pay Life Insurance: A type of permanent life insurance where premiums are only required for a specified, limited number of years or until a certain age, such as 20 years or age 65. After the final payment is made, the policy is considered "paid-up," and the death benefit coverage remains in force for the rest of the insured's life.
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Magnetic Resonance Angiography: A type of medical imaging test (MRA) that uses a powerful magnetic field and radio waves to create detailed pictures of the body's blood vessels. It allows physicians to examine arteries and veins for abnormalities, such as blockages or aneurysms, often without the radiation or catheters used in other tests.
Magnetic Resonance Imaging: A medical imaging technique, commonly known as an MRI, that uses a strong magnetic field and radio waves to generate detailed images of the organs and tissues within the body. Unlike X-rays and CT scans, it does not use radiation and is particularly useful for clearly imaging soft tissues like the brain, muscles, and ligaments.
Major Services: A category within a dental insurance plan that includes the most complex and costly restorative procedures. These treatments, such as crowns, bridges, and dentures, are typically covered at a lower coinsurance percentage than basic or preventive care.
Mediation: A voluntary and confidential process in which a neutral third party helps disputing parties negotiate and reach a mutually acceptable settlement. Unlike a judge or arbitrator, this facilitator does not impose a decision but instead works to help the parties find their own solution, often as a way to avoid going to court.
Medicaid: A joint federal and state government program that provides health coverage to millions of Americans, including eligible low-income adults, children, pregnant women, and people with disabilities. Unlike Medicare, which is based on age or disability status, eligibility for this program is primarily determined by a person's income level.
Medicare: The federal health insurance program primarily for people who are 65 or older and for certain younger people with qualifying disabilities. Unlike Medicaid, eligibility is based on age or disability status rather than income, and the program is divided into different "parts" covering specific services like hospital and medical expenses.
Molecular Imaging: A type of medical imaging that provides detailed pictures of what is happening inside the body at the molecular and cellular level. Unlike scans that show anatomy (structure), this method visualizes biological processes (function) and is used in procedures like PET scans to diagnose and monitor diseases.
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Nonforfeiture: A required provision in a permanent life insurance policy that guarantees the policyholder will not lose their accumulated cash value if they stop paying premiums. This clause gives the policyowner several options, such as surrendering the policy for its cash value or using that value to purchase a smaller amount of paid-up coverage.
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Out-of-Network: A term referring to doctors, hospitals, and other healthcare providers that do not have a contract with your health insurance plan. Using these providers typically results in significantly higher out-of-pocket costs, and in some plans like HMOs, may not be covered at all except in an emergency.
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PPO: A type of health insurance plan, short for Preferred Provider Organization, that offers members the flexibility to see providers both inside and outside of its established network. Your out-of-pocket costs will be lower when using in-network providers, and you typically do not need a referral from a primary care physician to see a specialist.
Peace of Mind: A mental state of calmness and security, characterized by a freedom from anxiety or worry about the future. Achieving this feeling is a primary goal of insurance and financial planning, which provides a safety net against unforeseen events and potential financial hardship.
Periodontitis: A serious gum infection that develops when gingivitis is left untreated, causing damage to the soft tissue and the bone that supports the teeth. Unlike early-stage gum disease, this condition is not reversible and can lead to the loosening of teeth or eventual tooth loss if not treated by a dental professional.
Permanent Life Insurance: An umbrella category for life insurance policies designed to provide coverage for the insured's entire life, while also including a savings component that accumulates cash value. Unlike term insurance which expires after a set period, these policies remain in force as long as premiums are paid and include types such as Whole Life and Universal Life.
Plaque: A term with two common medical meanings, both referring to a harmful substance buildup. In dentistry, it is a sticky film of bacteria on teeth that leads to cavities and gum disease, while in cardiology, it refers to fatty deposits that can clog arteries and cause heart problems.
Policy: The formal written document that outlines the legal contract between an insurance company and an individual or entity being insured. It details all the terms, conditions, coverages, and exclusions of the arrangement, as well as the obligations of both parties.
Policy Loan: A loan issued by an insurance company to a policyowner, which uses the policy's accumulated cash value as collateral. While there is typically no fixed repayment schedule, any outstanding balance plus accrued interest will be deducted from the death benefit upon the insured's death.
Policyholder: The person, company, or entity that owns an insurance contract and has the legal rights associated with it. This party is responsible for paying the premiums and can make changes to the policy, and is not always the same individual as the person whose life or health is being insured.
