Full-paid Additions
Same as term Dividend Addition: option in a participating policy under which dividends are used to purchase fully paid-up units of whole life insurance. This option deserves careful consideration by young families since it allows the purchase of extra life insurance without having to take a physical examination. Paid-up additions generate dividends and cash values that in turn will generate additional dividends and cash values.
Popular Insurance Terms
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Fee charged to a policyowner when a life insurance policy or annuity is surrendered for its cash value. This fee reflects insurance company expenses incurred by placing the policy on its ...
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Portion of the death benefit in a life insurance policy paid upon the insured being diagnosed as having a terminal illness that will result in death within a year. ...
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Physical, moral, or financial circumstance of a life insurance applicant that sets him or her apart from a physically, morally, and financially sound standard applicant. The underwriting ...
Legal procedure through which a court determines the rightful claimant (of two or more claimants making the same claim) against a third party. Insurance companies use interpleader if claims ...
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