Premium is increased at times specified in the policy, based on a predetermined attained age, or number of policy years in force.
Premium is increased at times specified in the policy, based on a predetermined attained age, or number of policy years in force.
Decrease in the value of property over a period of time due to use, wear & tear and obsolescence. For example, if you paid $500 for a television set five years ago, its current value minus depreciation might be only $125.