Positron Emission Tomography: A type of nuclear medicine imaging, commonly known as a PET scan, that uses a small amount of an injected radioactive tracer to create detailed pictures of how organs and tissues are functioning. By highlighting areas of high chemical activity, it is a highly sensitive test used to detect cancer, evaluate heart conditions, and study brain disorders.
Preferred Risk: An underwriting classification for life and health insurance applicants whose personal health and lifestyle indicate they have a lower-than-average risk of loss. In recognition of this lower risk, individuals in this category qualify for the best pricing and are charged lower premiums for their coverage.
Premium: The specific amount of money that a policyholder pays to an insurance company to purchase and keep an insurance policy active. This payment is the primary cost associated with the policy and can typically be made on a monthly, quarterly, or annual schedule.
Primary Beneficiary: The person, trust, or entity designated as the first in line to receive the proceeds from a life insurance policy or financial account. The funds will only pass to the contingent (or secondary) beneficiary if this first-choice recipient is deceased or otherwise unable to receive the payout.
Primary Care Physician: A physician (PCP) who provides a person's main source of comprehensive medical care, handling routine check-ups, common illnesses, and preventive services. In certain health plans like HMOs, this doctor also acts as a "gatekeeper," as you must get a referral from them before seeing a specialist.
Principal: The original sum of money borrowed in a loan or the original amount of money invested, separate from any earnings or interest paid on that sum. For example, on a $200,000 mortgage, the $200,000 is the base amount, while in certain insurance policies it can refer to the full amount paid for a covered loss.
Probate Court: A specialized segment of a state's judicial system that oversees the legal process of settling the estate of a deceased person. Its responsibilities include validating a will, appointing an executor, and ensuring that debts are paid and assets are distributed to the correct beneficiaries.
Profit: The financial gain realized when the revenue generated from a business activity exceeds the total costs involved in sustaining that activity. In simple terms, it is the amount of money left over after all expenses, such as materials, labor, and taxes, are subtracted from total sales.
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Quote: An estimate of the premium you will have to pay for a specific insurance policy based on the information you provide to an agent or company. It is not a binding agreement but rather a projection of the cost, as the final price can change after the formal underwriting process is complete.
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Rated Policy: An insurance policy issued to an applicant who is considered to have a higher-than-average risk due to their health, lifestyle, or occupation. To compensate for this increased risk, the insurance company charges a higher premium for the coverage than the standard rate.
Retrocede: The practice of a reinsurance company itself buying reinsurance to protect against a portion of the risks it has assumed from primary insurance companies. In simple terms, it is insurance for a reinsurer, used to further spread out the financial risk of a major event or disaster.
Retrocessionaire: An insurance company that provides coverage to another reinsurance company. In essence, they provide insurance to the insurer's insurer, operating one step further down the chain of financial risk transfer.
Revenue: The total amount of income generated by a company from the sale of its goods and services related to its primary business activities. Often referred to as the "top line," this is the gross income figure before any expenses are subtracted to determine a company's profit.
Riders: Optional provisions or amendments that can be added to a base insurance policy to provide additional benefits or customize the coverage. Often available for an extra cost, common examples for a life insurance policy include a waiver of premium in case of disability or an accelerated death benefit for terminal illness.
Root Canal: A dental treatment to repair and save a badly damaged or infected tooth by removing the nerve and soft pulp from the tooth's center. After the inside of the tooth is cleaned and sealed, a crown is often placed over it to protect the tooth from future fractures.
Roth IRA: An individual retirement account where you contribute with after-tax dollars, allowing your investments to grow and be withdrawn completely tax-free during retirement. This is the reverse of a Traditional IRA, where contributions may be tax-deductible upfront, but withdrawals are taxed as income in retirement.
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Shares: A single unit of ownership in a corporation, mutual fund, or other financial asset. The two main types are common stock, which usually gives the owner voting rights in company decisions, and preferred stock, which typically has no voting rights but may pay a fixed dividend.
Short-Term Health Insurance: A type of medical plan designed to provide temporary coverage for an individual during a gap in their permanent health insurance, such as between jobs. These plans are not required to comply with Affordable Care Act (ACA) rules, so they typically do not cover pre-existing conditions and offer more limited benefits than traditional health plans.
