A contract of Life or Health Insurance underwritten on the basis of an insured’s statement of his health with no medical examination required.
A contract of Life or Health Insurance underwritten on the basis of an insured’s statement of his health with no medical examination required.
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.