Vanishing Premium Provision
Clause in a life insurance policy that states that once the cash value exceeds the net single premium (based on current interest and mortality rates) required for the policy to become paid-up insurance, the policy owner may elect not to make further premium payments. If the cash value falls below the amount necessary to fund the net single premium, additional premium payments are required.
Popular Insurance Terms
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Formal process of setting aside funds on a mathematical basis to provide deferred income benefits. ...
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List of cash allowances for various types of surgeries. ...
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tort against another person's property, designed to detain or dispose of it in a wrongful manner. For example, wrongful selling of another person's automobile without permission would ...
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