Additional Deposit Privilege
Definition of "Additional deposit privilege"
Clause in some current ASSUMPTION WHOLE LIFE INSURANCE policies Such as UNIVERSAL LIFE insurance that allows unscheduled premiums to be paid at any time prior to the policy's maturity date, provided there is no outstanding loan. If there is a loan, additional deposits will be first applied against the loan. Most policies have a minimum that will be accepted as an additional deposit, such as $1000.
Popular Insurance Terms
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Method of determining whether or not coverage is available for a specific claim. If a claim arises out of an event during the period when a policy is in force, the insurance company is ...
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