Indeterminate premium life insurance

Type of nonparticipating whole life insurance that specifies both a maximum possible premium rate and a lower premium rate. The policy owner pays the lower rate for a certain period from when the policy is purchased and later the rate changes depending on the investment earnings of the insurance company. The premium rate will never be greater than the maximum premium rate. Also called flexible premium life insurance, nonguaranteed premium life insurance , and variable premium life insurance .

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