Modified premium

Term · Insurance and risk management · MLC-T-INS-002216

A premium structure where the initial payments are lower than subsequent payments, or vice versa, over the life of an insurance policy. This arrangement is often used in life insurance to make policies more accessible in the early years or to align premiums with expected future income. For example, a modified whole life policy might have lower premiums for the first five years, then a higher, level premium thereafter.

Table 1. Record
Identifier	MLC-T-INS-002216
Field	Insurance and risk management

Record as JSON

{
  "id": "MLC-T-INS-002216",
  "term": "Modified premium",
  "field": "Insurance and risk management",
  "definition": "A premium structure where the initial payments are lower than subsequent payments, or vice versa, over the life of an insurance policy. This arrangement is often used in life insurance to make policies more accessible in the early years or to align premiums with expected future income. For example, a modified whole life policy might have lower premiums for the first five years, then a higher, level premium thereafter.",
  "url": "https://mlchart.com/terminology/insurance/modified-premium/"
}

Record 2,176 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.