(1) See Mortgage Insurance. (2) A monthly reducing Term policy used for Mortgage Insurance.
(1) See Mortgage Insurance. (2) A monthly reducing Term policy used for Mortgage Insurance.
A popular name for a Life Insurance contract written on the life of a child, usually in units of $1,000. When the child reaches a prescribed age, generally 21, the face of the policy is increased automatically without the imposition of either an additional premium charge or a medical examination. Hence the term “jumping” juvenile.