General Life Insurance, Group & Individual Life Insurance
ACORD (Association for Cooperative Operations Research and Development) is an insurance industry organization, comprised of insurers, producer associations, vendors and other interested parties, that drafts and disseminates standardized insurance forms to the property and casualty, re-insurance and life insurance industry. ACORD was designed to help bring about two important goals of the insurance processing industry: straight-through processing, which eliminates the need for manual intervention to manipulate date by integrating systems; and Single Entry Multiple Company Interface (SEMCI), which lets data be keyed in once and sent to multiple recipients regardless of platform.
ACORD Forms
Industry-wide, standardized forms developed by insurance companies and agency groups for insurance applications, certificates of insurance, quotations, etc.
ACORD Standards
ACORD insurance standards refer to the standards set and accepted by the insurance industry, that are used to define the data and regulate how it will be transmitted between the company and the agency.
ACORD XML
ACORD XML is a set of nearly 600 standard messaging formats (ACORD forms) for executing transactions and exchanging policy information in three areas of insurance: property and casualty, life, and reinsurance.
Term Insurance - Compare to General Life Insurance Policy
Term Insurance is a form of life insurance that is restricted to a certain period - if you die within the term of the policy, the policy will pay out. If you survive the term, nothing will be paid. Term insurance is usually cheaper than a more general life insurance policy, but it should not be regarded as an investment - it should be treated as any normal insurance policy in that one hopes one doesn't need to make a claim.
Group Life Insurance
Group Life insurance covers the lives of multiple persons, such as some or all employees of a business, or members of a labor union, or those owing money to an automobile finance company, or members of an association. Life insurance, usually without medical examination, on a group of people under a master policy. It is typically issued to an employer for the benefit of employees, or to members of an association, for example a professional membership group. The individual members of the group hold certificates as evidence of their insurance.
Group Policy
A single policy which has been issued to a group or association, whereby members of the group can apply for coverage under the group policy. Quite often you will find employers and associations may offer a long term care insurance policy to their employees in the form of a group long term care insurance policy.
If you are considering purchasing a group policy you should compare the level of protection afforded that policy versus what level of protection is guaranteed in a comparable individual policy. Your long term care insurance policy should also clearly state whether it is an individual or group policy.
Individual Life Insurance
Individual life insurance covers in one contract usually only one insured. Used also as a term to distinguish this type of life Insurance from Group Life Insurance
Business Insurance
Insurance that is intended to serve the insurance needs of a business rather than the needs of an individual.