Target Premium means the amount payable by the Policy Owner for a certain Premium Year. Target Premium is determined depending on the Sum Insured, policy term, age, gender of the Life Insured and must not be lower than the minimum target premium set for this product, determined by Dai-ichi Life Vietnam from time to time.
Target Premium. The amount of Premium specified as such in Section 1. The Premium Expense Load and Deferred Expense Load on Policy Year 1 Premium deduction varies depending on whether Premiums paid in a given Policy Year are below, equal to or above Target Premium.
Target Premium refers to a premium amount we use to calculate the sales load charge and the sales surrender charge. A Target Premium is determined for the initial Stated Death Benefit on the Policy Date, and an additional Target Premium is determined for each increase in Stated Death Benefit based on the Insured's Age, sex and risk class. The Target Premium is not based on the premium you plan to pay for your Policy. It is generally less than planned premiums for a Policy Year. It may be more or less than the No- Lapse Monthly Premium for a Policy Year, depending on the supplemental benefits added to the Policy.
Examples of Target Premium in a sentence
Premiums will be allocated to the Initial Face Amount and each Policy Segment in amounts not to exceed the Target Premium for each on an annual basis, such that when the sum of premiums paid during the policy year exceeds the Target Premium for the Initial Face Amount, the premium will then be allocated to the first Policy Segment.
Thus, if the Owner pays a Premium at least equal to the Target Premium each year, the Policy will remain In Force and the minimum Death Benefit will be paid even if the Net Cash Value is insufficient to pay Monthly Deductions on a Monthly Day and the Policy would otherwise lapse.
When, in a policy year, the sum of premiums paid exceeds the sum of all applicable Target Premiums, the excess premium will be allocated pro-rata to the Target Premium for the Initial Face Amount and each Policy Segment.
The monthly Target Premium is the Target Premium divided by twelve.
The Target Premium is stated on the specifications page of the Policy and is generally determined by dividing the minimum premium by 0.60.
More Definitions of Target Premium
Target Premium shall refer to the target premium of the Replacement Policy.
Target Premium means the premium paid to Travelers Corporate Variable Universal Life that receives new commission rates in the first year and renewal commission rates in the renewal years.
Target Premium means the premium level over which the compensation rates vary in the first policy year for Band 1 contracts.
Target Premium means the amount payable by the Policy Owner for a certain Premium Year. Target Premium is determined depending on the Sum Insured, age and gender of the Life Insured.
Target Premium. The amount of Premium specified as such in Section 1. The sales load deduction and the Sales Load Refund at Surrender vary depending on whether Premiums paid in the given Policy Year are below or above the Target Premium.
Target Premium. The target premium is an amount determined from tables published by PM with respect to a policy or rider upon which commissions are based. Target premiums shall be calculated in accordance with the rates and methods of calculations described in the Pacific Select Exec Rates and
Target Premium. The Target Premium is an amount determined from tables published by Southland with respect to a Policy or rider upon which commissions are based. As it applies to future business, the Target Premium may be changed from time to time by Southland. The Target Premium applicable to a particular coverage shall be determined from the table in force when the first premium for such coverage is entered as paid in the accounting records of Southland. Riders: All riders, with the exception of the Adjustable Term Rider and the Guaranteed Minimum Death Benefit Rider, are commissionable and will have separate Target Premiums which are set at issue and are level thereafter. The Adjustable Term Insurance Rider and the Guaranteed Minimum Death Benefit Rider have no Target Premium associated with them. Flat extra ratings with a duration of six years or more are commissionable and substandard table ratings are commissionable based upon the first year additional cost of insurance charge. Premium Allocation: If the Stated Death Benefit has been increased since the policy date, premiums received are allocated to the coverage segments in the same proportion that the guideline annual premium for each segment bears to the total guideline annual premium of the Policy. Commission Calculation: Commission shall be calculated only on premium actually received and accepted by Southland. Commission shall be paid only on an earned basis. Commission Payments: Commission on initial premium shall be due to the Selling Broker-Dealer at the time of the issuance of the Policy and for all other premium payments at the time of the receipt and acceptance of premium by Southland, except that the amount, if any, and the time of payment of commission on replacements, reissues, changes, conversions, exchanges, term renewals, term conversions, premiums paid in advance, Policies requiring facultative reinsurance arrangements, and other special cases and programs shall be governed by Southland's underwriting and administrative rules then in effect. The commission shall be payable to the Selling Broker-Dealer in accordance with the Schedule B in effect at the time of issue of the Policy. Commission Chargeback: Southland and ING America Equities shall require reimbursement from Selling Broker-Dealer equal to 100% of the compensation paid in the event of any of the following: