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Glossary of Terms

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From The Glossary »

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Whole-life Contract:

Insurance that may be kept in force for a person’s entire life by paying one or more premiums. It is paid for in one of three different ways: _ ordinary life insurance (premiums are payable as long as the insured lives); _ limited payment life insurance (premiums are payable over a specified number of years); and _ single-premium life insurance (a lump sum amount paid at the inception of the insurance contract). with profits policy A term used ...
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