Rebating is a penal offense in some states, whereby both the agent and the person accepting the rebate can be punished. The amount of the rebate is taxable to the recipient and the agent's license is subject to revocation. The cash surrender value is applied to purchase paid-up insurance with no future premiums payable. The coverage will remain in force until the policy is surrendered. The death benefit will be lower than that provided if premiums had been continued.
Reentry requires evidence of insurability.
Registered Representative A person who has passed certain NASD examination. Your occupation at the time you become disabled. If you are regularly engaged in more than one occupation, all of your occupations at the time the disability starts will be combined together to be your regular occupation. The definition is not restricted to a specific company or industry. Regular Purchase Date Dates, nearest specified birthdays of the insured, that give the insured the right to purchase additional permanent policies without providing evidence of insurability, under the Additional Purchase Benefit.