On the Whole Cheat Sheet, terms like Guaranteed, ROP, Graded, or Modified essentially refer to the same thing. Different carriers use various terms for their rating classes, but they all mean the same: a 2-year waiting period. If the client passes away from natural causes within the first two years, the death benefit will not be paid out. Instead, the premiums will be refunded to the beneficiary, plus 10% interest. Policies with these ratings (Guaranteed, ROP, Graded, or Modified) typically pay 30%-50% less in commission and cost about 40% more than Preferred, Standard, or Immediate Rating Class policies.