Acronyms Topics Explanation
AMOS Exposure Age
Medical History
Occupation
Sex (Gender)
CLOC Elements of a Contract Consideration
Legal Purpose
Offer & Acceptance (Agreement)
Competent Parties
CLIFF Settlement Options Cash
Life Income
Interest Only
Fixed Period
Fixed Amount
COLA Rider Cost
Of
Living
Adjustment
DIME Uses of Insurance Death
Income
Mortgages & Debts
Expenses
DRuMS Workers Comp Benefits Disability
Rehabilitation
Medical
Survivors
DRuMS Social Security Benefits Disability
Retirement
Medicare
Survivors
FILO Annuities First
In
Last
Out
LOCAL Elements of a Contract Legal Purpose
Offer
Consideration
Acceptance
Legal Capacity
LID Types of Term Policies Level
Increasing
Decreasing
MIX Premium Determination Mortality
& can also be used for Interest
Universal Life Elements eXpenses
OhCRAP Dividend Options One Year Term
Cash
Reduction of Next Premium
Accumulate at Interest
Paid Up Additions
REC Nonforfeiture Options Reduced Paid–up
Extended Term Cash Surrender
SLO Premium payment Straight Pay
options for Whole Life Limited Pay
One / Single Premium
STARR Methods of Handling Share
Risk Share Transfer
Avoid
Reduce
Retain / Self-Insure
WASH Exclusions War
Aviation
Suicide
Hazardous Occupations
& Hobbies
WET Types of Ordinary Life Whole Life
Endowment
Term
