Sentences with phrase «beneficiary in a life insurance contract»

Only an owner of a life insurance policy retains the abilities to name and change beneficiaries in a life insurance contract.

In the case of divorce, a judge may elevate the status of an ex-spouse to an irrevocable beneficiary in a life insurance contract to replace alimony he would not receive in the event of his ex-wife's death, for instance.

Not exact matches

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.

In order for the death proceeds to be fully excluded from the beneficiary's gross income, the life insurance contract must meet the provisions of applicable state law and the definition of life insurance found in the Internal Revenue CodIn order for the death proceeds to be fully excluded from the beneficiary's gross income, the life insurance contract must meet the provisions of applicable state law and the definition of life insurance found in the Internal Revenue Codin the Internal Revenue Code.

So, even if in his will, your father stated that he wanted you and your siblings to receive life insurance death benefits, but the actual life insurance contract names your aunt as the sole beneficiary, the life insurance contact supersedes what he says in the will.

Just like we saw with whole life insurance, the death benefit works in exactly the same way in that it will be paid to the beneficiary as long as the insured passes away within the dates of the policy, i.e. the contract.

A Life policy at its most basic level is a contract between you and the insurance company to pay a sum of money to your beneficiaries in the event of your death, to cover expenses and make up for the lack of your income.

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.

This type of contract, usually sold by life insurance companies, pays a regular stream of income to the beneficiary or annuitant at some agreed - upon start date in the future.

A contract usually sold by life insurance companies that guarantees an income to the beneficiary or annuitant at some time in the future.

A life insurance policy is a contract between you and an insurance company that provides your named beneficiaries with a death benefit payout upon your death (if your policy is in good standing).

A Life policy at its most basic level is a contract between you and an insurance company to pay a sum of money to your beneficiaries in the event of your death.

Unlike life insurance contracts that provide a death benefit which is non-taxable to beneficiaries, annuities paid to an estate incur what is called «income in respect to a decedent ``.

Life insurance policy is a contract between the insurers or insurance provider wherein a lump sum amount is promised as a death benefit to the beneficiary in the event of the policyholder

Life insurance policy is a contract between the insurers or insurance provider wherein a lump sum amount is promised as a death benefit to the beneficiary in the event of the policyholder's death, provided the policy was active and the premiums were paid till the insured's death.

Or she could change the beneficiary of the life insurance policy to you some day in the future as that is a right in the contract.

In order for the death proceeds to be fully excluded from the beneficiary's gross income, the life insurance contract must meet the provisions of applicable state law and the definition of life insurance found in the Internal Revenue CodIn order for the death proceeds to be fully excluded from the beneficiary's gross income, the life insurance contract must meet the provisions of applicable state law and the definition of life insurance found in the Internal Revenue Codin the Internal Revenue Code.

In this case, the burial insurance will cover death and funeral expenses that are agreed upon in the contract and the term life insurance policy may be used as a payout to the beneficiaries to help provide financial support for living needs, bills, and children's» education fundIn this case, the burial insurance will cover death and funeral expenses that are agreed upon in the contract and the term life insurance policy may be used as a payout to the beneficiaries to help provide financial support for living needs, bills, and children's» education fundin the contract and the term life insurance policy may be used as a payout to the beneficiaries to help provide financial support for living needs, bills, and children's» education funds.

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 holdLife 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 holdlife 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).

Under the terms of a life insurance contract, the insurance company promises to pay a certain sum to someone (a beneficiary) when you die, in exchange for your premium payments.

A life insurance plan at its most basic level is a contract between you and an insurance company to pay a sum of money to your beneficiaries in the event of your death, to cover expenses and make up for the lack of your income.

«Life and disability insurance analyst» means a person who, for a fee or compensation of any kind, paid by or derived from any person or source other than an insurer, advises, purports to advise, or offers to advise any person insured under, named as beneficiary of, or having any interest in, a life or disability insurance contract, in any manner concerning that contract or his or her rights in respect therLife and disability insurance analyst» means a person who, for a fee or compensation of any kind, paid by or derived from any person or source other than an insurer, advises, purports to advise, or offers to advise any person insured under, named as beneficiary of, or having any interest in, a life or disability insurance contract, in any manner concerning that contract or his or her rights in respect therlife or disability insurance contract, in any manner concerning that contract or his or her rights in respect thereto.

Life insurance policies are designed so that when the insured passes away, the company pays a benefit to the beneficiary named in the contract.

Life insurance is one of the most important risk protection tools, especially during uncertain times and failure to keep this contract in force has an adverse impact on the beneficiaries and dependents of the policyholders.

An important difference between wills and life insurance is that life insurance is a contract between you and the life insurance company and the death benefit will go directly to the beneficiaries named in the policy or designated beneficiaries (with few exceptions) and not through probate.

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.

A Life policy at its most basic level is a contract between you and the insurance company to pay a sum of money to your beneficiaries in the event of your death, to cover expenses and make up for the lack of your income.

A Life policy at its most basic level is a contract between you and an insurance company to pay a sum of money to your beneficiaries in the event of your death.

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.

Life insurance contracts allow for multiple layers of beneficiaries to be named, in the event that a named beneficiary predeceases the insured.

A term insurance contract is also the least expensive type of life insurance coverage and it allows for the insured person to provide for their beneficiaries in an economical way.

Unlike life insurance contracts that provide a death benefit which is non-taxable to beneficiaries, annuities paid to an estate incur what is called «income in respect to a decedent ``.

Life insurance is a contract between a person or policyholder and an insurer or Insurance Company, where the insurer promises to pay a designated beneficiary a specified sum of money, upon the death of the insured, in exchange for a preminsurance is a contract between a person or policyholder and an insurer or Insurance Company, where the insurer promises to pay a designated beneficiary a specified sum of money, upon the death of the insured, in exchange for a premInsurance Company, where the insurer promises to pay a designated beneficiary a specified sum of money, upon the death of the insured, in exchange for a premium paid.

Just like we saw with whole life insurance, the death benefit works in exactly the same way in that it will be paid to the beneficiary as long as the insured passes away within the dates of the policy, i.e. the contract.

As long as you pay your premium as you set out to and as described in the life insurance policy contract, your beneficiaries will receive the death benefit when you pass away.

A life insurance policy in the state of Ohio is a legal contract that states that you (the insured) will pay a life insurance company a premium and the life insurance company will pay a death benefit to a beneficiary of your choice.

All insurance riders offered within variable contracts and policies fall into one of two categories; living benefit riders generally guarantee some sort of defined payout while the insured or annuitant is still alive, while death benefit riders protect against declines in contract values due to market conditions for beneficiaries.

Life insurance is a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries upon the death of the insured.

A life insurance policy is a contract issued by a life insurance company providing protection against the death of an individual in the form of a payment to a beneficiary.

It may or may not but in general does not need to as the life insurance policies are individual contracts and would name a beneficiary who receives the death benefit outside of the will, estate and probate if properly named.

To put it in its most basic explanation, life insurance is a contract where you agree to pay a monthly premium and the insurance company agree's to pay your beneficiary an amount of money agreed upon in the contract when the covered person passes.