Definitions for "Extended Term Insurance"
Term insurance equal to the face amount of a whole life insurance policy. This option is one of the policy's nonforfeiture provisions and is funded by the policy's cash surrender value.
Is a nonforfeiture option that uses the cash value of an ordinary life policy as a single premium to purchase term life insurance in the amount of the original policy. The length of the term policy depends on the size of the cash value and the attained age of the insured. ()
A nonforfeiture option that provides for the cash surrender value of a policy to be used as a net single premium (at the insured's attained age) to purchase term insurance for the face amount of the policy, less indebtedness, for as long a period as possible (but no longer than the term of the original policy.)
Keywords:  reinsurer