A statement of fact, belief or expectation made by the Insured and/or his broker, to the Insurer when placing the insurance.
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Extended Term Insurance
A provision in most policies which provides the option of continuing the existing amount of insurance as Term Insurance for as long a period of time as the contract’s cash value will purchase. This is one of the non-forfeiture options available to the insured in case a premium is not paid within the grace period. See also Non-forfeiture Values.