Flexible Enhanced Ordinary Life
Modified enhanced ordinary life in which there is a combination of dividends purchasing PAID-UP ADDITIONS, TERM LIFE INSURANCE, and ORDINARY LIFE insurance. The structure of this product is such that a minimum face amount of ordinary life insurance must be maintained, but the policy owner is not limited in the amount of term life insurance that may be added. Since the ordinary life and term life product mix can vary, the premium rate per $1000 will also vary. (Life insurance is sold in units of $1000 and rated in terms of $1000 units.) There is, however, a minimum rate per $1000 that must be paid. At any time after issue, the policy owner may increase or decrease the amount of term life insurance as well as increase or decrease the amount of extra premiums paid into the policy. These extra premiums will purchase paid-up additions.
Popular Insurance Terms
Latin phrase meaning "without which not," signifying a legal rule in tort and negligence cases. Under this rule, a plaintiff trying to prove that an injury was a direct result of a ...
Utilization of life insurance to make annual gifts into a trust in order to produce the largest tax-free death benefit possible to the trust beneficiaries. ...
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Written statements on a form by a prospective insured about himself, including assets and other personal information. These statements and additional information, such as a medical report, ...
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