Life insurance is a vital part of planning for the future, but its terminology can be puzzling, especially for ESL learners. In our latest lifestyle guide, we’re uncovering the top life insurance abbreviations. This post is designed to simplify these terms, making the world of life insurance more accessible and less intimidating for everyone. Let’s embark on this journey of understanding together!
Life Insurance Abbreviations
- UL: Universal Life Insurance
- WL: Whole Life Insurance
- TL: Term Life Insurance
- VUL: Variable Universal Life Insurance
- ILIT: Irrevocable Life Insurance Trust
- AD&D: Accidental Death and Dismemberment
- CLU: Chartered Life Underwriter
- FALU: Fellow of the Academy of Life Underwriting
- LISR: Life Insurance Settlement Right
- MEC: Modified Endowment Contract
- PUA: Paid-Up Additions
- ROP: Return of Premium
- TIAA: Teachers Insurance and Annuity Association
- TOLI: Trust-Owned Life Insurance
- GUL: Guaranteed Universal Life Insurance
- CV: Cash Value
- LTV: Loan to Value (in the context of borrowing against a life insurance policy)
- LIRP: Life Insurance Retirement Plan
- LIA: Life Insurance Agent
- BOLI: Bank-Owned Life Insurance
Related:
Property Insurance Abbreviations
Health Insurance Abbreviations
