OLI_LU_PREMPAYDURBASIS

Title (OLI_LU_PREMPAYDURBASIS)
Premium Payment Duration Basis

Definition
A contracting party may select to pay premiums either for the cover duration or until a specified age, such as a retirement age or an age defined in the product definition. The premium payment duration and the cover duration may not be the same on some policies/contracts.

Used By
Coverage (PremPaymentDurBasis)

Codes
DescriptionNameValueDefinitionNotes
Age Defined By Product DefinitionOLI_PREMPAYDURBASIS_PRODAGE1A contracting party may pay premiums until the age defined by the product.
Benefit TermOLI_PREMPAYDURBASIS_BENEDUR2A contracting party may elect to pay premiums for the benefit duration or term.
OtherOLI_OTHER2147483647
Retirement AgeOLI_PREMPAYDURBASIS_RETIRE3A contracting party may elect to pay premiums until a specific retirement age.
UnknownOLI_UNKNOWN0