All > Business > Finance > Insurance > Life Insurance

• A policy terminated at the end of the grace period because of nonpayment of premiums. (See Nonforfeiture Values.)
  Alabama Department of Insurance - Cite This Source - This Definition
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  Cite Definition for Lapsed Policy

  American Psychological Association (APA)

  Lapsed Policy. (n.d.). Glossary of Life Insurance Terms. Retrieved June 10, 2023, from website: http://www.expertglossary.com/definition/lapsed-policy.

  Chicago Manual of Style (CMS)

  Lapsed Policy. www.aldoi.gov. Glossary of Life Insurance Terms. Alabama Department of Insurance. http://www.expertglossary.com/definition/lapsed-policy (accessed: June 10, 2023).

  Modern Language Association (MLA)

  "Lapsed Policy." Glossary of Life Insurance Terms. Alabama Department of Insurance. 10 June. 2023 http://www.expertglossary.com/definition/lapsed-policy.

• Browse Related Terms: Automatic Premium Loan, dividend, Grace Period, Lapsed Policy, Level Premium Insurance, Loan Value, Non-forfeiture Values, Paid-up Insurance, Premium, Reinstatement, Settlement Option, Waiver of premium

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All > Business > Finance > Insurance > Life Insurance

• Insurance for which the cost is distributed evenly over the premium payment period. The premium remains the same from year to year, and is more than the actual cost of protection in the earlier years of the policy and less than the actual cost in the later years. The excess paid in the early years builds up a reserve to cover the higher cost in the later years.

  Alabama Department of Insurance - Cite This Source - This Definition
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  Cite Definition for Level Premium Insurance

  American Psychological Association (APA)

  Level Premium Insurance. (n.d.). Glossary of Life Insurance Terms. Retrieved June 10, 2023, from website: http://www.expertglossary.com/definition/level-premium-insurance.

  Chicago Manual of Style (CMS)

  Level Premium Insurance. www.aldoi.gov. Glossary of Life Insurance Terms. Alabama Department of Insurance. http://www.expertglossary.com/definition/level-premium-insurance (accessed: June 10, 2023).

  Modern Language Association (MLA)

  "Level Premium Insurance." Glossary of Life Insurance Terms. Alabama Department of Insurance. 10 June. 2023 http://www.expertglossary.com/definition/level-premium-insurance.

• Browse Related Terms: Automatic Premium Loan, dividend, Grace Period, Lapsed Policy, Level Premium Insurance, Loan Value, Non-forfeiture Values, Paid-up Insurance, Premium, Reinstatement, Settlement Option, Waiver of premium

All > Business > Finance > Insurance > Life Insurance

• (See Accelerated Death Benefits.)
  Alabama Department of Insurance - Cite This Source - This Definition
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  Cite Definition for Living Benefits

  American Psychological Association (APA)

  Living Benefits. (n.d.). Glossary of Life Insurance Terms. Retrieved June 10, 2023, from website: http://www.expertglossary.com/definition/living-benefits.

  Chicago Manual of Style (CMS)

  Living Benefits. www.aldoi.gov. Glossary of Life Insurance Terms. Alabama Department of Insurance. http://www.expertglossary.com/definition/living-benefits (accessed: June 10, 2023).

  Modern Language Association (MLA)

  "Living Benefits." Glossary of Life Insurance Terms. Alabama Department of Insurance. 10 June. 2023 http://www.expertglossary.com/definition/living-benefits.

• Browse Related Terms: Accelerated Death Benefits, Accidental Death Benefit, Beneficiary, Cash Value (Cash Surrender Value), Current Assumption Whole Life, Double Indemnity, Face Amount, Living Benefits, Mortality Table, Rider, Variable Life Insurance

All > Business > Finance > Insurance > Life Insurance

• (See Policy Loan.)
  Alabama Department of Insurance - Cite This Source - This Definition
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  Cite Definition for Loan Value

  American Psychological Association (APA)

  Loan Value. (n.d.). Glossary of Life Insurance Terms. Retrieved June 10, 2023, from website: http://www.expertglossary.com/definition/loan-value.

  Chicago Manual of Style (CMS)

  Loan Value. www.aldoi.gov. Glossary of Life Insurance Terms. Alabama Department of Insurance. http://www.expertglossary.com/definition/loan-value (accessed: June 10, 2023).

  Modern Language Association (MLA)

  "Loan Value." Glossary of Life Insurance Terms. Alabama Department of Insurance. 10 June. 2023 http://www.expertglossary.com/definition/loan-value.

• Browse Related Terms: Automatic Premium Loan, dividend, Grace Period, Lapsed Policy, Level Premium Insurance, Loan Value, Non-forfeiture Values, Paid-up Insurance, Premium, Reinstatement, Settlement Option, Waiver of premium