Policy Duration

Policy Duration

The length of time during which an insurance policy remains in force. Health insurance, for example, may have a policy duration of several months or several years. Many other policies last only one year before renewal. Whole life insurance remains in effect for the remainder of one's life.
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Ensure you allow extra time on your policy duration in the event of unexpected delays
How will underwriting selection factors be developed (age, gender, policy duration, band, class, marital status, etc.
Do not stop there, however, since the original assumption of policy duration must also be revisited.
The investment funds can be switched during the policy duration to alter the strategy.
But some members argued that the extension "could be misinterpreted by market participants as a revision to the monetary policy framework or a measure conveying a message regarding a change in the policy duration, rather than just an expansion of market operation measures," according to the minutes.
The average policy duration has declined slightly over the past five years.
BoJ's policies have set a precedent in unconventional monetary policy duration as they are now in their 12th year.
In general, modeling individual surrender behavior is very complex as it depends on a number of factors, including, for example, interest rates, age and gender, inflation rates, policy duration, unemployment rates, or seasonal effects (see Kim, 2005).
Dividends for a given policy are influenced by such factors as policy series, issue age, policy duration, policy loan rate and changes in mortality experience.
Manipulating policy duration may become important in the future.
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