MLchartDataset catalogue

Single premium whole life insurance policy

Term · Insurance and risk management · MLC-T-INS-003093

A type of permanent life insurance funded with one lump-sum payment at the time of purchase, rather than through ongoing periodic premiums. The policy provides a guaranteed death benefit and accumulates cash value on a tax-deferred basis. Because the policy is fully paid up from inception, it is classified as a modified endowment contract (MEC) under U.S. tax law, which alters the tax treatment of loans and withdrawals.

Table 1. Record
IdentifierMLC-T-INS-003093
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-003093",
  "term": "Single premium whole life insurance policy",
  "field": "Insurance and risk management",
  "definition": "A type of permanent life insurance funded with one lump-sum payment at the time of purchase, rather than through ongoing periodic premiums. The policy provides a guaranteed death benefit and accumulates cash value on a tax-deferred basis. Because the policy is fully paid up from inception, it is classified as a modified endowment contract (MEC) under U.S. tax law, which alters the tax treatment of loans and withdrawals.",
  "url": "https://mlchart.com/terminology/insurance/single-premium-whole-life-insurance-policy/"
}

Record 3,191 of 3,748 in Insurance and risk management terminology (MLC-0106). Request the full dataset.