That form of insurance for which the premium remains the same throughout the life of the contract. Most Whole Life Insurance is paid for in this way. The amount of a level premium is higher than needed for the protection afforded in the early years of the contract but less than needed for protection in the later years. It is a method of leveling off the cost of insurance so as not to have it increase each year until it becomes unaffordable. See also Net Level Premium.

(1) A policy guaranteed renewable or non-cancellable to age 65 or some later date. (2) A policy paying disability benefits for life.

Provisions in variable and flexible premium policies which guarantee certain interest earnings plus an additional interest percentage should the current interest rate rise above a specified percentage.

A type of term policy where the face value remains the same from the effective date until the expiration date. See also Term Insurance.

A Life Insurance contract providing protection for the whole of life with premiums paid for an indicated number of years. See also Life Paid Up At Age.

A beneficiary that cannot be changed without his consent.

(1) A plan for issuing coverage on substandard risks under which a standard premium is paid, but less than the full face amount of the policy is payable if death occurs within a certain period of years. It is rarely used and is even illegal in some states. (2) A plan under which an impairment of the insurer’s assets if offset by pro rata liens against policies to be deducted from the face amount when paid as a claim.

(1) Health Insurance contracts with low limits and somewhat restricted forms. (2) Policies paid only upon the occurrence of certain contingencies, such as cancer, in contrast to policies covering all contingencies other than those excluded.

Contracts actually written by an insurer and paid for but not yet delivered to or accepted by the insured.

The administration of efforts to preserve human life through research, legislation, and appeals to society.