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Adjustable life insurance policy
A life insurance contract designed specifically
to allow the policyowner to alter the policy's plan
by changing the amount of the coverage or the amount
of the premium. The insurer calculates the specific
plan of insurance that can be provided based on
the requested death benefit and premium. Therefore,
an adjustable life insurance policy can use insurance
plans that range from a term insurance policy of
short duration to a limited-payment whole life insurance
policy. |
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