There are additional definitions in the glossary found on page 149
Generally refers to the initial period of a term policy in which the premiums are both guaranteed and constant. Policies may have specified premiums, wherein the insurer guarantees the sufficiency of the policy, or indeterminate premiums, which require policy owners to manage the economics and the risk of maintaining the policy throughout the insured's lifetime. Policies sold for lifetime needs. Premiums are generally guaranteed for that duration and then are subject to market pricing (notwithstanding high guarantees) to renew beyond the original period of time. Policies sold for a specific duration. So that this site can be useful to the financial advisor or consumer, following are a few key terms and their definitions that will clarify meaning and allow easier reading."Risk shifting" is just as likely to mean a shift to the policy owner as a shift away. The word "premium" has new meaning - for both agents and consumers. "Mutual" is a term infrequently heard; "life settlements" and their cousin "viaticals" are becoming both popular and controversial. Note that while TIAA-CREF - a "top 10" insurer in both 1988 and 2004 - is not technically mutual, it is operated for the benefit of its policyholders. The appropriate term to describe premiums for policies that are designed without fixed premiums. It is the policy owner's responsibility to manage policy payments to ensure the sufficiency of the policy. A specific characteristic of Universal and Variable Universal policies in which the premium is estimated but not guaranteed. At the end of the initial period, premiums will generally increase annually and at a significantly higher rate than the level premium.