Payment of the proceeds of a Life Insurance policy, or its cash value in installments rather than in a lump sum. The term refers to any one of the options in a Life Insurance policy that has this result.
This entry was posted in . Bookmark the permalink.
An underwriting method of determining the extra rate to be charged for a substandard insured. “Standard” is rated 100. Various impairments are assigned various numerical values. The sum of 100 plus the values of the ratings of the impairments indicates the table to use in determining the rate of the policy.