No-lapse Variable Universal Life Insurance
Policy of variable universal life insurance (VUL) under which, if the accumulation of the premiums paid at any point in time (minus policy loans, and withdrawals) equals or exceeds the minimum premiums due at that point in time, the policy is prevented from lapsing. This lapse prevention is guaranteed regardless of the underlying portfolio return or policy changes. Usually this feature is the same per option A (level death benefit) or option B (increasing death benefit) under VUL.
Popular Insurance Terms
Difference between the earned premiums and the losses and expenses of an insurance company. ...
Same as term Cargo Insurance: shipper's policies covering one cargo exposure or all cargo exposures by sea on all risks basis. Exclusions include war, nuclear disaster, wear and tear, ...
Endorsement to the commercial general liability insurance (CGL) policy that provides liability coverage to an insured business for damages anywhere in the world. Policies typically have ...
Payments due to an insurance company but not yet paid. ...
Individuals other than the crew of a ship who forcefully steal the ship and/or its cargo. This event is an insured peril under ocean marine insurance. ...
Coverage for dental services under a group or individual policy. ...
Reinsurance marketplace modeled after Lloyd's of London. Like Lloyd's, the New York Insurance Exchange is a market for hard-to-place risks and for the placement of excess or surplus lines. ...
Health characteristic considered by an insurer underwriting an applicant for life or health insurance. Many insurance companies charge reduced premiums for nonsmokers. ...
Arrangement whereby an insurance company agrees to pay specified health care service vendors a predetermined sum for providing such services to the covered individuals. ...
Have a question or comment?
We're here to help.