What does Life - Flexible Premium Adjustable Life mean? Read on to discover the definition & meaning of the term Life - Flexible Premium Adjustable Life - to help you better understand the language used in insurance policies.
Life - Flexible Premium Adjustable Life
a group life insurance that provides a face amount that is adjustable to the certificate holder and allows the certificate holder to vary the modal premium that is paid or to skip a payment so long as the certificate value is sufficient to keep the certificate in force, and under which separately identified interest credits (other than in connection with dividend accumulation, premium deposit funds or other supplementary accounts) and mortality and expense charges are made to individual certificates while providing minimum guaranteed values.
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