by MORRIS BRUCE » Sat Sep 27, 2008 09:28 pm
In regard to insurance terminology, what
does the letters OPAI reepresent in life
insurance terms?
Thank you,
Morris Bruce
does the letters OPAI reepresent in life
insurance terms?
Thank you,
Morris Bruce
Posted: Sat Sep 27, 2008 11:27 pm Post Subject:
Option to Purchase Additional Insurance
Posted: Mon Sep 29, 2008 12:26 pm Post Subject:
The policy purchase option or the option to purchase additional insurance is a rider that makes the policy holder eligible for another life policy in the future without any further medical investigation. Hence, the premium amount may remain low, since the life policy premium rate increases with the age of the insured.
This rider is introduced to ensure life coverage to the seniors, who may otherwise don't qualify for a life plan.
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