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policies provide a lower initial premium that can fluctuate up to a maximum premium as stated in the policy.
The lower initial premium is guaranteed to the policy owner for a specified period of time.
After such period, the insurer has the liberty to charge up to the maximum stated premium.
Insurers are required to include a statement in the policy that the policy's nonguaranteed premium is lower than a fixed premium whole life policy with the same amount of coverage and for the same risk class.
Applicants are required to sign a separate form affirming that they understand the elements of the indeterminate premium whole life policy including the following:
Premium is variable,
A lower premium is not guaranteed,
The maximum premium as stated in the policy may be charged,
Dividends in participating policies are only paid to policy owners if the insurer declares a dividend.
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