Sentences with phrase «continued insurability»
"Continued insurability" refers to the ongoing ability to qualify for insurance coverage. It means that an individual can maintain their eligibility for insurance over time, without their health or other factors disqualifying them from getting coverage. Full definition
A written application from the policyholder along with the proof of continued insurability of the life assured as specified by the Company from time to time and
life.futuregenerali.in
Assuming you can prove continued insurability, pay off the overdue premiums plus interest, and cover any outstanding loans against the cash value, some life insurance companies will let you reinstate a policy within a certain time period.
And the face amount of coverage can be changed (down at any time, up with evidence of continued insurability).
Renewable Term Insurance Term life insurance under which the policyowner has the right, at the end of the term, to continue the coverage for another term at the premium for his or her attained age, without the need to submit evidence of continued insurability.
However, proof of continued insurability, such as going through another medical exam, may be required.
Similarly, despite providing a fixed death benefit, policyholders are able to decrease or increase (with proof of continued insurability) the death benefit to fit their financial needs.
He may revive or restore his policy within two years from the date of such termination by submission of proof of continued insurability & payment of all the due premiums along with the late fee.
The policy can be revived by paying all due premium along with interest at such rate as fixed by the Corporation at the time of the payment, subject to submission of satisfactory evidence of continued insurability.
And the face amount of coverage can be changed (down at any time, up with evidence of continued insurability).
The revival shall be made on submission of proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium without interest.
If the Policy has lapsed, it may be revived during the life time of the Life Assured, but before the date of expiry of policy term, on submission of proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium together with interest at such rate as may be prevailing at the time of the payment.
A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium by paying all the arrears of premium together with interest (compounding half - yearly) at such rate as fixed by the Corporation from time to time, subject to submission of satisfactory evidence of continued insurability.