First Policy Year


Definition of "First policy year"

Michelle Houze real estate agent
Michelle Houze RE/MAX Platinum Realty

Year in which an annually renewable insurance policy was first issued.

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Popular Real Estate Terms

Front End Loaded Term

Same as term Deposit Term Life Insurance: policy in which a premium (the deposit) is paid in the first policy year, in addition to the regular term in ...

Universal Life Insurance

Adjustable life insurance under which (1) premiums are flexible, not fixed; (2) protection is adjustable, not fixed; and (3) insurance company expense ...

Full Valuation Reserve

Method of valuing a reserve under which no reserve is established for a life insurance policy at the end of the first policy year, but reserves are es ...

Deposit Term Life Insurance

Policy in which a premium (the deposit) is paid in the first policy year, in addition to the regular term insurance premiums required. The deposit is ...

Facultative

Reinsurance term under which the reinsurer exercises its faculty or prerogative to insure a risk or reject a risk from a ceding company. ...

Insurable Risk

Condition in which an applicant has met an insurance company's standards. Requirements include a loss that is definable; fortuitous; one of a large n ...

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