Sentences with phrase «at death of the insured»

The general function of life insurance is to create a sum of money payable at the death of the insured in order to replace the economic loss resulting from the person's death.

Lump sum, where the life insurance company pays the total amount of the benefit in one single payment at the death of the insured

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.

The most important feature of indexed universal life insurance is to pay a death benefit when needed the most, at the death of the insured.

Beneficiary: The person named in the policy to receive the death benefits at the death of the insured.

The face amount of the policy is the initial amount that the policy will pay at the death of the insured or when the policy matures, although the actual death benefit can provide for greater or lesser than the face amount.

This is because there is something called insurable interest, which is basically any person or entity who would incur a loss or liability at the death of the insured.

Endowment: In life insurance, a contract which provides for the payment of the face amount at the end of a fixed period, or at a specified age of the insured, or at the death of the insured before the end of the stated period.

There are some requirements regarding ownership of the policy before and at death of the insured for the benefit to qualify as tax free in some circumstances.

Individual life insurance policies naturally pay out at the death of the insured.

The death benefit also remains level and is paid out free of income taxes at the death of the insured... unless you make your policy proceeds part of your Estate.

Not exact matches

This made it possible for insured individuals to use a portion of their policy's death benefit when it was needed most without selling it off at a discount.

Privately insured children and those with Medicaid at the time of a cancer diagnosis experience largely similar survival trends, with slight evidence for an increased risk of cancer death in children who were uninsured at diagnosis, finds a new study from the Brown School at Washington University in St. Louis.

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).

At its most basic, life insurance provides a sum of money, called a death benefit, to the beneficiary of a life insurance policy upon the death of the insured.

This means it will pay out the face amount of the policy at the insured's time of death.

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.

An interesting thing of note in regards to insurable interest and life insurance, is that insurable interest only needs to be present at the starting point of the policy but is not required to be present at the insured's death.

This type of coverage insures two people (usually spouses) and pays a benefit only at the second death.

The face amount of coverage can go up to $ 20,000, and the full death benefit will be paid out after the insured has had the policy for a period of at least three years.

Paying back these loans is optional; however, any portion of the loan that is not repaid at the time of the insured's death will decrease the amount of death benefit proceeds that are paid out to the beneficiary.

This rider lets the policy owner take part of the death benefit to pay for nursing home care and home health care of the insured person, while still leaving at least a partial death benefit to the beneficiaries.

Death benefit A death benefit is the amount paid to the beneficiary at the time of the death of the insDeath benefit A death benefit is the amount paid to the beneficiary at the time of the death of the insdeath benefit is the amount paid to the beneficiary at the time of the death of the insdeath of the insured.

Because the risk of insuring these individuals is lower, term life offers a much higher death benefit payment at a much more affordable monthly premium.

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.

A beneficiary is a person who receives insurance benefits at the time of the insured person's death.

The proven Seattle wrongful death lawyers at Johnson, Graffe, Keay, Moniz & Wick, LLP have extensive experience defending the rights of individuals, insurance companies, self - insured corporations and medical professionals against wrongful death claims.

[42] In other words, Part 7 (at least so far as it is concerned with benefits following injury, rather than death benefits) has two related objects: to compensate an insured person for a portion of the financial loss accrued from temporary total disability caused by a motor vehicle accident; and, where possible, to do so in a manner that brings about the end of the total disability by returning the injured person to employment or self - sufficiency.

The proven Phoenix wrongful death lawyers at Burch & Cracchiolo, P.A. have extensive experience defending the rights of individuals, insurance companies, self - insured corporations and medical professionals against wrongful death claims.

Where an ICBC insured at the date of death resulting from a motor vehicle accident comes within an age group set out in column A of the following Table and the insured has the status set out in column B, C or D, the amount of death benefit payable under section 92 is the amount set out below that status and opposite that age group.

However, your loved one may have had outstanding copayments or deductibles, things that were simply not covered by his plan, or he may have not been insured at the time of his death.

Proceeds In life insurance or annuities, the net amount of death benefit payable by the company at the insured's death.

Whole life insurance is a type of permanent life insurance intended to provide a death benefit at the end of the insured's life, no matter how long the person lives.

If no beneficiaries are living at the insured's death, the benefit will be paid to the owner or estate of owner.

In the event that the Insured dies after a written request for an accelerated death benefit is submitted but before payment is made and we receive written notice at our home office of this death, the request for an accelerated death benefit will be considered void and no benefit will be paid under the rider.

It is, however, important to note that if there is an unpaid balance at the time of the insured's death, the unpaid amount will be charged to the death benefit amount that is paid out to the named policy beneficiary.

If the insured dies at any point during the term, the full value of the death benefit will be given to the beneficiaries.

Family income rider income is paid out in addition to the death benefit, which beneficiaries receive at the time of the insured's death.

It is important to note, however, that even though a withdrawal or a loan is not required to be paid back, if there is an unpaid balance in the cash - value component of the policy at the time of the insured's death, then the amount of that balance will be charged against the death benefit that is paid out to the policy's beneficiary.

