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
Payment under a state-sponsored program for victims of crimes. ...
States that allow the placement of surplus lines only with insurance companies that the states have approved. ...
Interest earned but not yet paid for a period of time that has elapsed since the last interest payment. ...
Date, in insurance, on which a person becomes one year older. Depending on the insurance company, premiums in life and health insurance manuals are figured to the age-nearest-birthday or ...
Government-supervised health care system with economic incentives for providers and consumers. ...
Funding of an employee's benefits in a pension plan for his or her beginning past service of employment. This is a significant cost factor in pension planning and financing of future ...
Insurance that combines features of flexible premium life insurance and universal life insurance into one policy in the following manner: Premiums after the required minimum initial premium ...
Coverage that pays a fixed dollar amount of interest at regular intervals. ...
Illness contracted as the result of employment-related exposures and conditions. Coverage for such diseases is found under workers compensation insurance. ...
Have a question or comment?
We're here to help.