When an applicant fails to provide accurate details about pertinent medical history when they apply for coverage or upgrade. May be cause for retroactive termination or a permanent exclusion to be applied to a Policy.
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Retirement Income Policy
An adaptation of an endowment at a selected retirement age in which the annuity benefit is a percentage of the face amount of Life Insurance in force prior to retirement age, usually 10%; e.g., for each $1000 of insurance a $10 per month annuity installment is payable. Under this type of policy, the cash value will exceed the face amount in the later policy years, and if death occurs before the selected retirement age, the death benefit would be the face amount or the cash value, whichever is greater.