Savings Element, Life Insurance
Buildup of policy cash value, as distinguished from the death benefit. A policyholder has a choice between surrendering the policy for its cash surrender value or keeping it in force for its death benefit. The rates of return on cash value policies, such as whole life insurance, universal life, or variable life, depend on schedules in the insurance contract or, in some types of policies, on prevailing interest rates or the performance of an investment portfolio.
Popular Insurance Terms
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Latin phrase meaning "without which not," signifying a legal rule in tort and negligence cases. Under this rule, a plaintiff trying to prove that an injury was a direct result of a ...
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The regulation that, prior to its repeal, limited the amount of interest a time deposit at a bank could pay. ...
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