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
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Means of setting life insurance reserves based on expected mortality rates as reflected in a mortality table. ...
Rules that insurance companies must follow in filing an annual financial statement known as the convention blank, with state insurance departments. The reported financial condition of an ...
Nominal interest rate minus the rate of inflation. ...
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