Original Age
Definition of "Original age"
Insured's age at the date a term life insurance policy is issued. An original age or retroactive conversion option permits the insured to convert the term policy to a cash value policy as of the original date of issue. Conversion is made without a physical examination, but a correction factor is charged to reflect the difference in premiums between the policies that would have been payable beginning at the original date of issue. This difference is accumulated at interest to reflect the time value of money.
Popular Insurance Terms
Investment-oriented whole life insurance policy that provides a return linked to an underlying portfolio of securities. The portfolio typically is a group of mutual funds established by the ...
Insurance company incorporated according to the laws of the state in which a risk is located and the policy issued. The insurance company is domiciled in that state. ...
Cooperative organization among insurers that rates and prepares new policy forms according to guidelines and regulations of the state insurance department. Loss experience, collected ...
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Right of a policyholder in life insurance with cash value to elect a smaller, fully paid-up policy, without any further premiums to pay. The amount of the paid-up policy is determined by ...
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Method of transferring pure risks that is perhaps the seed of the modern day insurance policy. Ancient Greece held to the concept that a loan on a ship was canceled if the ship failed to ...
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