Sentences with phrase «beneficiaries under a life insurance policy»

[3] The early victims of AIDS in the U.S. were largely gay men, typically relatively young and without wives or children (the traditional beneficiaries under a life insurance policy), but often covered by life insurance through employment or as a result of investments.

Not exact matches

This means that if you die due to an accident while covered under a life insurance policy with an AD&D rider, your beneficiaries could receive up to twice your face amount — one payout equal to your face amount from the life insurance half of the policy, and another payout from the AD&D rider.

This means that if you die due to an accident while covered under a life insurance policy with an AD&D rider, your beneficiaries could receive up to twice your face amount — one payout equal to your face amount from the life insurance half of the policy, and another payout from the AD&D rider.

Life Insurance Trust: A type of life insurance policy where a trust company is named as the beneficiary and distributes the proceeds of the policy under the terms of the trust agreemLife Insurance Trust: A type of life insurance policy where a trust company is named as the beneficiary and distributes the proceeds of the policy under the terms of the trust aInsurance Trust: A type of life insurance policy where a trust company is named as the beneficiary and distributes the proceeds of the policy under the terms of the trust agreemlife insurance policy where a trust company is named as the beneficiary and distributes the proceeds of the policy under the terms of the trust ainsurance policy where a trust company is named as the beneficiary and distributes the proceeds of the policy under the terms of the trust agreement.

Commutation Right: The right of a beneficiary to receive in a single lump - sum the remaining payments under an installment option which was selected for the settlement of the proceeds of life insurance policy.

Learn more about how life insurance benefits are paid out to beneficiaries and under what circumstances you may have to pay taxes on a policy's proceeds.

Beneficiary — A person or entity that will receive the death proceeds paid under a term life insurance policy.

Under the Family Law Act or the Divorce Act, a court can order a support payor to designate the support recipient as the irrevocable beneficiary of a life insurance policy to ensure funds exist at the time of the payor's death to satisfy his (or her) support obligations specified in the support order.

In particular, the question was where a support payor owns a life insurance policy and is required to name the support recipient as irrevocable beneficiary of the policy, what rights does the support recipient have to the policy proceeds in the face of a competing claim of another dependant of the deceased payor brought under the Succession Law Reform Act («SLRA»).

The Beneficiary of the term life insurance policy is currently listed under Sally's name.

Commutation Right: The right of a beneficiary to receive in a single lump - sum the remaining payments under an installment option which was selected for the settlement of the proceeds of life insurance policy.

Instead, you should set up a trust to benefit the child and name the trust as the beneficiary of the policy, or name an adult custodian for the life insurance proceeds under the Uniform Transfers to Minor Act (UTMA).

All employer - owned or corporate - owned life insurance is specifically covered under IRS Code Section 1.264 - 1 (a) and states the premiums paid on the life of any officer, employee, or person financially interested in a business carried on by the taxpayer are not deductible where the taxpayer is directly or indirectly a beneficiary of the policy.

Life Insurance is an agreement between an insurance company and a policyholder, under which the insurer guarantees to pay an assured some of the money to the nominated beneficiary in the unfortunate event of the policyholder's demise during the term of thInsurance is an agreement between an insurance company and a policyholder, under which the insurer guarantees to pay an assured some of the money to the nominated beneficiary in the unfortunate event of the policyholder's demise during the term of thinsurance company and a policyholder, under which the insurer guarantees to pay an assured some of the money to the nominated beneficiary in the unfortunate event of the policyholder's demise during the term of the policy.

Instead, it's best to set - up a trust to benefit the child and name the trust as the beneficiary of the policy, or name an adult custodian for the life insurance proceeds under the Uniform Transfers to Minor Act.

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Beneficiary — A person or entity that will receive the death proceeds paid under a life insurance policy.

Death Claims: In case of a claim under your life insurance policy, your beneficiary needs to submit following documents:

Learn more about how life insurance benefits are paid out to beneficiaries and under what circumstances you may have to pay taxes on a policy's proceeds.

The following are not considered a settlement under state insurance regulations: • A loan from an insurer under the terms of the life insurance policy (e.g., a policy loan) • A loan from a third party where the policy's cash value is used as collateral (collateral assignment) • A beneficiary designation without a transfer of value • A beneficiary designation of someone with an insurable interest in the insured

When the insured person dies, the remainder of the death benefit is paid to the Beneficiary, just as under a traditional life insurance policy.

A contingent beneficiary is defined as the person or organization who would receive under the terms of the life insurance policy if the primary beneficiary can not or chooses not to receive the death benefit proceeds.

When the insured dies, the remainder of the death benefit is paid to the beneficiary, just as under a traditional life insurance policy.

Furthermore, key man insurance and other employer - owned life insurance is specifically covered under Section 1.264 - 1 (a) and states the premiums paid for life insurance on the life of any officer, employee, or person financially interested in a business carried on by the taxpayer are not deductible where the taxpayer is directly or indirectly a beneficiary of the policy.

The IRS covers this in Section 264 (a)(1) and provides that there is no deduction allowed for premiums paid on any life insurance policy, or endowment or annuity contract, if the taxpayer is directly or indirectly a beneficiary under the policy or contract.

In most cases, life insurance proceeds are not taxable, so your beneficiaries should get the full amount available under your policy.

Upon death, the remainder of the insured's death benefit is paid to the beneficiary, just as under a traditional life insurance policy.

An agreement between a life insurance company and a policy owner / beneficiary in which the insurer retains part of the cash sum payable under a policy and makes payments in accordance to the chosen settlement option.

Death benefit, also known as «survivor benefit», is the money your beneficiary or survivor collects from your life insurance policy if at the event of your death the policy you are still under the insurance policy.

If the beneficiary was the estate of the insured and the estate is large enough there could be estate tax consequences but under most normal circumstances there is not income tax on death benefits from a life insurance policy.

Also, the division of other assets may involve your attorney preparing deeds or being involved to some degree in division of investment accounts or confirmation that proper death beneficiary designations on retirement plans and under life insurance policies is in place as required by the parties» settlement.

The cash proceeds from an insurance policy on your life are paid to whomever you have designated as beneficiary of the policy in a form filed with the insurance company — no matter who the beneficiaries under your will may be.