• The ... company is to determine for itself which of its plans are to be treated as term insurance and which as permanent.

  • The original instructions gave as a suggested definition of term insurance "that it is any policy with a premium rate less than 90% of the no profits rate for Ordinary Life...

1949 - SOA - Report of the Committee on Mortality Under Ordinary Insurances and Annuities, Society of Actuaries - 12p