A policy issued at a higher premium rate to offset the risk of insuring an individual whose health (or some other risk factor) disqualifies the individual for Standard or Select rates.

The granting of any form of inducement, favor, kickback, or advantage to the purchaser of a policy which is not available under the standard terms of the policy. Rebating is a penal offense in some states, whereby both the agent and the person accepting the rebate can be punished. The amount of the rebate is taxable to the recipient and the agent's license is subject to revocation.

A non-forfeiture option. The cash surrender value is applied to purchase paid-up insurance with no future premiums payable. The coverage will remain in force until the policy is surrendered. The death benefit will be lower than that provided if premiums had been continued.

A term insurance policy with Select and ultimate rates which allows the insured to renew (reenter) the policy at lower attained age Select rates instead of the policy's guaranteed renewal at higher attained age ultimate rates. Reentry requires evidence of insurability.

A professional designation conferred by The American College to practitioners in the disability income, health insurance and employee benefits fields. Rigorous academic challenges in this five-course program validate that the individual has a broad and in-depth knowledge of the employee benefits planning process as well as the various products available in the marketplace.

A professional designation conferred upon an individual by The American College as a result of successful completion of courses in group and individual health insurance. The RHU program delves into group and individual health insurance, managed care and other health insurance topics.

A person who has passed certain NASD examination. Any agent selling variable products must also be a registered representative of the NASD.

Your occupation at the time you become disabled. If you are regularly engaged in more than one occupation, all of your occupations at the time the disability starts will be combined together to be your regular occupation. The definition is not restricted to a specific company or industry.

Dates, nearest specified birthdays of the insured, that give the insured the right to purchase additional permanent policies without providing evidence of insurability, under the Additional Purchase Benefit.

A notice sent out ten days before each payment due date to inform the payor that a Pre-Authorized Check (PAC) payment is about to be withdrawn through the policyowner's Insurance Service Account or Insurance Service Account Plus.

The period after the grace period (usually five years) during which the policy can be restored from a lapsed status through submission of acceptable evidence of insurability and unpaid premiums plus interest. The policy must not have been surrendered for its cash value. Some companies, including Northwestern Mutual, allow reinstatement without evidence of insurability during the 31 days following the grace period if the insured is alive; however, if death occurs during this period only the benefits provided under the non-forfeiture provisions would apply.

To transfer in whole or in part, a risk or contingent liability already covered under an existing contract from one insurer (the ceding company) to another (the reinsurer).

To continue the policy for another period of time. Permanent coverage is generally renewable annually for life. Term insurance coverage may or may not be renewable; if renewable, the renewal period may be much shorter than life.

Term insurance that may be renewed for another term of the same length, usually subject to an upper age limit beyond which renewal will not be permitted.

The act of terminating coverage with one insurer for coverage with another. This practice is regulated by most states because it is seldom in the insured's best interest to make such a switch.

Contract owners of qualified plans are required by the IRS to take a minimum payout from their contracts according to a calculation involving the account balance and life expectancy. The first required minimum distribution must be taken on or before April 1st, following the year the owner attains age 70½.

The legal act of canceling (rescinding) the policy and refunding all premiums paid from the policy's issue.

The amount of money an insurer holds which, with future premiums and an assumed rate of interest, will pay all contractual obligations as they fall due.

The portion of an estate that remains after all debts have been paid and specific bequests have been distributed.

Factors affecting what actions can be taken on a policy, such as ownership restriction because of a divorce or tax levy.

The maximum amount of insurance the company can retain before ceding business to a reinsurer. The maximum amount may depend on the insured's age, health, coverage in force as well as the company's financial condition.

An annuity that includes a term life insurance policy.

Net operating gain as a percentage of prior year capital and surplus. This profitability test reflects the return on capital and surplus from insurance operations and investments and has been traditionally used with stock companies to indicate return on stockholder's investment. Comparisons cannot be made between stock and mutual companies since the net operating gain is after dividends are paid to policyowners.

A split dollar arrangement in which the employer receives the majority of the death benefit and the employee owns the cash value. Premium payments are shared by the employer and the employee.

A beneficiary whose rights are subject to the rights of the policyowner who may revoke or change the beneficiary designation and exercise any ownership rights under the policy without the beneficiary's consent.

A trust created during the grantor's lifetime that can be revoked or modified.

A special policy provision or group of provisions which may be added to a policy to expand or limit the benefits otherwise payable.

In insurance, it is the probability of morbidity or mortality. It also pertains to uncertainty of gains or losses regarding investment performance on the underlying funds of a variable product.

The difference between the death benefit and cash value. This is the amount on which mortality charges are assessed annually.

An underwriting process used to determine the appropriate price category of the proposed insured, according to risk factors associated with that person's health condition, lifestyle, etc.

The tax-free transfer of accumulated assets from a qualified retirement plan to an IRA, which must be completed within 60 days of the termination of the original plan.

Frank Russell Company, through its investment management subsidiaries, offers a wide variety of funds for both institutional and individual investors, all designed as Multi-Asset, Multi-Style, Multi-ManagerTM funds. Russell funds for plan sponsors and corporations include U.S. commingled funds, Canadian institutional funds, U.S. mutual funds and global funds specially designed for investors domiciled outside the United States. Russell's global funds include global bond products and regional equity funds investing in Europe, the U.S., U.K., Japan, the Pacific Basin, and emerging markets. Russell also provides custom funds and separate investments for large plan sponsors and offers specialized investment products for tax-advantaged investors, such as nonqualified plans and charitable trusts.

To meet the needs of smaller companies and individual investors, Russell offers a series of mutual funds specifically designed for clients with smaller pools of capital. Russell's mutual funds and global funds are available through a select network of investment professionals across the United States, Australia, New Zealand, Canada, Europe, and South Africa.