Quarter Horses owe their breed name from their ability to run a fast quarter mile. However, while Quarter Horses are great sprinters they are not so good at longer distances. They don't have the running stamina to race over a ten furlong course (about 2 km or 1 1/8 m) like their Thoroughbred counterparts.
(1) a policy record for each insurance contract or policy for six calendar years after the date the policy is no longer in force or until after the filing of the report on examination in which the record was subject to review, whichever is longer.
The average duration of a life insurance policy is surprisingly short. The average life of an insurance policy is between 7 and 8 years, which is consistent with an average lapse rate of between 10 and 14% depending on the type of policy and the way the premium is calculated. The average life of an insurance policy is falling, and lapse rates are increasing. Lapse rates are higher: 1  after the first year claw back period ends. 2  where the policy is sold subject to an up-front commission agreement (the dominant agreement)  where the premium is stepped and is not level over the life of the policy.