Posted on July 20, 2013July 20, 2013
A group annuity providing for the accumulation of contributions in an undivided fund, out of which annuities are purchased for each covered person in the group when he retires.
The premium for participating in Life Insurance. If an insured elects to use his dividends to pay premiums, this becomes the net premium when dividends are subtracted from it. Contrast with Net Premium.