The insurance company's death claim risk on a policy at a point in time. The amount of the annual exclusion is adjusted annually for inflation. Annual Policy Statement Individual statements, providing specific policy information and values, which are sent to policyowners on each contract anniversary. In disability insurance, an optional benefit that provides comprehensive inflation protection. AIB will increase the face amount of a Northwestern Mutual Disability Income policy before, during, and after a disability to reflect any increase in the Consumer Price Index.
Increases apply to benefits for both total and partial disabilities.
One of five different premium structures available, depending on which Disability Income plan is selected. It is renewable on an annual basis, and starts at a rate lower than level or step rate and increases with the insured's attained age. The person on whose life the annuity values are based. The period of the policy when the amount built-up or accumulated during the accumulation phase is paid out to the annuitant in the form of systematic payments. To begin a series of payments from an annuity.