Level Premium Life Insurance (Health Care) Law and Legal Definition
Level premium life insurance a type of life insurance where the amount of the premium remains the same for the duration of the contract and does not change every year. The amount paid as premium on this type of policy is greater than the actual cost of protection when the insurance is first received. And, as the policy matures the amount of premium becomes less than the actual cost. The reason for the decrease in the premium amount as the policy matures is that the policy builds up a reserve as the premiums earn interest over the years. In addition, the overpayments made in the initial period together with the interest that is to be earned, helps to set a balance on the underpayments of later years.
Legal Definition list
- Level Premium Life Insurance (Health Care)
- Level Premium (Health Care)
- Level One Services (Health Care)
- Level of Bonded Indebtedness [Education]
- Level IV Facility Beds
- Level Term Insurance (Health Care)
- Level Three Services (Health Care)
- Level Two Services (Health Care)
- Level-of-Effort Term Contract
- Leverage
- Leverage Account Equity
Related Legal Terms
- Abuse in Later Life Program [Department of Justice]
- Accelerated Benefits (Health Care)
- Accelerated Life Insurance Benefits
- Acceptable Level of Academic Standing
- Acceptable Quality Level [Agricultural Marketing Service]
- Accident Insurance
- Accidental Death and Dismemberment [Insurance]
- Accommodation Line [Insurance]
- Accountants Professional Liability Insurance
- Accounts Receivable Insurance
