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.
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.
Level premium means that an insurer does not have any right to change the premium, even at renewal.
Examples of Level premium in a sentence
Acronym ECA Extnd Conv Agrmnt Product Agreement is available on Advantage Elite Select *Issue ages 5 year term-Not available 10 year term-69 15 year term-69 20 year term-64 30 year term-50 Other Agreement Limitations None Termination Date/Age Earlier of the level term period and age 75 Premium Level premium for the duration of the ECA coverage.
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.
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
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
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
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
Level premium means a premium calculated to remain unchanged throughout either the lifetime of the policy or some shorter projected period of years. The premium need not be guar- anteed. If the premium is not guaranteed, although it is calculated to remain level, it may be changed if any of the assumptions on which it was based is revised at a later time.
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: