Full Preliminary Term Reserve Plan
Method of valuing a reserve under which a life insurance policy, from an actual point of view, combines one-year term insurance and a one-year deferred plan. Here the net premium is sufficient only to pay first-year death claims. For example, a 10-pay life insurance policy issued at age 30 would be viewed actuarially, for full preliminary term reserve plan purposes, as one-year term insurance at age 30 plus a nine-pay policy issued at age 30 but deferred to age 31.
Popular Insurance Terms
Death from other than accidental means. ...
State operated insurance company used in workers compensation insurance in some states where the risks are so great that the commercial insurance companies cannot operate at affordable ...
Shortened report showing pertinent insurance policy information, copies of which are distributed in the insurance company's home office and branch offices, as well as to agents and brokers. ...
Amount in a cash value life insurance policy that a policy owner will receive upon surrender of the policy, minus any outstanding loan and accrued interest. A table in the policy shows the ...
Model state law designed to govern use of information collected from insurance applications. The law forbids any insurer or agent from impersonating someone else to gain information about ...
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Model state law of the NAIC that requires that the insurance policy contain language that meets a readability test (usually, the Flesch readability test that uses a formula approach to ...
Government agency whose function is to administer the Federal Flood Insurance Program, the Federal Crime Insurance Program, and the fair access to insurance requirement (fair) plan. ...
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