A requirement imposed in the contract of insurance by the Insurer, and which must be literally complied with unless it is waived by the Insurer.
A requirement imposed in the contract of insurance by the Insurer, and which must be literally complied with unless it is waived by the Insurer.
A dividend option allowing dividend accumulations to be applied to convert a life insurance policy into an endowment, or to shorten the endowment term.