Sentences with phrase «beneficiary of a life insurance contract»

The proceeds or benefit that is payable to the beneficiary of a life insurance contract upon the death of the insured.

Life insurance riders are features not found on a basic life insurance policy, and may provide benefits to the owner or beneficiaries of the life insurance contract.

Normally the death benefit is only paid upon receiving a valid death claim from the beneficiaries of a life insurance contract.

Not exact matches

Assets owned individually by a decedent at death that don't pass to another person by trust (i.e. revocable living trust), contract / beneficiary designation (i.e. life insurance, annuity or 401 (k)-RRB-, or operation of law (i.e. joint tenancy with right of survivorship) may be subject to probate if the applicable threshold is exceeded.

Limited pay life insurance is a life insurance contract between you (the owner / insured) and the carrier (the insurer), for the benefit of the beneficiary, that requires you to pay into the policy for a set period of time.

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 Code.

So, if your company is the beneficiary, which is kind of the point of key person insurance, then the premiums are not deductible (similar to a personal life insurance contract) because the death benefit is not subject to taxation.

Term life insurance is defined as a contract between the owner of the policy and the insurer, for a policy on the life of the insured, whereupon the insured's death, the insurer pays a lump sum death benefit to the beneficiary.

The inner - workings of cash value life insurance consists of a life insurance policy, which is a contract between the policy owner, the insured (often the same person), and the insurer, where the insurer agrees to pay a death benefit to the policy's beneficiary, based on the owner continuing to make the policy's premium payments.

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 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.

Whole life insurance defined: A whole life policy is a type of permanent life insurance where a contract is entered into between the policy owner and insurer, for a policy, which covers the life of the insured, for a specified insurance coverage amount, for the benefit of a beneficiary.

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 Code.

If this person dies during the contract, the life insurance company would pay a benefit to the beneficiaries of the policy.

Life insurance is a contract between the policy holder and the insurance company where the insurer agrees to pay a sum of money to the beneficiary of the policy when the person who is insured dies.

If that option isn't feasible, your partner could buy a life insurance policy on him / herself and then make you the beneficiary of the contract.

The death benefit of a life insurance policy is the amount of money that is paid out to your beneficiaries upon your death and is determined by the life insurance contract.

One of the important parts of the contract is determining who is the beneficiary of the life insurance plan.

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.

It defines life insurance «as a contract between and insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person.»

A traditional whole life insurance policy provides the policyholder with a guaranteed amount to pass on to his / her beneficiaries, regardless of how long he / she lives, provided the contract is maintained.

So, life insurance is a legal document, whereby the owner contracts with the insurer to place insurance on the life of the insured for the benefit of the beneficiary.

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 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.

Without a validly named beneficiary, the life insurance proceeds will be distributed according to the terms of the insurance 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.

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

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.

A policy is a life insurance contract between you, the policy owner and insured, and the insurer, where the insurer agrees to pay a death benefit to your beneficiary upon your payment of premiums.

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.

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.

Life insurance is a contract between an insured (insurance policy holder) and an insurer, where the insurer promises to pay a designated beneficiary a sum of money (the «benefits») upon the death of the insured person.

Beneficiary — The beneficiary is the person (s) or entity (s) who receive the death benefit of a life insurance contract upon death of tBeneficiary — The beneficiary is the person (s) or entity (s) who receive the death benefit of a life insurance contract upon death of tbeneficiary is the person (s) or entity (s) who receive the death benefit of a life insurance contract upon death of the insured.

Common beneficiaries to life insurance contracts are spouses and children of the insured.

Whole life insurance defined: A whole life policy is a type of permanent life insurance where a contract is entered into between the policy owner and insurer, for a policy, which covers the life of the insured, for a specified insurance coverage amount, for the benefit of a beneficiary.

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.

DEFINITION of Life Insurance: Life insurance is a contract between the owner and the insurer, where the insurer agrees to pay a death benefit to the beneficiary upon the death of theInsurance: Life insurance is a contract between the owner and the insurer, where the insurer agrees to pay a death benefit to the beneficiary upon the death of theinsurance is a contract between the owner and the insurer, where the insurer agrees to pay a death benefit to the beneficiary upon the death of the insured.

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.