MEDICAL,USA: Amount of time an insurance contract is in force.
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Means the period of time between the inception date and time and the expiration date and tie, each as shown in the Schedule, unless the Policy is earlier terminated, in which even such period of time shall end as of the date and time of such earlier termination.
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The amount of time during which the policy is valid.
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The term of duration of the policy. The policy period encompasses the time between the exact hour and date of policy inception and the hour and date of expiration.

Amount of money that the beneficiary of a life insurance policy receives. Also called net policy proceeds.

Words, sentences, and paragraphs that describe the benefits and nonbenefits of an insurance contract and its operation.

1. Amount of assets added to the future premiums to be received from insurance policies so that funds are sufficient to pay future claims on policies that are in force. 2. Assets that guarantee that the insurance company has funds sufficient to pay future claims.
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See: level annual premium system.

Document that gives the legally required information of a specific insurance policy that is to be purchased by an applicant.
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UK: A document in durable medium that FSA rules require intermediaries to give retail customers, setting out the main benefits, exclusions and limitations of the policy and other information.

Type of self-management in which a group policyholder maintains the records and is responsible for the insureds covered under the insurance plan. They prepare the premium statements and submit them with the checks to the insurance company for each payment. The insurance company may audit the policyholder’s records. Also called self-administration.