Sentences with phrase «company upon death of the insured»

Death Benefit — The amount paid to the beneficiary by the insurance company upon death of the insured person.

Not exact matches

You make payments on the policy and, in return, the insurance company provides a lump - sum payment, also called a death benefit, to the beneficiaries you have chosen upon the death of the insured.

The insurance company pays out a lump sum death benefit to the beneficiary of the policy upon the death of the insured.

Upon the death of the insured, the insurance company pays a death benefit to the beneficiary.

In return for these premiums, the insurance company will provide a death benefit to a named beneficiary upon proof of the insured's death and a policy cash value.

Upon the death of the insured, the insurance company pays a death benefit that is partly insurance and partly a return of policy's cash value.

Most people are aware that life insurance companies usually pay out a lump sum death benefit upon the death of the insured.

In exchange for paying premiums on a policy, the insurance company provides a lump - sum payment (far in excess of what you paid in), known as a death benefit, to beneficiaries upon the insured's death.

A policy under which the insurance company promises to pay a death benefit upon the death of the person insured.

The insurance company pays a cash amount (called the coverage amount or death benefit) to the beneficiary (s) named in the policy upon the death of the insured person named in the policy.

A type of financial - protection policy that provides cash to a named beneficiary upon the insured's death, which an insurance company will offer to an applicant regardless of health.

All life insurance policies work on the same basic premise; make payments, called premiums, to the insurance company, which guarantees to pay chosen beneficiaries a sum of money upon the death of the insured.

Life insurance is a protection that is offered for the family of the policyholder — upon the death of the insured, the agreement requires that the insurance company stands by the stipulations of the contract and provides the benefits of the plan to the family of the deceased.

The insurance company promises to pay out a death benefit upon the passing of the insured person.

In addition, loans from insurers secured by policy values are not income and earnings credited to an owner's policy values (known as «inside buildup») by the insurance company are not currently taxed (and may escape taxation altogether if such earnings are not distributed other than as part of the death benefits paid upon the death of the insured).

In exchange for premium payments, the insurance company presents a lump - sum payment, known as a death benefit to beneficiaries upon the event of the insured's death.

Upon the death of the insured / annuitant, the insurance company pays the contract beneficiary (s) the death benefit amount either in a lump sum or over a set number of years.

Additionally, if one engages in the transaction, the insured may occasionally (usually about once a year) receive a call from a servicing company to inquire upon the health of the insured (to determine if the insured has died and whether the investor should be making a death benefit claim on the policy).

This guaranteed period or «term» that a death benefit will be paid (only upon death of the insured) is the reason this kind of insurance policy is called «term life insurance», Other permanent types of insurance contracts also exist such as whole life insurance and universal life insurance, which will never expire as long as all premium payments are made in a timely manner to the insurance company.

A life insurance policy is a contract between the owner of the policy and the insurance company which promises to pay a stated death benefit upon the death of the insured person, as long as the death occurs during the period of time covered by the policy.

The insurance company pays a cash amount or death benefit to the beneficiary (s) named in the policy upon the death of the insured named in the policy.

In exchange for making premium payments over a period of (x) amount of years (x being the length of the term), the life insurance company provides financial protection on the life of an insured person and is legally bound to pay any valid claim upon death of the insured person.

The agreement provides that in return for timely premium payments to the insurance company, the company will provide a specified death benefit upon death of an insured.

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 premium paid.

The company pays out a lump sum death benefit to the beneficiary of the policy upon the death of the insured.

In return for these premiums, the insurance company will provide a death benefit to a named beneficiary upon proof of the insured's death and a policy cash value.

This policy guarantees that upon your death regardless of how you die, other than by suicide, the life insurance company will pay the sum insured to your beneficiary.

Upon the death of the life insured the company will to the nominee the Sum Assured on death along with Additional Sum Assured under Life Stage Plus Option, if any less Payout Accelerator Benefit already paid, if any.

The owner agrees to pay a premium to the insurance company, and in return, the insurer agrees to pay a death benefit on the life insurance policy upon the death of the insured person.

Upon maturity or death of the policy holder, insurance company provides a lump sum amount of money to the life insured or his dependents.

In case the Life Insured is found to be suffering from a disease that is likely to lead to the Death of the Life Insured within 6 months of diagnosis in the opinion of a Registered Medical Practitioner and the concurrence of Company's appointed doctor, the Company will advance 50 % of the Guaranteed Maturity Sum Assured (up to maximum of Rs. 10 Lakhs across all policies which provide this benefit) immediately upon Policyholder's request.

The benefit is payable upon the death of the insured beginning the day it goes in force, so literally if your policy went in force today and you died tonight of a heart attack, the full benefit would be payable as soon as the company reviews their underwriting.