(If however, the insured remains alive for at least two more years, the beneficiary will receive the full amount of the death benefit after that).

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.

J. RETURN OF MORTAL REMAINS — In the event of the death of the Insured Person during the Period of Coverage as a result of an Illness or Injury covered under this insurance while the Insured Person is outside of his / her Home Country, the Company will reimburse the authorized personal representative or the estate of the Insured Person up to the amount shown in the Schedule of Benefits / Limits for the costs and expenses incurred to return the Insured Person's Mortal Remains to his / her Home Country and thereafter to the place of burial or other final disposition (but not including any costs of burial or other disposition); provided, however, that the Company must coordinate and approve all costs and expenses related to the return of the Insured Person's Mortal Remains in advance as a condition to the availability of this benefit; or up to the amount shown in the Schedule of Benefits / Limits for preparation, local burial or cremation of the Insured Person's mortal remains at the place of death in accordance with the commonly accepted cultural and religious beliefs practiced by the Insured PersoOF MORTAL REMAINS — In the event of the death of the Insured Person during the Period of Coverage as a result of an Illness or Injury covered under this insurance while the Insured Person is outside of his / her Home Country, the Company will reimburse the authorized personal representative or the estate of the Insured Person up to the amount shown in the Schedule of Benefits / Limits for the costs and expenses incurred to return the Insured Person's Mortal Remains to his / her Home Country and thereafter to the place of burial or other final disposition (but not including any costs of burial or other disposition); provided, however, that the Company must coordinate and approve all costs and expenses related to the return of the Insured Person's Mortal Remains in advance as a condition to the availability of this benefit; or up to the amount shown in the Schedule of Benefits / Limits for preparation, local burial or cremation of the Insured Person's mortal remains at the place of death in accordance with the commonly accepted cultural and religious beliefs practiced by the Insured Persoof the death of the Insured Person during the Period of Coverage as a result of an Illness or Injury covered under this insurance while the Insured Person is outside of his / her Home Country, the Company will reimburse the authorized personal representative or the estate of the Insured Person up to the amount shown in the Schedule of Benefits / Limits for the costs and expenses incurred to return the Insured Person's Mortal Remains to his / her Home Country and thereafter to the place of burial or other final disposition (but not including any costs of burial or other disposition); provided, however, that the Company must coordinate and approve all costs and expenses related to the return of the Insured Person's Mortal Remains in advance as a condition to the availability of this benefit; or up to the amount shown in the Schedule of Benefits / Limits for preparation, local burial or cremation of the Insured Person's mortal remains at the place of death in accordance with the commonly accepted cultural and religious beliefs practiced by the Insured Persoof the Insured Person during the Period of Coverage as a result of an Illness or Injury covered under this insurance while the Insured Person is outside of his / her Home Country, the Company will reimburse the authorized personal representative or the estate of the Insured Person up to the amount shown in the Schedule of Benefits / Limits for the costs and expenses incurred to return the Insured Person's Mortal Remains to his / her Home Country and thereafter to the place of burial or other final disposition (but not including any costs of burial or other disposition); provided, however, that the Company must coordinate and approve all costs and expenses related to the return of the Insured Person's Mortal Remains in advance as a condition to the availability of this benefit; or up to the amount shown in the Schedule of Benefits / Limits for preparation, local burial or cremation of the Insured Person's mortal remains at the place of death in accordance with the commonly accepted cultural and religious beliefs practiced by the Insured Persoof Coverage as a result of an Illness or Injury covered under this insurance while the Insured Person is outside of his / her Home Country, the Company will reimburse the authorized personal representative or the estate of the Insured Person up to the amount shown in the Schedule of Benefits / Limits for the costs and expenses incurred to return the Insured Person's Mortal Remains to his / her Home Country and thereafter to the place of burial or other final disposition (but not including any costs of burial or other disposition); provided, however, that the Company must coordinate and approve all costs and expenses related to the return of the Insured Person's Mortal Remains in advance as a condition to the availability of this benefit; or up to the amount shown in the Schedule of Benefits / Limits for preparation, local burial or cremation of the Insured Person's mortal remains at the place of death in accordance with the commonly accepted cultural and religious beliefs practiced by the Insured Persoof an Illness or Injury covered under this insurance while the Insured Person is outside of his / her Home Country, the Company will reimburse the authorized personal representative or the estate of the Insured Person up to the amount shown in the Schedule of Benefits / Limits for the costs and expenses incurred to return the Insured Person's Mortal Remains to his / her Home Country and thereafter to the place of burial or other final disposition (but not including any costs of burial or other disposition); provided, however, that the Company must coordinate and approve all costs and expenses related to the return of the Insured Person's Mortal Remains in advance as a condition to the availability of this benefit; or up to the amount shown in the Schedule of Benefits / Limits for preparation, local burial or cremation of the Insured Person's mortal remains at the place of death in accordance with the commonly accepted cultural and religious beliefs practiced by the Insured Persoof his / her Home Country, the Company will reimburse the authorized personal representative or the estate of the Insured Person up to the amount shown in the Schedule of Benefits / Limits for the costs and expenses incurred to return the Insured Person's Mortal Remains to his / her Home Country and thereafter to the place of burial or other final disposition (but not including any costs of burial or other disposition); provided, however, that the Company must coordinate and approve all costs and expenses related to the return of the Insured Person's Mortal Remains in advance as a condition to the availability of this benefit; or up to the amount shown in the Schedule of Benefits / Limits for preparation, local burial or cremation of the Insured Person's mortal remains at the place of death in accordance with the commonly accepted cultural and religious beliefs practiced by the Insured Persoof the Insured Person up to the amount shown in the Schedule of Benefits / Limits for the costs and expenses incurred to return the Insured Person's Mortal Remains to his / her Home Country and thereafter to the place of burial or other final disposition (but not including any costs of burial or other disposition); provided, however, that the Company must coordinate and approve all costs and expenses related to the return of the Insured Person's Mortal Remains in advance as a condition to the availability of this benefit; or up to the amount shown in the Schedule of Benefits / Limits for preparation, local burial or cremation of the Insured Person's mortal remains at the place of death in accordance with the commonly accepted cultural and religious beliefs practiced by the Insured Persoof Benefits / Limits for the costs and expenses incurred to return the Insured Person's Mortal Remains to his / her Home Country and thereafter to the place of burial or other final disposition (but not including any costs of burial or other disposition); provided, however, that the Company must coordinate and approve all costs and expenses related to the return of the Insured Person's Mortal Remains in advance as a condition to the availability of this benefit; or up to the amount shown in the Schedule of Benefits / Limits for preparation, local burial or cremation of the Insured Person's mortal remains at the place of death in accordance with the commonly accepted cultural and religious beliefs practiced by the Insured Persoof burial or other final disposition (but not including any costs of burial or other disposition); provided, however, that the Company must coordinate and approve all costs and expenses related to the return of the Insured Person's Mortal Remains in advance as a condition to the availability of this benefit; or up to the amount shown in the Schedule of Benefits / Limits for preparation, local burial or cremation of the Insured Person's mortal remains at the place of death in accordance with the commonly accepted cultural and religious beliefs practiced by the Insured Persoof burial or other disposition); provided, however, that the Company must coordinate and approve all costs and expenses related to the return of the Insured Person's Mortal Remains in advance as a condition to the availability of this benefit; or up to the amount shown in the Schedule of Benefits / Limits for preparation, local burial or cremation of the Insured Person's mortal remains at the place of death in accordance with the commonly accepted cultural and religious beliefs practiced by the Insured Persoof the Insured Person's Mortal Remains in advance as a condition to the availability of this benefit; or up to the amount shown in the Schedule of Benefits / Limits for preparation, local burial or cremation of the Insured Person's mortal remains at the place of death in accordance with the commonly accepted cultural and religious beliefs practiced by the Insured Persoof this benefit; or up to the amount shown in the Schedule of Benefits / Limits for preparation, local burial or cremation of the Insured Person's mortal remains at the place of death in accordance with the commonly accepted cultural and religious beliefs practiced by the Insured Persoof Benefits / Limits for preparation, local burial or cremation of the Insured Person's mortal remains at the place of death in accordance with the commonly accepted cultural and religious beliefs practiced by the Insured Persoof the Insured Person's mortal remains at the place of death in accordance with the commonly accepted cultural and religious beliefs practiced by the Insured Persoof death in accordance with the commonly accepted cultural and religious beliefs practiced by the Insured Person.

