(1) See the third definition of Net Premium for the definition applicable to participating Life Insurance policies. (2) In a non-participating policy, the book rate.
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Spendthrift Clause
A clause in most Life Insurance policies which prevents the creditors of a beneficiary from claiming any of the benefits payable to him before he actually receives the money. The purpose of this clause is to keep those to whom he is in debt from taking legal action to require the insurer to pay the proceeds directly to them.