Indeterminate Premium Life Insurance
Nonparticipating life insurance under which the first few annual premiums are smaller than would be the case under a traditional nonparticipating policy. While the maximum amount of these initial premiums is guaranteed, future premiums can be increased, but not beyond a guaranteed maximum. Adjustments to premiums reflect the insurance company's anticipated mortality experience, investment return, and expenses. If these three elements are more profitable than had been loaded for in the initial premiums, future premiums will be reduced; if less profitable, they will be increased, but not greater than the guaranteed maximum.
Popular Insurance Terms
Same as term : Self Insurance: protecting against loss by setting aside one's own money. This can be done on a mathematical basis by establishing a separate fund into which funds are ...
a large number of homogeneous exposures (in order for the deviation of actual losses from expected losses to approach zero, and thecreditability of the prediction to approach one). loss ...
Property coverage for damage or destruction of structures in the course of construction. For example, the standing frame of a house destroyed by fire would be covered. ...
Arrangement under which employees may choose their own employee benefit structure. For example, one employee may wish to emphasize health care and thus would select a more comprehensive ...
one in which the amount and frequency of payment may fluctuate. ...
Trade group of independent claims adjusters who settle claims for insurance companies on a fee basis. Some insurers use their own staff adjusters to settle a claim. Others use an ...
Entitlement of a participant in an employee benefit insurance plan to receive benefits regardless of his or her employment status. ...
Date at which insurance protection begins. ...
Statutory surplus plus the interest maintenance RESERVE plus the ASSET VALUATION RESERVE. ...
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