Sentences with phrase «contractual death benefit payment»

The insurance is no longer good, and the insurance company has no obligation to make the contractual death benefit payment.

Not exact matches

However, unlike other contracts wherein fulfilling certain obligations from both sides will generally be simultaneous, in life insurance contracts, the customer fulfils his obligations of payment of premium either immediately (single premium) or periodically (annually) with a hope and belief that the other party (insurer) will be fulfilling his part of the obligation in due course through multiple events like partial withdrawals, loans, survival or maturity benefits, surrenders or any live or death claim as per contractual obligations.