Straight Life Annuity: An annuity payout option that provides a guaranteed income stream for the annuitant's entire life, with payments stopping immediately upon their death. Because no death benefit or further payments are made to a beneficiary, this option typically provides the highest possible periodic payment amount of all the available choices.
Stock: A security that signifies ownership in a publicly-traded company and represents a claim on part of that company's assets and earnings. A company's total ownership is divided into units, with each individual unit being referred to as a share.
Stock Exchange: A regulated and centralized marketplace, which can be physical or electronic, where brokers and traders buy and sell financial securities such as stocks and bonds. The most well-known examples in the United States are the New York Stock Exchange (NYSE) and the NASDAQ.
Stock Market: A broad term that refers to the entire system of buying and selling ownership shares in public companies. It is not a single physical place but the collective activity that takes place on various stock exchanges, such as the New York Stock Exchange and the NASDAQ.
Supplementary Contract: An agreement between a life insurance beneficiary and the insurance company that determines how the death benefit proceeds will be paid out over time, rather than as a single lump sum. Through this new arrangement, the proceeds are left with the insurer to accumulate interest and are then paid to the beneficiary as a stream of income.
Surrender Charge: A fee levied on a policyholder who cancels their annuity or life insurance policy or withdraws money from it during a specified early period. This fee is designed to cover the insurer's initial costs and is typically a percentage of the amount withdrawn that declines annually until it disappears.
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Tax: A compulsory financial contribution imposed by a government on an individual or business to raise revenue for public spending. These mandatory payments can be levied on income, property, or the sale of goods and services, and are used to fund everything from roads and schools to national defense.
Tax-Deferred: A term referring to investment earnings, such as interest or capital gains, that are allowed to grow without being subject to income tax until the funds are withdrawn at a later date. This allows the full investment to compound more quickly and is a key feature of retirement accounts like a Traditional IRA and 401(k), as well as annuities.
Term Insurance: A type of life insurance that provides coverage for a specific period of time, such as 10, 20, or 30 years. The policy pays a death benefit only if the insured passes away during that period, and unlike permanent life insurance, it does not accumulate any cash value.
Tooth Extraction: The complete removal of a tooth from its socket in the jawbone, a procedure commonly referred to as "pulling" a tooth. This is typically necessary when a tooth is too badly damaged by decay or injury to be repaired, or in cases of severe gum disease or impacted wisdom teeth.
Tri-Term Health Insurance: A specific type of short-term medical plan that bundles multiple consecutive policies together to provide temporary coverage for a longer duration, often up to nearly three years. Like standard short-term plans, these policies are not ACA-compliant and typically exclude pre-existing conditions, which can include illnesses that arise during an earlier term of the plan.
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Ultrasound: A medical imaging technique, also known as sonography, that uses high-frequency sound waves and their echoes to create live pictures of internal body structures. While famously used to monitor a fetus during pregnancy, it is also widely used to examine organs like the heart and liver, as it does not involve any radiation.
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Variable Life Insurance: A type of permanent life insurance where the policy's cash value is invested in a selection of investment options, often similar to mutual funds. The policy's cash value and sometimes the death benefit can fluctuate based on the performance of these investments, offering higher potential growth but also market risk.
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W
Waiver of Premium: An optional rider on an insurance policy that, after a specified waiting period, will pay the policy's premiums on behalf of the policyholder if they become totally disabled and unable to work. This feature is designed to ensure that valuable coverage does not lapse simply because the insured person's disability prevents them from earning an income.
Withdrawal: The act of taking funds out of a financial account, such as a bank account, investment portfolio, or retirement plan. Depending on the type of account and the timing of the removal, this action may have consequences such as triggering income taxes, penalties, or other fees.
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X
X-ray: A common medical imaging technique that uses a small, controlled amount of electromagnetic radiation to create pictures of the inside of the body. It is most effective at visualizing dense structures like bones to diagnose fractures, but is less detailed for soft tissues compared to an MRI or CT scan.
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Year-over-year: A method of comparison, often abbreviated as YOY, that looks at a specific period of time (like a month or quarter) and compares it with the identical period from the previous calendar year. This is a common way to evaluate performance as it helps to remove the effects of seasonality from the analysis, providing a clearer picture of growth or decline.
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Zero-Coupon Bond: A type of debt security that does not pay periodic interest payments (or "coupons") to the bondholder. Instead, it is purchased at a deep discount to its face value and pays the full face amount at maturity, with the investor's profit being the difference between the purchase price and the face value.
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