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

Level premium and natural premium life insurance companies organized under the laws of this state upon the mutual plan shall, before issuing policies, have actual applications on at least two hundred and fifty lives for an average amount of one thousand dollars each.
Level premium groups renew throughout the year, based upon a date the group specifies at the time the rate is quoted.
For Level premium policies, your premium is guaranteed for the term of the policy.Your premium will be debited from your nominated bank account monthly on the date of your choice.
However, as a result of the significantly higher investment and operational costs for Stage V engines and the lack of obligatory emission limits for existing engines, it is expected that many existing engines will be overhauled several times in order to avoid expensive and insecure investments (INDanube, 2019).
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.

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 that an insurer does not have any right to change the premium, even at renewal. 4.13.“Medicare” means “The Health Insurance for the Aged Act, Title XVIII of the Social Security Amendments of 1965

Level premium means that an insurer does not have any right to change the

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:

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 definition

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