Policy Duration definition
Policy Duration means for a Qualifying Policy, the period of time in years ending on the Eligibility Date (rounded to the nearest one-hundredth) from and including the Inception Date of the Qualifying Policy or, if there is a Linked Similar Policy associated with the Qualifying Policy, the Inception Date of the Linked Similar Policy, up to a maximum of 23 years.
Examples of Policy Duration in a sentence
Charges are as follows: Policy Durations ____: % Utilization Factor Charge ____% __ bps * Policy Durations ___: % Utilization Factor Charge ____% __ bps * Policy Duration __+: % Utilization Factor Charge ____% __ bps * Cost of these cells will increase by __ bps when the average daily closing value of the CBOE Volatility Index (VIX) is greater than __% during the month for which the charge is applied.