Abbreviated Payment definition
Abbreviated Payment or "APP" shall mean, for purposes of this Exhibit, a feature using a Policy's existing dividend credits for traditional whole-life policies and contract fund amounts for VAL/AL policies to limit the number of cash or "out-of-pocket" payments required of the Policyholder to keep the Policy in force.
Abbreviated Payment or "APP" shall mean a feature using a Policy's existing dividend credits for traditional whole life policies and contract fund amounts for VAL/AL policies to limit the number of cash or "out-of-pocket" payments required of the Policyholder to keep the Policy in force (referred to as "vanishing premium" in some circumstances).