Cost of Insurance definition
Cost of Insurance means the amount deducted on a monthly basis to cover insurance benefits of this product as defined under the provisions of this policy. The Cost of Insurance rate is determined on the basis of risks pertaining to death and Total and Permanent Disability, which depend on the Life Insured’s age, gender, health condition and occupation. The Cost of Insurance is adjusted in accordance with the Life Insured’s attained age and the Sum Insured.
Cost of Insurance means the amount of premium expected to fund future policyholder benefits. It does not include amounts for future operating expenses and profits.
Cost of Insurance means the cost per Rs 1000 of insurance cover as laid out in the “Table of Cost of Insurance” charges enclosed.
Examples of Cost of Insurance in a sentence
We also use these tables in determining Guaranteed Maximum Cost of Insurance Charges.
Add : Cost of Transportation Add : Cost of Insurance Add : Other Charges (pls.
Because portions of the Monthly Deduction, such as the Cost of Insurance Charge, can vary from month to month, the Monthly Deduction may vary in amount from month to month.
A Cost of Insurance Charge is deducted from the Policy Value on each monthly processing date as part of the Monthly Policy Charge.
The Cost of Insurance Charge is the cost of insurance rate times the net amount at risk.
More Definitions of Cost of Insurance
Cost of Insurance means the annual cost to the Sublessor to take out and maintain the insurance required to be taken out and maintained by the Sublessor under the terms of the Headlease and such other insurance as the Sublessor shall deem necessary from time to time;
Cost of Insurance means the annual term insurance cost of ----------------- maintaining the death benefit coverage of each Insurance Policy in force, as determined by the Insurer.
Cost of Insurance. RATE The Cost of Insurance Rate is based on the Attained Age, sex and rating classification of both Insureds. Pages 18 and page 19 of this Certificate, which contain the Guaranteed Monthly Maximum Cost of Insurance Rates, are hereby deleted and replaced with the following: The Guaranteed Monthly Maximum Cost of Insurance Rates are based on the exact age and rating classification of each Insured using the Xxxxxxx Method and the 1980 Commissioners Standard Ordinary Mortality Table, age last birthday, on a smoker/non-smoker basis. A Table of the Guaranteed Monthly Maximum Cost of Insurance Rates applicable to the Insureds named in Your application has been printed on the Certificate Information page. ACCELERATED DEATH BENEFIT After the death of the first Insured, the Death Benefit may be accelerated, subject to the conditions of the Accelerated Death Benefit provision. PAYMENT OF PROCEEDS The Proceeds of this Certificate will be subject first to the interest of an assignee, to whom payment will be made in one sum. We will pay any remaining Proceeds to You before the surviving Insured's death, and to the Beneficiary after the surviving Insured's death. Payment to the Beneficiary will be made only if We receive proof, satisfactory to Us, of the death of both Insureds. Unless otherwise provided, payment will be made in equal shares to those Beneficiaries entitled to receive the Proceeds.
Cost of Insurance means the actual mortality charges deducted according to the terms of the contract from premiums, account values or taken as a reduction in investment credits.
Cost of Insurance. CHARGES The Maximum Cost of Insurance charge for any Monthly Activity Date is equal to: - the Death Benefit; minus - the Account Value on the Monthly Activity Date, prior to assessing the Monthly Deduction Amount; the result is divided by 1000 and multiplied by - the Maximum Annual Cost of Insurance Rate divided by 12. We can use Cost of Insurance Charges that are lower than the Maximum Annual Cost of Insurance shown on page 5. Charges will be determined based on our expectation as to future experience. Any change we make will be on a uniform basis for all Insureds with the same age, sex, and rating classification whose coverage has been In Force for the same length of time. No change in rating classification or cost will occur on account of deterioration of the Insureds' health. ADMINISTRATIVE EXPENSE CHARGE The Administrative Expense Charge for any Monthly Activity Date is equal to: - the Administrative Expense Annual Rate divided by 12; multiplied by - the Account Value on the Monthly Activity Date, prior to assessing the Monthly Deduction Amount. The Administrative Expense Annual Rate is shown on page 4. TAX EXPENSE CHARGE The Tax Expense Charge for any Monthly Activity Date occurring during the first ten years of the Contract is an amount not greater than: - the Tax Expense Rate divided by 12; multiplied by - the Account Value on the Monthly Activity Date, prior to assessing the Monthly Deduction Amount. The Tax Expense Rate is the sum of the Federal Tax Annual Rate and the Premium Tax Annual Rate shown on page 4. If you surrender or withdraw from this Contract within nine years of the Contract Date, any due and unpaid Premium Tax shown on page 4 will be deducted from your Account Value.
Cost of Insurance means the annual cost to the Lessor to take out public liability insurance, insurance against loss of Additional Rental due from the Lessee in accordance with the provisions of this Lease in such amounts as the Lessor from time to time requires, insurance relating to the improvements comprising the Building against damage from Insurable Hazards, to such limits as the Lessor may from time to time determine acting reasonably but not in excess of the replacement cost of the Building, and such other insurance as the Lessor may require acting reasonably;