Glossary - HSBC Insurance
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Accidental Death Benefit Rider - An optional addition to your life insurance policy that pays a benefit to the beneficiary of a life insurance policy in addition to the death benefit should death be due to an accident.
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Beneficiary - In a life insurance policy, the person named to receive the death benefit.
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Child Rider - An optional addition to your life insurance policy that covers dependent children.
Claim - A request for payment of the benefit of an insurance policy made by the policyholder or beneficiary.
Contestability Period - A period of time where the insurance company can rescind a policy if it was obtained through misrepresentation or omission of information, or other similar situations, or deny a claim if excluded by the policy.
Contingent Beneficiary - An alternate beneficiary listed on an insurance policy who will receive the benefit if the primary beneficiary is deceased. This is sometimes referred to as a "Secondary Beneficiary."
Coverage - The total amount of protection provided by the policy including any optional riders for anyone insured under the policy.
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Death benefit - The amount of money to be paid to a beneficiary when the insured dies.
Dependents - A person who relies on you for support.
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Estate Fees - Payments made to advisors, usually attorneys, to administer the transition of real property and assets from a decedent to an heir.
Examiner - An employee of an insurance company responsible for reviewing and processing claims.
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Funeral Costs - Fees associated with the death and burial ceremonies of a person including things like a casket, grave stone, cemetery space, funeral home, religious official, flowers and other items.
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Inheritance Taxes - A tax on a decedent's net estate that is levied after the estate is transmitted to the inheritors. This is sometimes referred to as the "Death Tax."
Insurance - Coverage by contract whereby one party indemnifies another against a specified type of loss.
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Lump Sum Payment - A single payout for the total amount due to the beneficiary.
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Myfolder - A secure, online, account management tool that will help you control your relationship with HSBC Insurance. To register or log on, click on the 'Manage My Account' link above.
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Permanent Insurance - Life insurance that does not expire after a certain time limit.
Policy - The contract between the insurance company and the insured which contains all the terms and conditions of the insurance arrangement.
Premium - The price of an insurance policy, typically quoted on an annual, semi-annual, quarterly or monthly basis.
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Rider - An optional added addendum to the insurance policy which can provide additional benefits under certain conditions.
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Secondary Beneficiary - An alternate beneficiary, listed on an insurance policy who will receive the benefit, if the primary beneficiary is deceased. This is sometimes referred to as a Contingent Beneficiary.
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Term - The length of time for which an insurance policy remains effective.
Term Life - A type of life insurance that covers the insured for a specified period of time.
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Universal Life - A type of life insurance where the premium and benefits are adjustable.
the un way - Life insurance for our right new way of life
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Waiver of Premium (total disability) Rider - A rider to an insurance policy providing that the policy and coverage will remain in effect for a specified period of time in the event that the insured becomes totally disabled during which time the insured does not have to make premium payments.
Whole Life - Life insurance which provides coverage for an individual's whole life, rather than a specified term, and which includes a savings component, called cash value, that builds over time and can be used for wealth accumulation.
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