Sentences with phrase «upon the death of the insured in»

As a basic premise, the policy's death benefit will pay out upon the death of the insured in return for the payment of a premium.

Upon the death of the insured in life insurance policy, the beneficiaries become entitled to the death benefit.

Not exact matches

The third most common configuration is joint first - to - die, in which the death benefit is paid upon the first death of 2 or more insureds.

In contrast to term insurance, a whole life insurance policy pays the death benefit stipulated in the contract upon the death of the insured, regardless of when it may occuIn contrast to term insurance, a whole life insurance policy pays the death benefit stipulated in the contract upon the death of the insured, regardless of when it may occuin the contract upon the death of the insured, regardless of when it may occur.

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.»

You make payments on the policy and, in return, the insurance company provides a lump - sum payment, also called a death benefit, to the beneficiaries you have chosen upon the death of the insured.

Benefit: For life insurance, it is the amount of money specified in a life insurance contract to be paid to the beneficiary upon the death of the insured.

The death benefit of a life insurance policy is the amount paid out upon the death of the insured, while cash value refers to the amount of funds in a permanent life insurance policy's cash account.

Life insurance protection comes in many different forms, but the primary purpose of any policy is to provide a death benefit upon the death of the insured.

This means that in many cases the full amount of death benefit will be paid upon the death of the insured without a waiting period.

In return for these premiums, the insurance company will provide a death benefit to a named beneficiary upon proof of the insured's death and a policy cash value.

Life insurance is based in contract law, and the proceeds pass by operation of law upon the insured's death.

In many ways, Final expense insurance works like any other type of life insurance policy in that a premium is paid for the coverage, and then upon the insured's death, the proceeds are paid out to a named beneficiarIn many ways, Final expense insurance works like any other type of life insurance policy in that a premium is paid for the coverage, and then upon the insured's death, the proceeds are paid out to a named beneficiarin that a premium is paid for the coverage, and then upon the insured's death, the proceeds are paid out to a named beneficiary.

$ 500,000 Term Life Insurance Term life insurance is a financial security product that pays out funds in a lump sum upon death of the insured.

Pure Endowment A life insurance contract that provides payment only upon survival of the insured to a certain date and not in the event of that person's prior death.

In exchange for paying premiums on a policy, the insurance company provides a lump - sum payment (far in excess of what you paid in), known as a death benefit, to beneficiaries upon the insured's deatIn exchange for paying premiums on a policy, the insurance company provides a lump - sum payment (far in excess of what you paid in), known as a death benefit, to beneficiaries upon the insured's deatin excess of what you paid in), known as a death benefit, to beneficiaries upon the insured's deatin), known as a death benefit, to beneficiaries upon the insured's death.

In theory, the riders can be added at time of application and upon medical approval so that the policy owner can access a portion of the death benefit as long as certain conditions are met by the insured medically.

The insurance company pays a cash amount (called the coverage amount or death benefit) to the beneficiary (s) named in the policy upon the death of the insured person named in the policy.

Insurable Interest When a policy is purchased, the buyer must have an economic interest in the life if the insured, or a demonstrable expectation of loss upon the death of the insured.

Life insurance is a contract where, in exchange for premium payments, a lump sum of money is paid upon the death of the insured person.

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.»

Upon death of the insured the death benefit is payable which can be taken in monthly instalments or in one lump sum

According to Guinness World Records news service, the policy features «a combined death benefit to be paid upon the death of the single insured that more than doubles the previous record, set by Peter Rosengard from the U.K., whose record - breaking insurance sale in 1990 sold at $ 100 million (then # 56 million) on the life of a U.S. entertainment industry figure.»

While mortgage life insurance works in much the same manner as a regular life insurance policy does, with the payout of death benefits upon death of an insured, in many instances, these types of policies will only require a minimal amount of underwriting for approval.

In addition to simply paying out a benefit upon an insured's death, life insurance policies can also be a primary component of one's overall financial, retirement, and estate planning strategies.

Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder).

Life insurance protection comes in many different forms, but the primary purpose of any policy is to provide a death benefit upon the death of the insured.

When a consumer sells a policy in a «life settlement» transaction, the policy owner receives a cash payment and the purchaser of the policy assumes all future premium payments — then receives the death benefit upon the death of the insured.

In addition, loans from insurers secured by policy values are not income and earnings credited to an owner's policy values (known as «inside buildup») by the insurance company are not currently taxed (and may escape taxation altogether if such earnings are not distributed other than as part of the death benefits paid upon the death of the insured).

In exchange for premium payments, the insurance company presents a lump - sum payment, known as a death benefit to beneficiaries upon the event of the insured's death.

Upon the death of an insured or policy owner then those who wish to file beneficiary disputes may do so, nevertheless the decision of the policy owner remains in effect unless declared otherwise by the court.

When a policy is purchased, the buyer must have an economic interest in the life if the insured, or a demonstrable expectation of loss upon the death of the insured.

It can be a very important part of financial planning because it pays monetary benefits upon the death of the insured covered in the policy.

Beneficiary is the person (s) or entity (ies)(for e.g. corporation, trust etc.) who is named in the policy as the recipient of insurance proceeds upon the death of the insured.

Upon the death of the insured / annuitant, the insurance company pays the contract beneficiary (s) the death benefit amount either in a lump sum or over a set number of years.

This means that, upon death of the insured individual, the policy only pays out if payments have been kept current; if payments stop before the individual dies, the policy is no longer in force and will not pay out any money.

In a life settlement, a policy owner receives a cash payment, while the purchaser of the policy assumes all future premium payments and receives the death benefit upon the death of the insured.

The term «face value» in life insurance refers to the death benefit that is paid to beneficiaries upon the death of the insured.

Unlike an owner of a life insurance policy, designated beneficiaries do not have to have an insured interest in an insured when identified in the contract or upon the death of the insured.

The policy pays upon the death of the insured or when the insured person reaches a specific age stated in the policy.

It used to be that most life insurance policies were left in force in order that the intended beneficiaries could receive the face value of the insurance policy upon the death of the insured.

Additionally, if one engages in the transaction, the insured may occasionally (usually about once a year) receive a call from a servicing company to inquire upon the health of the insured (to determine if the insured has died and whether the investor should be making a death benefit claim on the policy).

In other words, regardless of how long the insured has had the policy, upon death, the policy will pay out the full amount of the stated death benefit to the named beneficiary.

In this case, the proceeds are paid out to a named beneficiary, who is generally in charge of overseeing that the wishes of the insured take place upon his or her deatIn this case, the proceeds are paid out to a named beneficiary, who is generally in charge of overseeing that the wishes of the insured take place upon his or her deatin charge of overseeing that the wishes of the insured take place upon his or her death.

This guaranteed period or «term» that a death benefit will be paid (only upon death of the insured) is the reason this kind of insurance policy is called «term life insurance», Other permanent types of insurance contracts also exist such as whole life insurance and universal life insurance, which will never expire as long as all premium payments are made in a timely manner to the insurance company.

The insurance company pays a cash amount or death benefit to the beneficiary (s) named in the policy upon the death of the insured named in the policy.

In exchange for making premium payments over a period of (x) amount of years (x being the length of the term), the life insurance company provides financial protection on the life of an insured person and is legally bound to pay any valid claim upon death of the insured person.

Policy Owner: Premiums paid by the policy owner are normally not deductible for federal and state income tax purposes, and proceeds paid by the insurer upon the death of the insured are not included in gross income for federal and state income tax purposes.

Burial insurance works much like other types of life insurance in that, in return for the payment of a premium, a benefit is paid out upon the death of the insured.

The agreement provides that in return for timely premium payments to the insurance company, the company will provide a specified death benefit upon death of an insured.