Sentences with phrase «if death of the insured»

This policy provides a graded benefit, which means that if death of the insured that is due to natural causes — in other words, death that is caused by means other than an accident — during the first two years in which the policy has been in force, the named policy beneficiary will only receive back all of the premiums that were paid in, plus 10 percent, as versus the face amount of the policy.

Travel expenses of one relative: Under this plan, if the death of the Insured Person occurs outside the place of his / her residence, the company will pay for the transport expense upto a maximum of Rs 1000 / - to the place of accident.

Policyholders will be paid a certain percentage of the full death benefit if death of the insured person should occur in year one, a larger percentage if death occurs in year two, and so on.

If death of the insured occurs during the policy term, the beneficiary collects the face amount (death benefit) of the life insurance policy income - tax free.

If death of the insured occurs when a policy is in lapsed status, no death benefit is paid.

If death of the insured occurs after the commencement of risk, death benefit amount including «Sum Assured on death + Final Additional Bonus + Accrued Bonuses will be paid.

Policy Term — If death of the insured does not occur during dates of coverage stated in the life insurance policy.

There may also be delays if the death of the insured is ruled as suspicious.

An accidental death rider will give the nominee a higher payout if the death of the insured is due to an accident, subject to the exclusions prescribed by insurer.

This essentially means that if the death of the insured was due to an accident, an additional amount is paid.

Not exact matches

¹ Access to cash values through borrowing or partial surrenders will reduce the policy's cash value and death benefit, increase the chance the policy will lapse, and may result in a tax liability if the policy terminates before the death of the insured.

If a corporation owns life insurance and the insured dies, then the death proceeds become part of the general assets of the corporation and the value of the stock owned by each surviving shareholder will be increased by an amount proportionate to his or her interest.

If nations continue to assert their independence of all higher authority, the end will be either war to the death (for all) or the emergence of a single dominant world power which will maintain by force the minimal order necessary to insure the survival of civilization.

A contingent beneficiary is entitled to insurance proceeds or retirement assets only if predetermined conditions are met at the time of the insured's death (as can be found in a will).

Life insurance companies pay a death benefit (sometimes in the millions) to the beneficiaries of an insured if they die.

If the insured employee passes away, the key man policy's death benefit would be paid to the company free of income tax in most cases.

Generally, if you receive the proceeds under a life insurance contract as a beneficiary due to the death of the insured person, the benefits are not includable in gross income and do not have to be reported; any interest you receive is taxable and you should report it just like any other interest received.

Death Benefit - In case of uncertain demise of the insured person during the tenure of the policy the death benefit is provided to the beneficiary of the policy as basic sum assured along with vested simple reversionary bonus and terminal bonus ifDeath Benefit - In case of uncertain demise of the insured person during the tenure of the policy the death benefit is provided to the beneficiary of the policy as basic sum assured along with vested simple reversionary bonus and terminal bonus ifdeath benefit is provided to the beneficiary of the policy as basic sum assured along with vested simple reversionary bonus and terminal bonus if any.

It's perfectly legal that your uncle received a death benefit upon the deaths of his nephew and brother if he had policies insuring them.

Living Needs Benefit (Accelerated Death Benefit) Rider: at no additional cost, this living benefit pays out a portion of the death benefit if the insured is diagnosed as terminally ill with a life expectancy of 12 months or Death Benefit) Rider: at no additional cost, this living benefit pays out a portion of the death benefit if the insured is diagnosed as terminally ill with a life expectancy of 12 months or death benefit if the insured is diagnosed as terminally ill with a life expectancy of 12 months or less.

Life insurance classified as return of premium (ROP) features a return of premiums paid to purchase coverage if the insured outlives the term of the policy, or payment of some portion of premiums paid to the beneficiary upon the insured's death.

For instance, if a husband is the owner of a policy and his wife is the insured, with their son the beneficiary, the IRS may consider this an attempt to circumvent the gift tax and declare that the insurance death benefit proceeds are subject to taxes, with those taxes charged to the husband as the owner of the policy.

Allows the insured to access the death benefit payout while still living if he / she is diagnosed with terminal illness and needs to use the cash to cover the costs of care.

The Legalese «The Acceleration of Death Benefit Rider provides payment of all, or a portion of the death benefit, of the amount that would normally be paid to the beneficiaries upon the death of the insured, while the insured is alive if they are determined to be terminally ill with 12 months (24 months in some states) or less to live.&rDeath Benefit Rider provides payment of all, or a portion of the death benefit, of the amount that would normally be paid to the beneficiaries upon the death of the insured, while the insured is alive if they are determined to be terminally ill with 12 months (24 months in some states) or less to live.&rdeath benefit, of the amount that would normally be paid to the beneficiaries upon the death of the insured, while the insured is alive if they are determined to be terminally ill with 12 months (24 months in some states) or less to live.&rdeath of the insured, while the insured is alive if they are determined to be terminally ill with 12 months (24 months in some states) or less to live.»

