Sentences with phrase «beneficiary named in the policy»

The main purpose of the policy is to pay a death benefit to the beneficiary named in the policy.

The simple answer is «the beneficiary named in the policy» and that's true much of the time — but not always.

If the policyholder dies while the policy is in force, a pre-set cash payment called a «death benefit» will be paid out to the beneficiaries named in the policy.

If you have made a binding nomination in your super or insurance policies, the beneficiaries named in those policies will override anyone mentioned in your will.

If the policyholder dies while the policy is in force, the coverage amount (grimly called a «death benefit») is paid out in one tax - free lump sum to the beneficiaries named in the policy.

Generally, no, one can not challenge those beneficiaries named in a policy.

In case the insured dies during the grace period, the insurer is liable to pay the death benefit (coverage amount) to the beneficiary named in the policy, less any amount outstanding (including the unpaid premium).

If the policyholder dies while the policy is in force, the coverage amount (grimly called a «death benefit») is paid out in one tax - free lump sum to the beneficiaries named in the policy.

Unlike some of the more complicated types of life insurance coverage, term life insurance provides a death benefit — and only a death benefit — to the beneficiary or beneficiaries named in the policy.

If there will be another beneficiary named in the policy, he would also have to fill out the claim form.

Unlike other types of life insurance coverage, term life insurance is designed to provide a death benefit — and only a death benefit — to the beneficiaries named in that policy.

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.

This termination will result in the policy's death benefit being paid out to the beneficiary or beneficiaries named in the policy.

If the policyholder dies while the policy is in force, a pre-set cash payment called a «death benefit» will be paid out to the beneficiaries named in the policy.

The main purpose of the policy is to pay a death benefit to the beneficiary named in the policy.

Stated otherwise, the proceeds are paid to the beneficiary named in the policy.