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
Coverage for numerous perils such as that found in the broad form personal theft insurance. ...
Legislation providing that, to the extent that all deductible medical care expenses exceed 7.5% of the taxpayer's adjusted gross income (AGI), expenses not reimbursed under qualified ...
Authority to act on behalf of an individual that terminates upon its revocation or death of that individual. ...
Type of guaranteed insurance contract in which the term is fixed, the rate is fixed, and the contract owner does not participate in the insurance company's earnings. ...
Appreciation in the unsold assets' value. When assets are sold, their capital gain (loss) is shown on the insurance company's income statement; any unrealized gain or loss is not included ...
Same as term Accidental Death and Dismemberment Insurance: form of accident insurance that indemnifies or pays a stated benefit to insured or his/her beneficiary in the event of bodily ...
Accounting method of establishing data on an annual basis. ...
Charitable planning strategy in which a donor sells an asset to the charity for an amount less than its fair market value. Internal Revenue Service regulations require that the tax basis ...
Retirement plan offered by public employers and tax-exempt organizations. Under Section 403(b) of the Internal Revenue Code, certain tax-exempt organizations such as public school systems ...
Have a question or comment?
We're here to help.