This term means that the proposer must stand to lose something if the property at risk is lost or damaged, or stands to gain by its continued existence or safety.
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Modified Life Policy
An Ordinary Life contract under which the premiums are modified so as to be lower than normal for the first three to five years, and higher than normal after that. A special case is a level Term policy, under which no part of the premium goes towards savings, that is automatically converted to a Whole Life policy at a designated time.