Glossary term

Z Table. :A mortality table showing ultimate experience on insured lives computed from the experienced mortality on Life policies issued by major companies from 1925 to 1934. The Z Table was a step in the development of the Commissioners' Standard Ordinary (CSO) Table of Mortality. (LI) 

Yearly (or Annual) Renewable Term (YRT). :
(1) Term Life Insurance that may be renewed annually without evidence of insurability until some stated age. (2) A form of Life, and sometimes Health, Reinsurance in which the reinsurer assumes only the mortality risk, which is usually calculated as the face amount of reinsurance minus the terminal reserve. (LI,H)

Years Certain Annuity. :
See Annuity Certain. (LI)

YRT. :
See Yearly Renewable Term. (LI) 

Waiver of Premium. :
A provision of a Life Insurance policy which continues the coverage without further premium payments if the insured becomes totally disabled. (LI)

War Clause. :
A provision excluding liability of an insurer if a loss is caused by war. (LI,H)

Valuation. :
Calculation of the policy reserve in Life Insurance. (LI)

Values. :
Used in Life Insurance terminology as a shortened term for nonforfeiture values. See Nonforfeiture Values. (LI)

Ultimate Mortality Table. :
A mortality table based on mortality experience from which the first few policy years after issue (usually five) have been excluded to eliminate the effect of possible adverse selection. (LI)

Uniform Premium. :
A rating system that is used to calculate premiums for all insureds with no distinctions as to age, sex or occupation. (LI,H)

Tax Sheltered Annuity. :
An annuity program under which contributions reduce the taxable income of participating employees, and the benefits are not taxable until distributed. (LI)

Salary Savings Insurance (Deductions or Allotment). :
Insurance issued to an individual employee whose employer agrees to deduct the premiums from his paychecks and submit them to the insurer. (LI)

Sales Representatives. :
See Special Agent. (LI)

Savings Bank Life Insurance. :
Life Insurance sold by mutual savings banks. Allowed only in a few states, such as New York, Connecticut, and Massachusetts. (LI)

Rated Up. :
See Rated. (LI)

Rated. :
Coverages issued at a higher rate than standard because of impairment of the insured. Usually used as an adjective in such expressions as "rated risk," "rated policy," and "rated up." (LI)

Readjustment Income. :
(1) The income needed after the death or disability of a wage earner to allow the family time to adjust to a new, lower standard of spending. (2) The insurance coverage that provides readjustment income. (LI)

Quadruple Indemnity. :
A multiple indemnity form similar to double indemnity and triple indemnity. See also Multiple Indemnity. (LI)

Quantity Discount. :
A premium discount given for the purchase of a policy with a larger face amount. See also Policy Fee. (LI) 

Paid Business. :
Insurance for which the application has been signed, the medical examination completed, and the settlement for the premium tendered. (LI,H)

Paid-Up Additions (or "Adds"). :
See Dividend Additions. (LI)

Paid-Up Insurance. :
Insurance on which all premiums are paid but which has not yet matured by either death or endowment. An example would be a Limited Payment Life policy for which the premium-paying period is over. (LI)