Level premium definition

Level premium means a premium calculated to remain unchanged throughout either the lifetime of the policy, or for some shorter projected period of years.
Sample 1Sample 2Sample 3
Level premium means a premium calculated to remain unchanged throughout either the lifetime of the policy, or for some shorter projected period of years. The premium need not be guaranteed; in which case, although it is calculated to remain level, it may be changed if any of the assumptions on which it was based are revised at a later time. Generally, the annual claim costs are expected to increase each year and the insurer, instead of charging premiums that correspondingly increase each year, charges a premium calculated to remain level for a period of years or for the lifetime of the contract. In this case the benefit portion of the premium is more than needed to provide for the cost of benefits during the earlier years of the policy and less than the actual cost in the later years. The building of a prospective contract reserve is a natural result of level premiums.
Sample 1Sample 2Sample 3
Level premium means that an insurer does not have any right to change the premium, even at renewal.
Sample 1Sample 2Sample 3

Examples of Level premium in a sentence

  • The new policy will be subject to the rates according to Your age at the time of the replacement policy commencing.OptimumSwitches from Optimum to either a stepped, level or Term Level premium structure cannot be made once Your policy hascommenced without a cancel-and-replace of Your existing policy.

  • Premiums for the Policy are payable on a stepped, level, Optimum or Term Level premium basis.

  • The new policy will be subject to the rates according to Your age at the time of the replacement policy commencing.Term LevelSwitches from Term Level to either a stepped, level or Optimum premium structure cannot be made during the initial term.Switches from Term Level to another Term Level premium structure (for example, 5 year Term Level to another 5 year Term Level or a 10 year Term Level) cannot be made without a cancel-and-replace of Your existing policy.

  • Level premium rates remain constant until the latest Policy Anniversary prior to the Life Insured’s 65th birthday or the Expiry Date of the benefit, if earlier.

  • Level premium Under a level premium the cost of your cover is based on your age when your cover first commences.


More Definitions of Level premium

Level premium means a premium on a health insurance policy or certificate calculated to remain unchanged throughout either the lifetime of the policy or certificate or for some shorter projected period of years.
Sample 1Sample 2Sample 3
Level premium means a premium calculated to remain un- changed throughout either the lifetime of the policy, or for some shorter projected period of years. The premium need not be guaranteed; in which case, although it is calculated to remain level, it may be changed if any of the assumptions on which it was based are revised at a later time. Generally, the annual claim costs are expected to in- crease each year and the insurer, instead of charging premiums that correspondingly increase each year, charges a premium calculated to
Sample 1Sample 2
Level premium means that an insurer does not have any right to change the premium, even at renewal. 4.14.“Medicare” means “The Health Insurance for the Aged Act, Title XVIII of the Social Security Amendments of 1965
Sample 1
Level premium means a premium calculated to remain un- changed throughout either the lifetime of the policy, or for some shorter projected period of years. The premium need not be guaranteed; in which case, although it is calculated to remain level, it may be
Sample 1
Level premium means a premium calculated to remain unchanged throughout either the lifetime of the pol- icy, or for some shorter projected period of years. The pre- mium need not be guaranteed; in which case, although it is
Sample 1
Level premium means that an insurer does not have any right to change the
Sample 1
Level premium means the premium payable for an Insured Member’s coverage, based on the Insured Member’s Age immediately prior to the September 1st coincident with or immediately preceding:
Sample 1