The Cumulative Gross Death Benefit refers to the total amount payable to a beneficiary upon the insured or annuitant death, before any deductions such as loans, outstanding premiums, or surrender charges. It represents the gross value of the death benefit provided under a life insurance or annuity contract. It is cumulative gross death benefit of all the layers of base coverage (not including riders ).

The Net Death Benefit refers to the actual amount paid to the beneficiary upon the insured or annuitant death, after deductions such as policy loans, unpaid premiums, withdrawals, or other charges

The Remaining Death Benefit Amount refers to the portion of the death benefit that is still available as of date for benefit payment to beneficiaries after a partial claim has been taken

The Minimum Coverage Amount refers to the lowest amount of death benefit or policy coverage that an insurance company allows for a life insurance contract. It is the smallest sum insured that can be purchased under a specific product type

The Maximum Coverage Amount refers to the highest amount of death benefit or policy coverage that an insurance company will issue under a life insurance contract. It represents the largest sum insured that an applicant can qualify for based on underwriting and financial eligibility

The Earliest Coverage Change Date refers to the first possible date when a modification to an insurance policy can take effect. It defines the earliest point at which a policyholder can adjust coverage levels, add or remove riders, or make other contractual changes based on policy terms and conditions

In life insurance, a band refers to a coverage range or tier that affects premium rates, underwriting guidelines, or policy benefits. Insurance companies use coverage bands to determine pricing structures, offering lower per-unit costs for higher coverage amounts

The Maximum Annual Coverage Change Allowed per Policy refers to the largest increase or decrease in coverage amount permitted within a single policy year, as defined by the insurance carrier. This limit is set to maintain policy stability, prevent excessive risk exposure, and ensure compliance with underwriting and policy guidelines

The Minimum Coverage Amount Decrease refers to the smallest reduction in coverage that a policyholder is allowed to make per policy year, as defined by the insurance carrier. This ensures that policies remain viable and do not fall below the required minimum coverage limits

The Maximum Coverage Amount Decrease refers to the largest reduction in coverage that a policyholder is allowed to make per policy year, as defined by the insurance carrier. This ensures that policyholders can lower coverage if needed while maintaining a minimum required coverage amount

The Maximum Age of No Coverage Amount Decrease refers to the age at which a policyholder can no longer reduce their coverage amount. This limit is set by the insurance carrier to maintain policy integrity and ensure sufficient death benefit protection, particularly for older policyholders

The Number of Coverage Amount Decrease Allowed Per Policy Year refers to the maximum number of times a policyholder is permitted to reduce their coverage amount within a single policy year. This limit is set by the insurance carrier to maintain policy stability and prevent excessive policy modifications

The Minimum Coverage Amount Increase refers to the smallest increment by which a policyholder can raise their coverage amount within a policy year. This minimum threshold is set by the insurance carrier to ensure that coverage increases are financially viable and align with underwriting guidelines

The Maximum Coverage Amount Increase refers to the highest amount by which a policyholder can raise their coverage within a single policy year, as defined by the insurance carrier. This limit ensures that coverage increases remain manageable and are aligned with underwriting and financial justification

The Maximum Age of No Coverage Amount Increase refers to the oldest age at which a policyholder can request an increase in coverage. After reaching this age, the policyholder is no longer eligible to increase their coverage amount, as determined by the insurance carrier

The Number of Coverage Amount Increases Allowed Per Policy Year refers to the maximum number of times a policyholder can request an increase in coverage within a single policy year, as defined by the insurance carrier. This limit helps insurers manage risk exposure and maintain policy stability

The age of the insured at the time the rider was issued

The age of the insured at the time the rider was issued

The Risk Class refers to the underwriting category assigned to an applicant based on their health, lifestyle, and medical history, which determines their premium rates for a life insurance policy. Insurers use risk classifications to assess mortality risk and price policies accordingly.

A Substandard Rating (also called Table Rating) is assigned to applicants who do not qualify for Standard or Preferred risk classes due to health conditions, lifestyle risks, or medical history. This rating results in higher premium costs because the insured presents a greater mortality risk.