Yet, if the insured does not ever need this benefit, they will still maintain the protection of the death benefit on the policy, along with the cash growth.

If you are both the owner and insured of a life insurance policy, the death benefit will be included in your gross taxable estate.

The accelerated death benefit rider pays a portion of the death benefit to you (the insured) if you become terminally ill with a short life expectancy.

The ADB rider allows the owner to access a portion of the death benefit if the insured is diagnosed terminally ill.

War Clause: A provision in a life insurance policy excluding the liability of an insurance company if the insured's death is the direct result of a war.

If the proposed insured or family can make / afford a single premium payment (single lifetime payment for the policy) they can have an immediate death benefit payable in month 7 of the policy!

If the insured can not perform two of those six, they will receive a monthly payout based on the death benefit.

An accelerated death benefit (ADB) payout allows the insured to access a portion of the death benefit in advanced if he or she is diagnosed withe a qualifying terminal illness or chronic illness.

Definition of a suicide clause: if the insured person commits suicide, while sane or insane, within a specified period — usually two years — the insurance company would not be obligated to pay the death benefit and instead would just return the premiums paid.

A Term Life policy offers coverage only if death occurs during a specific period of time, which coincides with the terms in which the insured member is required to make a monthly premium.

2 Accelerated Death Benefit for Chronic Illness Rider pays 92 % of death benefit (less a $ 150 administration fee, $ 100 in Florida) if an insured becomes permanently chronically ill, meaning the insured is severely cognitively impaired, such as Alzheimer's, or is unable to perform two of six Activities of Daily Living, such as bathing, continence, or dresDeath Benefit for Chronic Illness Rider pays 92 % of death benefit (less a $ 150 administration fee, $ 100 in Florida) if an insured becomes permanently chronically ill, meaning the insured is severely cognitively impaired, such as Alzheimer's, or is unable to perform two of six Activities of Daily Living, such as bathing, continence, or dresdeath benefit (less a $ 150 administration fee, $ 100 in Florida) if an insured becomes permanently chronically ill, meaning the insured is severely cognitively impaired, such as Alzheimer's, or is unable to perform two of six Activities of Daily Living, such as bathing, continence, or dressing.

We'll pay a survivor benefit for three months beyond the date of the insured's death, if the insured dies while disability or recovery benefits are payable.

Other benefits include accidental death, which provides benefits when death occurs as a result of an accident, family plan for insured spouse and children, disability waiver of premium, which waives the premium payments if the insured becomes disabled for more than 6 months and mortgage payment disability benefit which offers money to continue making payments if the insured individuals becomes disabled for 60 days or longer.

The policy can also include a terminal illness rider, which allows the insured to receive a portion of the policy's death benefits if he or she becomes terminally ill.

Most life insurance policies have provisions that allow a portion of the death benefit to be used if the insured can not perform 2 of 6 activities of daily living.

If one of the children has predeceased the insured, it pays that beneficiary's children equal shares of the entire death proceeds.

If the insured individual dies within that specific period of time, the life insurance carrier pays a death benefit to the insured's beneficiaries.

If an estate is larger and therefore vulnerable to federal or state estate tax exposure, an irrevocable trust may be used to provide liquidity for the estate without being subject to estate taxes by owning the policy and being designated as the beneficiary upon the death of the insured.

The reduced sum assured along with the accrued bonuses (if any for 5 years) will be paid on maturity or on death of the insured.

If there are any loans against the life policy, then these amounts will reduce the face value of the death benefit when the insured passes away.

The insurance policy will provide a return of capital at the death of the insured (you), with the lifetime income stream continuing for the surviving spouse or stopping if the annuity was just life - only on you.

But keep in mind that loans from a life insurance policy will reduce the policy's cash value and death benefit, could increase the chance that the policy will lapse, and might result in a tax liability if the policy terminates before the death of the insured.

So if you have a death benefit of $ 1 million, and your cash value is currently at $ 400,000 when the insured dies, the beneficiary will receive the death benefit and the cash value — $ 1,400,000.

The company promises to pay a death benefit to a beneficiary when the insured dies as long if the insured meets the conditions of the contract (for example, dying within the term period).

(b) in the case of the death of the person insured, if a declaration of presumption of death is necessary, the notice or proof is given or furnished no later than one year after the date a court makes the declaration.

(1) The insurer shall pay a death benefit in respect of an insured person if he or she dies as result of an accident,