Coverage under which the face value, premiums, and plan of insurance can be changed at the discretion of the policy owner in the following manner, without additional policies being issued:
face value can be increased or decreased ( to increase coverage, the insured must furnish evidence of insurability). The resultant size of the cash value will depend on the amount of face value and premium.
premiums and length of time they are to paid can be increased or decreased. Unscheduled premiums can be paid on a lump sum basis. Premiums paid on an adjusted basis can either lengthen or shorten the time the protection element will be in force, as well as lengthen or shorten the period for making premium payments. For example, assume that John, who is 28, buys a $100,000 adjustable term life policy to age 65 with an annual premium of $1250. As his career prospers, he finds at age 32 that he can double the annual premium payment to $2500. This increase may change the original term amount to a fully paid-up life policy at age 65. With time, John might experience economic hardship and have to decrease his annual payment by two thirds. This could result in changing the paid-up-at-65 policy back to a term policy to age 65. Thus, at any time the policy can be either ordinary life or term.
Circumstance under which there is a significant deviation of the actual aggregate losses from the expected aggregate losses. For example, a hurricane is a hazard that is catastrophic in ...
Prior to 1988, right to withdraw retirement assets before age 59 1/2 without having to pay a 10% penalty under the following circumstances: medical expenses are incurred. the plan ...
Same as term Coverage: protection under an insurance policy. In property insurance, coverage lists perils insured against, properties covered, locations covered, individuals insured, and ...
Statement of the financial condition of the insurance company, as well as significant events during the year in which the company has been involved and/or that have affected the company. ...
Same as term Depositors Forgery Insurance: coverage provided for individuals or businesses for loss due to forgery or alteration of such financial instruments as notes, checks, drafts, and ...
Insurance will cover any homemade or custom-built system, but you will need to have proof of ownership of each of the individual parts within the computer to file a claim. ...
You\'ve identified some financial goals and begun to look at potential investments. You\'re on the path to investment success! Putting some plans into motion is an essential step, but it\'s ...
First, stay calm. Freaking out won’t help anyone. Whenever there’s an accident everyone gets hyper and tense; being calm will be a blessing to everyone. Plus; it’s your ...
Owning a condominium puts you in a unique position. Unique because you have both common and individual insurance needs. Odds are, your condominium association has an insurance policy for ...
If you own a pet, i\'m sure you\'ve been in a situation where the vet bills have been much higher than expected. If this has happened to you more than once, then you should consider ...
Health insurance also known as .disability insurance. is insurance of human beings against bodily injury, disablement, or death by accident or accidental means. ...
Commercial insurance is designed to help protect many of the risks your business can face, including: damage or destruction to your business vehicles, office equipment, and inventory. Loss ...
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