A rating system that is used to calculate premiums for all insureds with no distinctions as to age, sex or occupation.
A rating system that is used to calculate premiums for all insureds with no distinctions as to age, sex or occupation.
A provision in most policies which provides the option of continuing the existing amount of insurance as Term Insurance for as long a period of time as the contract’s cash value will purchase. This is one of the non-forfeiture options available to the insured in case a premium is not paid within the grace period. See also Non-forfeiture Values.