Any other accrued indemnities unpaid at the Insured Person's death may, at the option of The Company, be paid either to such beneficiary or to such estate.

This convertible term insurance can be made of use when the person insured is still at a young age where the insurance could still cater for small expense and premature death but as time comes everyone gets older, this convertible term insurance might not be enough to cater the long term needs of the insured so it is of best interest that the policy holder should convert their policy to a more permanent type of insurance such as Universal Life.

Accelerated Benefit Rider A life insurance policy benefit that allows the insured or policy owner The right to receive a percentage of the insurance policy death benefit in advance if the insured is diagnosed with a terminal illness and not expected to live for a period of at least 12 months.

At the same time, it gives coverage for the insured party's family, which means that beneficiaries will receive proceeds from the insurance claim upon death of the policy holder.

Contingent Beneficiary An individual or entity that is entitled to receive the proceeds of a life insurance policy if the primary beneficiary is not living at the time of the insured's death.

Since the policies are being purchased as investments and will be kept active until the death of the insured, age requirements are at minimum individuals over 65 with some degree of health history.

(It is important to note, though, that any unpaid loan balance at the time of the insured's death will go against the amount of the death benefit that is paid out to the policy's beneficiary).

In case of death of the insured during the tenure of the plan, the basic Sum Assured chosen at the time of buying the plan is paid subject to a minimum of 105 % of all premiums paid till the date of death.