Coupon policy definition

Coupon policy means any life insurance policy which includes a series of coupons payable at a specified future date if the insured person is living.

Coupon policy defined. “Cou- pon policy” means a life insurance policy which provides a series of pure endowments maturing periodically in amounts not ex- ceeding the gross annual policy premiums. The term “pure endowment” or “endowment” is used in its accepted actuarial sense, meaning a benefit becoming payable at a specific future date if the in- sured person is then living. [Formerly 739.715]

Coupon policy means a policy or contract of life insurance, other than annuity, which contains in addition to basic life insurance benefits a series of annual pure endowment benefits evidenced in the policy contract by a series of coupons each of which matures on the maturation date of an annual pure endowment. For the purposes of these rules, policies containing annual pure endowments evidenced by coupons, passbooks or other devices generally acquainted with savings, banking or investment institutions shall be considered coupon policies.

Examples of Coupon policy in a sentence

• Coupon policy forms misrepresent, distort, and disguise the true nature of the insurance purchased.

• It is any policy form which contains provisions or is represented in such a way that the policyholder will be eligible to preferentially participate in any future distribution of general corporate profits.30.3(3) Coupon policy.

• This subrule does not intend to restrict or prohibit the sale in this state of any participating life insurance policy where the dividend or abatement of premium is derived solely from the profits of that class of participating business.30.4(4) Coupon policy.

• Coupon policy" means a life insurance policy which provides a series of pure endowments maturing periodically in amounts not exceeding the gross annual policy premiums.

More Definitions of Coupon policy

Coupon policy means a life insurance policy which provides a series of pure endowments maturing periodically in amounts not exceeding the gross annual policy premiums. The term "pure endowment" or "endowment" is used in its accepted actuarial sense, meaning a benefit becoming payable at a specific future date if the insured person is then living. [1967 ex.s. c 95 § 5.]

Coupon policy. It is any “Coupon policy” means a policy or contract of life insurance, other than annuity, which contains in addition to basic life insurance benefits a series of annual pure endowment benefits evidenced in the policy contract by a series of coupons each of which matures on

Coupon policy defined. “Cou- pon policy” means a life insurance policy which provides a series of pure endowments maturing periodically in amounts not ex- ceeding the gross annual policy premiums. The term “pure endowment” or “endowment” is used in its accepted actuarial sense, meaning a benefit becoming