Sentences with phrase «contract upon the death of the insured»

In contrast to term insurance, a whole life insurance policy pays the death benefit stipulated in the contract upon the death of the insured, regardless of when it may occur.

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

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

Not exact matches

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.

Life insurance is based in contract law, and the proceeds pass by operation of law upon the insured's death.

Pure Endowment A life insurance contract that provides payment only upon survival of the insured to a certain date and not in the event of that person's prior death.

Life insurance is a contract where, in exchange for premium payments, a lump sum of money is paid upon the death of the insured person.

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.

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 holder).

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.»

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.

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.

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.

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.

Second - to - die life insurance: A life insurance contract which covers two lives and provides for the payment of the proceeds upon the death of the second insured.

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.

A withdrawal will reduce your cash value and surrender value by the amount of gross withdrawal, and will also reduce the face amount of the contract (the amount paid to beneficiaries upon the insureds death) by the amount of the withdrawal as well.

Survivorship life insurance: A life insurance contract which covers two lives and provides for the payment of the proceeds upon the death of the second 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.

For instance if an insured has four children, the contract owner could name each child a 25 % primary beneficiary, meaning each child will receive 25 % of the total death benefit upon payout.

These contracts are designed to provide lump sum maturity benefits at the end of the policy term or upon the death of the life insured.

A life insurance policy which provides an insurance cover upon the death of the life insured within the Policy Term as per the terms and conditions of 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 the insured.

The policy ceases to exist upon the earlier of the insured's death or the contract's maturity.

The amount stated in a policy contract as payable upon the death of the person whose life is being insured.

An agreement that guarantees the payment of a stated amount of monetary benefits upon the death of the insured, or under other circumstances specified in the contract, such as total disability.

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.

Under this contract, the insurer promises to pay a pre-decided sum of money (also known as «Sum Assured» or «Cover Amount») upon the death of the insured person or after a certain period.

To fulfill the IRC definition of life insurance, life insurance contracts must provide for a sufficient «amount at risk» — the pure death benefit protection that a beneficiary would receive upon the death of the insured.

Life insurance refers to a contract between the insured and the insurer, where the latter agrees to pay a beneficiary a specific amount of money upon the death of the insured.