Guaranteed Gross Premium
2016-1 NAIC Proc. 1
- For purposes of determining the valuation net premiums used in the demonstration in subsection 6.B.2:
- The guaranteed gross premium is defined as:
- For universal life policies, the guaranteed gross premium shall be the premium specified in the contract, or if no premium is specified, the level annual gross premium at issue that would keep the policy in force for the entire period coverage is to be provided based on the policy guarantees of mortality, interest and expenses; and
- For policies other than universal life policies, the guaranteed gross premium shall be the guaranteed premium specified in the contract.