In disability insurance, this refers to the applicant/insured's job classification by level of risk. Occupation classifications govern the amount of premium charged, the type of contract, and the range of benefits.

An investment company that stands ready to sell new shares to the public and to redeem its outstanding shares on demand at a price equal to an appropriate share of the value of its portfolio, which is computed daily at the close of the market. Also called a mutual fund. Participants may buy or sell shares at any time the market is open. Typically properties are continually added to the fund.

In an endowment or deferred annuity policy, it is an owner specified maturity date that is later than the maturity date specified in the contract.

The additional policy benefits that are available with various life insurance policies. The additional benefits are entirely elective and are subject to approval by underwriting. The extra benefits available from Northwestern Mutual are the Accidental Death Benefit (ADB), the Additional Purchase Benefit (APB), the Indexed Protection Benefit (IPB), Waiver of Premium (WP), Death Waiver of Premium (DWP), and Payor Benefit (PB).

Permanent insurance that provides for the payment of proceeds at death or at policy maturity (if the insured is still living at that time).

A segment of the insurance industry that includes term, whole life, endowments, universal, and variable life.

The life insurance company practice of allowing the premiums from a permanent life insurance policy that has been converted from a term policy to be based on the insured's age at the time of the original term purchase.

A policyowner whose original writing agent has retired or left the company.

One person has full ownership rights in the property and can sell, exchange or pledge the property as collateral for a loan without the consent of any other person.

Transfers that are made directly to a donee not made in trust.

In CompLife products, paid-up insurance that increases the current death benefit. They may be purchased by dividends, additional premiums, and/or lump sums.