Flexible Enhanced Ordinary Life
Definition of "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
Provision in corporate life insurance policies that allows coverage to be transferred to a new individual with proof of insurability, for a premium appropriate to the age of the new ...
One of two bureaus that writes forms and files standard rates for inland marine insurance. The other is the inland marine insurance bureau. ...
Property insurance coverage available to businesses that pays the established market (sales) value of products that are damaged rather than simply their lower (production) cost. This fills ...
Same as term Direct Response Marketing: method of selling insurance directly to insureds through a companies own employees, through the mail, or at airport booths. The company uses this ...
Transfer of highly individualized loss exposures that is not based on the usual pooling principles of insurance such as risk identification and classification selection. Rather than setting ...
Prepaid group health insurance plan that entitles members to services of participating physicians, hospitals, and clinics. Emphasis is on preventive medicine. Members of the HMO pay a flat ...
Defined contribution pension plan in which employer contributions are set under a collective bargaining agreement. It usually covers the employees of a number of firms and is administered ...
Coverage for less than one year in duration. ...
Bodily or emotional injury resulting from physical or mental wound or shock. A traumatic injury is caused by something outside the person's body as opposed to a sickness or a disease. An ...
Have a question or comment?
We're here to help.