Glossary & Resources

Definitions of insurance terms and Georgia regulatory concepts referenced on this site.

Information current as of April 30, 2026

Insurance regulations change. The definitions and rule references below reflect our understanding as of the date above. We are not authorized to provide binding legal interpretations. The authoritative source is the Georgia Secretary of State Rules site, linked at the bottom of this page. Where this glossary and the official rules conflict, the official rules govern.

Insurance Terms

Beneficiary
A person, persons, or entity named in the policy to receive the death benefit when the insured dies. You may name primary and contingent beneficiaries and update them during the life of the policy.
Cash Value
A savings element in permanent life insurance policies (such as whole or universal life). Cash value accumulates on a tax-deferred basis according to the policy contract and may be borrowed against or withdrawn under the terms set by the issuing carrier. Cash value is not a savings account and is governed by the policy, not by FDIC or banking rules.
Death Benefit / Face Amount
The amount paid to beneficiaries when the insured dies, subject to the terms, conditions, exclusions, and limitations of the policy issued by the carrier.
Premium
The payment a policyowner makes to keep a policy in force. Premiums may be level (fixed) or non-level (changing over time); non-level premiums must be clearly disclosed.
Term Life Insurance
Coverage for a fixed period (often 10, 20, or 30 years) at a level premium. If the insured dies during the term, the death benefit is paid; if the term ends, coverage ends unless the policy is renewed or converted.
Whole Life Insurance
Permanent coverage with a level premium that builds cash value over time according to the policy contract. Coverage continues for the life of the insured as long as premiums are paid.
Universal Life Insurance
Permanent coverage with flexible premiums and adjustable death benefits within the limits set by the policy. Cash value growth depends on a credited rate set by the carrier and may not be guaranteed.
Underwriting
The carrier's process of evaluating an application — based on age, health, lifestyle, and other factors — to decide whether to issue a policy and at what rate. Acceptance is not guaranteed and timing varies by carrier and product.

Regulatory Concepts (Georgia)

Advertisement
Under Ga. Comp. R. & Regs. 120-2-11-.03(4), an "advertisement" includes virtually any printed, verbal, or electronic communication that promotes the sale of life insurance or annuities — including this website. The rule sets specific disclosure and prohibition requirements that apply to all such communications.
Appointed Carrier
An insurance company that has formally authorized this agency to solicit and sell its products. An agent must be appointed by a carrier before selling that carrier's policies.
Illustration
A document, often computer-generated, that projects future values of a life insurance policy (premiums, cash value, dividends, death benefit). Non-guaranteed elements (such as projected dividends) must be clearly labeled and cannot be presented as guarantees.
Independent Agency
An agency appointed by multiple insurance carriers, as opposed to a captive agency that represents only one carrier. Norris Life Planner, LLC operates as an independent agency.
Producer / License
An individual licensed by a state insurance department to sell, solicit, or negotiate insurance. Each producer holds a state license and an NPN (National Producer Number) that may be verified through the NIPR or a state licensing lookup.
Replacement
Under Ga. Comp. R. & Regs. 120-2-24, when a new life insurance policy is sold to replace or modify an existing policy, specific written notices must be delivered to the applicant. Replacement is regulated to protect consumers from unsuitable or churned transactions.
Suitability (Annuity)
Under Ga. Comp. R. & Regs. 120-2-94, recommendations to purchase or exchange an annuity must be suitable for the consumer based on documented information about their financial situation, investment objectives, and other criteria.

Authoritative Sources

These links open the official Georgia Secretary of State rules website. Always defer to the most recent version published there.

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