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| The termination or discontinuance of an insurance policy due to non-payment of a premium. |
| Written notice by an insurer that the policy has lapsed. |
| Surrenders and lapses as a percentage of average insurance in force for the year. |
| A policy terminated for non-payment of premiums. The term is sometimes limited to a termination occurring before the policy
has a cash or other surrender value. |
| A company that maintains policy reserves according to the standards established by the insurance laws of the various states.
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| Rating structure under which the premium level remains the same throughout the life of the policy. |
| Life insurance for which the premium remains the same from year to year. The premium is more than the actual cost of
protection during the earlier years of the policy and less than the actual cost in the later years. The building of a reserve is a natural result of level
premiums. The overpayments in the early years, together with the interest that is to a earned, serve to balance out the underpayments of the later years. |
| A type of Term Life policy where the face value remains the same from the effective date until the expiration date. |
| The average number of years of life remaining for persons of a given age according to a particular mortality table. |
| A settlement option under which equal installments are paid as long as the beneficiary lives, even if the principal has been
exhausted. |
| Insurance providing for payment of a specified amount on the insured's death, either to his or her estate or to a designated
beneficiary; or in the case of an endowment policy, to the policy holder at a specified date. |
| The sum of the face amounts, plus dividend additions, of life insurance polices outstanding at a given time. Additional
amounts payable under accidental death or other special provisions are not included. |
| A type of life insurance policy where a trust company is named as the beneficiary and distributes the proceeds of the policy
under the terms of the trust agreement. |
| Maximum amount a policy will pay either overall or under a particular coverage. |
| The ability to buy or sell an asset rapidly and in large quantity without substantially affecting the price of the asset.
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| Benefits available to owners of life insurance contracts while the insured is still living. This term may refer to the
availability of policy loans and collateral assignments, but it is typically used to refer to advances on policy proceeds taken in the case of terminal
illness. Also known as Accelerated Death Benefit. |
| Refers to an upfront or deferred sales charge imposed upon the initial entry or early exit of a mutual fund investment. |
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Borrowing from the insurer and securing the amount of the loan with the cash value in the life insurance policy. If the insured dies
when there is an outstanding loan balance, the amount of the loan and any unpaid interest will be deducted from the proceeds. |
| The amount that can be borrowed from the insurer, using the policy cash value as collateral. |
| A plan designed to cover the insured's long-term care (nursing home) costs. |
| A method of settlement whereby the beneficiary receives the entire proceeds of a policy at once rather than in installments. |
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