Type of deferred annuity in which the annuitant pays equal premium amounts, monthly or annually, until the date that benefit payments begin.

Allows the insured to pay a specific amount of premium on each due date during the policy year that is based on an estimated annual premium. An adjustment is made at the end of the policy year for coverage changes that occurred during that year.

Life insurance for which the cost is evenly distributed over the period during which premiums are paid. Premiums are the same from year to year. Protection in the earlier years is more than the actual cost, building up a reserve, and in the later years, less than the actual cost.

Type of whole life insurance policy in which equal premiums are paid throughout the premium payment period.

Annual premium payments that are the same each year that the life insurance policy is in force.

Group insurance plan in which all policyholders are insured for the same amount of benefits without regard to wages or job position.

Type of term insurance that gives a death benefit that remains the same during a specified period. Premiums usually remain the same throughout each term of coverage.

Insurance commission table that provides different percentages for the first and renewal years of a policy. Also known as heaped commission schedule .

Plan that borrows money and uses the funds to purchase stock of the employer. In turn the employer makes contributions to the plan on behalf of the participating employees. These are tax deductible for the employer and tax deferred for the employee. The ESOP uses the contributed money to pay the loan back and slowly gives the stock to the employees. Also see employee stock ownership plan (ESOP) .