Y - Z

Y

Yacht Insurance. Insurance providing hull coverage and protection and indemnity liability coverage on pleasure boats. It is usually written on an open perils (all risk) basis for hull coverage, although named-perils forms are sometimes used.

Year Plan. A calendar, policy or fiscal year on which the records of the plan are kept.

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.

Years Certain Annuity. See Annuity Certain.

York Antwerp Rules. A set of rules by which ocean marine general average losses are adjusted.

You/Your. Words used to refer to the named insured in many of the personalized policy forms.

YRT. See Yearly Renewable Term.

Z

Zero-Day Qualification Period. When a residual policy has a zero-day qualification period, satisfying the elimination period, it makes the insured eligible for total or residual benefits. When a policy has no qualification period, days of total disability and/or residual disability will satisfy the elimination period.

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.