In Universal Life insurance, the policy owner can pay extra premiums in addition to the scheduled premium payment amount. These payments can be made at any time, but are subject to a minimum amount.
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The chance of loss, the degree of probability of loss, or the amount of possible loss to the insuring company. For an individual, risk represents such probabilities as the likelihood of surgical complications, medications’ side effects, exposure to infection, or the chance of suffering a medical problem because of a lifestyle or other choice. For example, an individual increases his or her risk of getting cancer if he or she chooses to smoke cigarettes.