A personalized life insurance policy is one which provides a unique schedule of deathbenefits and a unique schedule of cash surrender nonforfeiture benefits for the life insuredby the policy. The schedules are selected and agreed upon by the company providing theinsurance (hereinafter referred to as the Insurer) and by the policyholder and are unique tothat policy.The schedule of death benefits defines for each point in time in the future the deathbenefit expected to be paid should the life insured die at that point in time. The scheduleof cash surrender nonforfeiture benefits defines for each point in time in the future thecash amount available should the life insured terminate the insurance coverage at thattime. To date, schedules of death benefits and cash surrender nonforfeiture benefits in lifeinsurance policies have been determined by class of life insured and/or by formuladefined by Insurers. Customized schedules for which the policyholder participates in thedetermination have not been offered.
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