The right of an insurer to change the premium rate on classes of insureds, or blocks of business at the time of policy renewal.
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Full Preliminary Term Reserve Valuation
A method for determining reserves on Life Insurance contracts, whereby no reserve is required for the first year of a contract’s life, with an appropriate adjustment in subsequent years’ reserves to make up the difference. This method of valuation makes it possible for an insured to have more funds available for the high first year expenses incurred in the writing of Life Insurance.