Flexible Enhanced Ordinary Life
Definition of "Flexible enhanced ordinary life"
Modified enhanced ordinary life in which there is a combination of dividends purchasing PAID-UP ADDITIONS, TERM LIFE INSURANCE, and ORDINARY LIFE insurance. The structure of this product is such that a minimum face amount of ordinary life insurance must be maintained, but the policy owner is not limited in the amount of term life insurance that may be added. Since the ordinary life and term life product mix can vary, the premium rate per $1000 will also vary. (Life insurance is sold in units of $1000 and rated in terms of $1000 units.) There is, however, a minimum rate per $1000 that must be paid. At any time after issue, the policy owner may increase or decrease the amount of term life insurance as well as increase or decrease the amount of extra premiums paid into the policy. These extra premiums will purchase paid-up additions.
Popular Insurance Terms
Portion of reinsurance premium received by the reinsurer that relates to the unexpired part of the reinsured policy. ...
Income (premiums + investment earnings) minus disbursements (dividends + death claims + policies surrendered for benefits + general expenses). ...
Present value of future benefits. This type of reserve would be applicable for single premium life insurance, paid-up insurance, single premium annuity, and a paid-up annuity. ...
Legislation passed in 1988 by the U.S. Congress to facilitate movement of checks through the collection system. As the result of this Act, the Federal Reserve has established rules for the ...
Property damage coverage for a vehicle under the collision insurance and comprehensive insurance sections of the business automobile policy (BAP) and the personal AUTOMOBILE POLICY (PAP). ...
Assumption that an employer is liable for negligent acts or omissions of employees that result in bodily injury and/or property damage to third parties if those acts are in the course of ...
Model state statute that governs terms for surrender of individual deferred annuities and cash value life insurance. This model, adopted by most states in the late 1970s and early 1980s, ...
Amendment that modifies the federal flood insurance program by providing relocation and acquisition coverage for structures in imminent danger from an encroaching shoreline. This amendment ...
Federal agency that collects and analyzes numerous U.S. demographics used by government and industry. Insurance companies use the demographics to predict areas of high demand for their ...
Have a question or comment?
We're here to help.