Term
| allows the insurer to recalculate the premium based on the same or different actuarial assumptions with respect to mortality, interest, and expenses |
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Definition
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Term
| with low premium products, if the new premium is higher than the initial premium, the policy owner generally has the option to pay the higher premium and maintain the same |
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Definition
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Term
| if the policy owner continues to pay the lower premium, the death benefit is |
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Definition
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Term
| although higher premium policies have higher premiums, they typically contain a |
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Definition
| vanishing premium provision |
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Term
| a provision in which the premiums vanish after a certain time period |
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Definition
| vanishing premium provision |
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Term
| the premium vanishes when the accumulation account exceeds what based on current interest and mortality charges? |
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Definition
| the net single premium needed to pay up the contract |
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Term
| a high premium policy remains paid up only if current interest and mortality experience remain |
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Definition
| unchanged or are more favorable than initially assumed |
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Term
| in a high premium policy, if the accumulation account falls below the minimum cash surrender value, |
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Definition
| additional premiums are required |
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