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The definitions contained herein are for general information only and are not designed for use in connection with the interpretation of any insurance policy or annuity policy issued through Insurance Answer Center.
Life Insurance Glossary Terms  4 A B C D E F G H I J K L M N O P Q R S T U V W Y

Adjustable Life Insurance Policy

This is a policy where the premium you pay into an account value is flexible i.e. The amount of the premium and the timing of payment can vary within specified limits. The account value earns interest at a particular rate usually declared annually by the company. The rate declared cannot be less than a certain minimum. To determine the account value, the company deducts mortality charges and expenses. You receive the account value, less surrender charges, if you cash in the policy. You can borrow against the account value less surrender charges. If you die, the account value is used to pay part of the death benefit.

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