Indeterminate Premium Life Insurance
Nonparticipating life insurance under which the first few annual premiums are smaller than would be the case under a traditional nonparticipating policy. While the maximum amount of these initial premiums is guaranteed, future premiums can be increased, but not beyond a guaranteed maximum. Adjustments to premiums reflect the insurance company's anticipated mortality experience, investment return, and expenses. If these three elements are more profitable than had been loaded for in the initial premiums, future premiums will be reduced; if less profitable, they will be increased, but not greater than the guaranteed maximum.
Popular Insurance Terms
Date of the initial annuity payment. ...
Transfer of property from a bailor to a bailee; for example, transferring a suit to be cleaned from the bailor (owner) to the bailee (cleaners). ...
Structure. In general, company functions are delegated to several departments: actuarial, agency, claims and loss control, investments, legal, marketing, and underwriting. ...
Circumstance under which the insured maintains that, if an insurance policy covers at least two scheduled items of real or personal property, in the event of a loss applicable coverage ...
Legal capability of those involved in mutual assent of making a contract, including an insurance contract. Those who have been deemed to be incompetent to make a valid contract include ...
Specific powers granted by the principal (the insurance company) to the agent in the contract. ...
Endorsement to an automobile insurance policy that protects an insured in either or both of two circumstances when driving a non owned car: business endorsement if the insured's negligent ...
Written document containing instructions on managing one's assets during one's lifetime. The document may be revoked (unless made irrevocable at creation), terminated, or amended at any ...
Premium income divided by the surplus account. ...
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