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.
References in periodicals archive ?
Lincoln is now also offering a 10-year policy duration for TermAccel in addition to the previously available 15, 20 and 30-year options.
In a section on short-term medical insurance, Trump talks mainly about short-term medical insurance policy duration rules.
Death-benefit-focused products have more "levelized" costs, i.e., a shallower expense curve, with higher charges in early years and lower charges in later years, whereas the opposite is true for those focused on accumulation, which have a deeper curve with lower costs early in the policy duration and higher costs at the later stages.
* How will underwriting selection factors be developed (age, gender, policy duration, band, class, marital status, etc.)?
Whatever the buyer selects for the "assumed policy duration" along with the assumed future crediting rate is then captured in the "as sold" illustration at the time of purchase.
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.
Even though interest rates have increased in recent months, the fund is susceptible to limited price risk as by policy duration of the fund may not exceed 90 days.
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