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
Length of time insurance policy is in force. ...
Same as term Captive Insurance Companies Association (CICA): trade association located in New York City, consisting of approximately 200 captive insurance companies. The objective of the ...
Same as term Associate in Risk Management: professional designation earned after the successful completion of three national examinations given by the insurance institute of America (IIA). ...
Camera and related equipment coverage found in inland marine insurance. ...
Plan for excess layer (s) of insurance coverage over the primary coverage, for example, if a corporation buys $8 million as excess above a $2 million self insurance retention level. Excess ...
Restriction on the benefit that owners and other highly compensated individuals may receive from a qualified pension or other employee benefits. The U.S. Tax Code requires that benefits ...
Many different, unofficial, and voluntary nonlitigation processes employed by insurance companies to resolve contractual disputes with their insureds. Examples would include nonbinding ...
Refusal by an insurance company to underwrite or to continue to underwrite questionable risks in a given geographical area. This is an important civil rights issue. ...
Provision that the equity of an insured in a life insurance policy cannot be forfeited. There are four benefits a policyholder can select under the option: cash surrender value, extended ...
Have a question or comment?
We're here to help.