FLEXIBLE PREMIUM definition

FLEXIBLE PREMIUM means that You may pay premiums by any method agreeable to Us, at any time prior to the Insured’s Attained Age 121 and in any amount subject to certain limitations. It is important to maintain the payment(s) of Your Planned Premium, as shown on the policy specifications pages, in order to keep Your policy in force. “Adjustable life insurance” means that You, with Our agreement, can change the death benefit to meet Your changing needs, after the first policy year. Coverage Duration The duration of coverage will vary based upon changes in the amount, timing and frequency of Your premium payments, changes to the coverage under Your policy and Riders attached to Your policy and the other factors described in the following sections. Policy Value The Policy Value is a key component of Your policy. The Policy Value is where Your premiums go and where We assess Our charges for providing coverage. We apply a charge to each premium You pay and then add the balance to the Policy Value. We deduct the cost of providing the coverage (the cost of insurance), the cost of any surrender charges due to any partial surrender or decrease in Specified Amount, and the cost of any additional benefits and/or Riders and administrative charges. This charge is known as the “monthly deduction” and is taken from the Policy Value. We then credit interest to the difference remaining in the Policy Value. Five Year Minimum Premium Your policy provides for a “Five Year Minimum Premium” provision at no extra charge, which can ensure that Your coverage will continue during the first 5 policy years even if Your Cash Surrender Value is insufficient to cover the cost of a monthly deduction. Monitoring Your Policy’s Performance We will send You an Annual Report (Statement of Account) of Your policy to help You monitor Your Policy Values and compare it to Your objectives when You purchased Your policy. Ask Your life insurance agent to explain anything You do not understand. You may need to adjust Your premiums to achieve Your insurance objectives. You may Request from Us, at any time while Your policy is in force, an in force illustration of future death benefits and Policy Values. We encourage You to request an in force illustration at least once each policy year, subject to the terms of the “Annual Report” provision of this policy. We are also available to answer Your questions and assist You in making changes to Your policy.
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FLEXIBLE PREMIUM policy means a policy under which the policyholder can unilaterally vary the amount or timing of premium.
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Examples of FLEXIBLE PREMIUM in a sentence

  • Separate Accounts of Lincoln National Life Insurance Company Investing in the Fund As of July 1, 1998 LINCOLN NATIONAL VARIABLE ANNUITY ACCOUNT C LINCOLN LIFE FLEXIBLE PREMIUM VARIABLE LIFE ACCOUNT D LINCOLN LIFE FLEXIBLE PREMIUM VARIABLE LIFE ACCOUNT K LINCOLN LIFE VARIABLE ANNUITY ACCOUNT N LINCOLN LIFE VARIABLE ANNUITY ACCOUNT Q LINCOLN NATIONAL VARIABLE ANNUITY ACCOUNT 53 SCHEDULE 2 Lincoln National Bond Fund, Inc.

  • Separate Accounts of Lincoln National Life Insurance Company Investing in the Fund As of July 1, 1998 LINCOLN NATIONAL VARIABLE ANNUITY ACCOUNT C LINCOLN LIFE FLEXIBLE PREMIUM VARIABLE LIFE ACCOUNT K LINCOLN LIFE VARIABLE ANNUITY ACCOUNT Q LINCOLN NATIONAL VARIABLE ANNUITY ACCOUNT 53 SCHEDULE 2 Lincoln National Capital Appreciation Fund, Inc.

  • AMENDMENT TO FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICY AS OF THE DATE OF ISSUE, SECTION 8.1 CASH VALUE, IS AMENDED AS FOLLOWS: During the first policy year, if the policy is not in a grace period, the cash value of this policy is equal to: - the Policy Value; plus - [100%] of the sum of Sales Loads (page 4) deducted from premiums paid to date; less - any policy debt.

