What is the Definition of Graded Premium Policy?
A type of modified-premium whole life policy that calls for three or more levels of annual premium payment amounts, increasing at specified points in time—such as every three years—until reaching the amount to be paid as a level premium for the rest of the life of the policy.
Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/
Label: Insurance
Theme: Dictionary of Insurance Terms
Other Questions: What is the definition of Annuity?
What is the Definition of Graded Premium Policy?
You can find random definition and meaning of insurance terms below:
Meaning of Named Peril in Insurance Terms
Peril specifically mentioned as covered in an insurance policy.
Meaning of National Flood Insurance Program in Insurance Terms
Federal government-sponsored program under which flood insurance is sold to homeowners and businesses. (See Adverse selection; Flood insurance)
Meaning of Negligence in Insurance Terms
A failure to exercise the legally required degree of care of others, resulting in harm or damage.
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