A plan or program of insurance, usually group, for which the employer pays the entire premium and the employee contributes no part of the premium.
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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.