Assessable Insurance

(redirected from Stipulated Premium)

Assessable Insurance

An insurance policy in which a premium is paid up front, but in which the insurer reserves the right to require another premium to be paid if losses resulting from claims exceed the amount the policyholder contributed in the initial premium. This is also called natural premium or stipulated premium insurance.
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References in periodicals archive ?
Payment of premium is essential to attach the risk and according to the premium paramount clause insured is required to pay the stipulated premium and obtain official receipt of the insurance company in that respect.
On the life and health side, 70% of the impairments from 2000 to 2015 related to accident and health or health insurers, while another 16% related to small life insurers primarily focused in selling lower policy value industrial/burial or stipulated premium business.
Market share of total stipulated premium QBE 19% Vardar 21% Euroins 6% SavaTabak 16% Sigma 4% Eurolink 9% Insig 3% Sigal 5% Insurance Policy 9% Albsig 5% Croatia 1% Grawe 2% Note: Table made from pie chart.
For a stipulated premium, the insurance company guarantees the insured's death benefit and cash values in the contract.
If, during the term of this insurance, the approved rates drop, at the termination of the insurance or prior thereto, at the request of the insured, the Company shall refund the difference between the stipulated premium and the modified premium, calculated from the date of such modification to the termination of the insurance.
In the event of total disability, the Disability Completion Benefit pays a stipulated premium and waives all monthly policy expenses (after a short four-month waiting period).
If a stipulated premium is paid within a specified time period, the premium and the death benefit are guaranteed even if the insured lives beyond age 100.
For a stipulated premium, the insurance company guarantees the death benefit and cash values in the contract.
The first method, called the stipulated premium method, guarantees that a contract will stay in force as long its some minimum premium amount is paid every premium period.