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A provision that sets certain conditions under which an insurance policy would be kept in full force by the company without the payment of premiums. It is used most frequently for those policyholders who become totally and permanently disabled, but may be available in certain other cases.
- 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
A plan of insurance for life, with premiums payable for a person's entire life.
- Browse Related Terms: Annuity, Convertible Term Insurance, Cost Index, Cost-Of-Living Rider, Guaranteed Insurability, Insured, policy, Policy Loan, Renewable Term Insurance, Straight Life Insurance, Term insurance, Term Rider, Universal life insurance, Whole Life Insurance (Straight Life or Permanent Life)