NOTE:
This glossary provides a comprehensive list of the most commonly used terms in property/casualty insurance.
Some life and health insurance terms are included. This is not an all-conclusive glossary of terms.

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X-Z

XXX Regulation:
The National Association of Insurance Commissioner’s current model valuation law for life insurance policies, adopted in March 1999. The law tells insurance companies how much they should hold as a reserve for each term life insurance policy. The model has been adopted by most of the states.

Yearly Renewable Term:
One-year term life insurance that is renewable at the end of the policy term. Also known as annually renewable term (ART) insurance.