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GLOSSARY
Canadian Financial, Real Estate and Mortgage Glossary
How often this word is used
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50% - Moderately
50% - Moderately
Vanishing Premium Policy
Synonyms: | decreasing premium insurance policy, decreasing premium policy |
Filed Under: | estate-management, insurance |
Tags: | insurance, life insurance |
Definition of vanishing premium policy
- vanishing premium policy
- 1. A type of whole life insurance policy where dividends are used to pay policy premiums. The eventual goal of a vanishing premium policy is for the amount earned from dividends to increase enough to cover the total cost of premiums.
Related Terms and Acronyms:
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death benefit (DB)
A payment or series of payments made to the beneficiaries of a life insurance policy.
➥ An amount paid to a beneficiary in a life linsurance policy. - dividend Distribution of earnings to shareholders. In credit unions, it's the money paid to members for deposits, similar to the interest banks pay to their customers for deposits.
- insurance policy A legal contract between an insurer and entity that specifies what the insurer is required to cover and any benefits the insured entity is entitled to.
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life insurance
An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
➥ CanEquity offers life insurance. - permanent life insurance A class of life insurance policies, which include both universal and whole life insurance, with guaranteed death benefits at the end of their terms.
- premium A payment made to an insurance company for insurance coverage.
- whole life insurance Permanent life insurance with level premiums for the policyholder's entire lifetime.
- with-profits policy Insurance that pays the policyholder a portion of the insurer's profits.
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