Flexible Premium Life Insurance
Policy that has an initial premium with flexible premiums thereafter. Within limits, a policy owner can select both the future amount and frequency of premiums, or can stop and start premium payments at his or her discretion. Lump sum premium payments can be deposited, subject only to federal tax code restrictions.
Popular Insurance Terms
Money set aside to pay for losses. Rather than buy insurance coverage for all potential losses, some businesses and individuals choose this form of self insurance to cover all or a portion ...
Ratio of net income after taxes to total end of the year net worth. This ratio indicates the return on stockholder's total equity. ...
Distribution of assets if a pension plan is terminated. The allocation is made by either: refunding all of an employee's contributions, plus interest; establishment of classes of employees ...
Individual added to a life insurance policy other than the insured named in the policy. For example, an insured father can have a dependent son and daughter added to the policy as ...
Methods for payment of the value of a policy. An insurance company can select one of three options in settlement of a loss: make a cash payment; take possession of damaged or destroyed ...
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Amount of the increase in the book of business of an insurance company over a specified time interval. ...
Law created by government regulatory agencies, such as the office of the commissioner of insurance, through decisions, orders, regulations, and rules. For example, rate making hearings ...
Measure of the sensitivity of the insurance company's liability for the resultant higher expense rates than charged for in the premium. ...
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