  • Separate Accounts of Lincoln National Life Insurance Company Investing in the Fund As of July 1, 1998 LINCOLN NATIONAL VARIABLE ANNUITY ACCOUNT C LINCOLN LIFE FLEXIBLE PREMIUM VARIABLE LIFE ACCOUNT K LINCOLN LIFE VARIABLE ANNUITY ACCOUNT Q LINCOLN NATIONAL VARIABLE ANNUITY ACCOUNT 53 SCHEDULE 2 Lincoln National Global Asset Allocation Fund, Inc.

  • FLEXIBLE PREMIUM INDIVIDUAL DEFERRED VARIABLE ANNUITY CONTRACT LIFE ANNUITY COMMENCING AT MATURITY DATE ELECTIVE OPTIONS NON-PARTICIPATING VALUES PROVIDED BY THIS CONTRACT, WHEN BASED ON THE INVESTMENT EXPERIENCE OF THE SEPARATE ACCOUNT, ARE VARIABLE AND MAY INCREASE OR DECREASE AND ARE NOT GUARANTEED AS TO FIXED DOLLAR AMOUNT.

  • Separate Accounts of Lincoln National Life Insurance Company Investing in the Fund As of May 1, 1999 LINCOLN NATIONAL VARIABLE ANNUITY ACCOUNT C LINCOLN LIFE FLEXIBLE PREMIUM VARIABLE LIFE ACCOUNT K LINCOLN LIFE FLEXIBLE PREMIUM VARIABLE LIFE ACCOUNT M LINCOLN LIFE VARIABLE ANNUITY ACCOUNT Q LINCOLN LIFE FLEXIBLE PREMIUM VARIABLE LIFE ACCOUNT R LINCOLN NATIONAL VARIABLE ANNUITY ACCOUNT 53 AMENDMENT TO SCHEDULE 2 Lincoln National Global Asset Allocation Fund, Inc.

  • Separate Accounts of Lincoln Life & Annuity Company of New York Investing in the Fund As of May 1, 2000 LINCOLN LIFE & ANNUITY FLEXIBLE PREMIUM VARIABLE LIFE ACCOUNT M LINCOLN NEW YORK SEPARATE ACCOUNT N FOR VARIABLE ANNUITIES LLANY ACCOUNT Q FOR VARIABLE ANNUITIES LLANY SEPARATE ACCOUNT R FOR FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE LLANY SEPARATE ACCOUNT S FOR FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE AMENDMENT TO SCHEDULE 2 Lincoln National Money Market Fund, Inc.

  • Separate Accounts of Lincoln Life & Annuity Company of New York Investing in the Fund As of February 15, 2000 LINCOLN LIFE & ANNUITY FLEXIBLE PREMIUM VARIABLE LIFE ACCOUNT M LINCOLN NEW YORK ACCOUNT Q VARIABLE ANNUITIES LLANY SEPARATE ACCOUNT R LINCOLN NEW YORK ACCOUNT N FOR VARIABLE ANNUITIES AMENDMENT TO SCHEDULE 2 Lincoln National Money Market Fund, Inc.

  • Vice President and Secretary President INDIVIDUAL FLEXIBLE PREMIUM DEFERRED VARIABLE ANNUITY NON-PARTICIPATING THIS IS A VARIABLE ANNUITY CONTRACT.

  • Separate Accounts of Lincoln National Life Insurance Company Investing in the Fund As of July 1, 1998 LINCOLN NATIONAL VARIABLE ANNUITY ACCOUNT C LINCOLN LIFE FLEXIBLE PREMIUM VARIABLE LIFE ACCOUNT K LINCOLN NATIONAL VARIABLE ANNUITY ACCOUNT L LINCOLN LIFE VARIABLE ANNUITY ACCOUNT Q LINCOLN NATIONAL VARIABLE ANNUITY ACCOUNT 53 VARIOUS NON-REGISTERED SEPARATE ACCOUNTS SCHEDULE 2 Lincoln National Aggressive Growth Fund, Inc.