Target Premium definition
Target Premium. The amount of Premium specified as such in Section 1. The Premium Expense Load 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.
Target Premium shall refer to the target premiums of the Replacement Policy
Examples of Target Premium in a sentence
Amount waived At disability, we will apply a specified premium for the waiver coverage layer (equal to 'Target" premium at attained age).
On or before the due date of each Policy premium, or within the grace period provided therein, the Corporation shall pay the full amount of the Planned Periodic Target premium (as such term is defined in the Policy) to the Insurer, and shall, upon request, promptly furnish the Employee evidence of timely payment of such premium.
More Definitions of Target Premium
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. 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 means the premium level over which the compensation rates vary in the first policy year for Band 1 contracts.
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 premium shall be calculated in accordance with the rates and methods of calculations described in the Pacific Select Choice 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:
Target Premium means the premium level over which the compensation rates vary in the first ten policy years.
Target Premium shall refer to the target premium of the Replacement Policy. In situations where a policy loan is carried over to the Replacement Policy, no commission will be paid on the unscheduled premium deposit created for the purpose of carrying over the loan.