The per unit cost of insurance. (See also Premium). Usually expressed as a percentage which will be applied to the sum insured to calculate the premium.
The per unit cost of insurance. (See also Premium). Usually expressed as a percentage which will be applied to the sum insured to calculate the premium.
A group policy provision which will pay the life benefit when (1) the insured is totally and continuously disabled at the time the policyholder stops paying premium, until the insured’s death; and (2) if the insured dies within one year of the date the premium payments stopped, or prior to age 65.