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Glossary of Terms
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Zero-coupon bond |
A bond in which no periodic coupon is paid over the life of the contract. Instead, both the principal and the interest are paid at the maturity date. | |
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Zero-coupon convertible security |
A zero-coupon bond convertible into the common stock of the issuing company after the stock reaches a certain price, using a put option inherent in the security. | |
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Zillmersation |
An actuarial adjustment to long-term business reserves to allow for the heavy initial expenses of writing such business. | |
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From The Glossary » | Excess Interest: |
| | Interest earned by a life insurance company in excess of that assumed in premium and reserve calculations. Excess interest is usually allocated to policyholders as one component of their bonuses. It is also allocated to those supplementary settlement agreements that are computed on the basis of interest only. | | More Definitions » |
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