Sentences with phrase «death of the insured party»

Lump - sum payments do not accrue interest: A $ 200,000 policy will pay out exactly $ 200,000 upon the death of the insured party.

Survivorship life insurance DEFINITION: also known as a Second to Die policy, it is simply a type of joint permanent life insurance that pays out upon the death of both insured parties.

The death benefits are what are given to the nominees of the insured in case of the death of the insured party.

In case of occurrence of an unfortunate event that results in the death of the insured party, these survival benefits do not accrue any more.

Mortgage credit life insurance is designed to pay off the balance of a home mortgage upon the death of the insured party.

Not exact matches

Keep in mind that after the death of the first insured party, the survivor typically must continue paying the insurance premiums.

At the same time, it gives coverage for the insured party's family, which means that beneficiaries will receive proceeds from the insurance claim upon death of the policy holder.

This HDFC Ergo plan offers insurance to a wide range of commercial vehicles, protecting businesses from financial loss due to accidents or damage to the vehicles, and legal liability towards third parties for personal injury, death and property damage in case of an accident involving the insured vehicle.

The policy bears third - party liabilities arising out of injury, death or damage to a third - party and where the insured vehicle is at fault.

Third Party Insurance: Under this plan, the insured individual is protected against the loss / damage that occur due to bodily injury or death to a third party or any damage to property because of the insured person's vehParty Insurance: Under this plan, the insured individual is protected against the loss / damage that occur due to bodily injury or death to a third party or any damage to property because of the insured person's vehparty or any damage to property because of the insured person's vehicle.

This includes coverage for any legal liabilities following death, injury or property damage of third parties, arising out of the use of insured vehicle.

Typically, these funds are used to cover funeral expenses, debts, mortgage or replace lost income of the insured party; however, the death benefit can be used by beneficiaries in any way they choose.

Insures any financial loss arising due to injury or death of a Third Party caused in the case of accident of the insured vehicle.

Upon the death of the insured, the third party receives the proceeds of the life insurance policy from the insurer.

There have been cases where a beneficiary has been deemed to not have an insurable interest and the life insurance proceeds went to a different party than the beneficiary listed upon the death of the insured.

Return of premium (ROP) is a type of life insurance policy that returns the premiums paid for coverage if the insured party survives the policy's term, or includes a portion of the premiums paid to the beneficiary upon the death of the insured.

[2] The third party becomes the new owner of the policy, pays the premiums, and receives the full death benefit when the insured dies.

The appeal of such transactions is that, where the original policyowner has had an adverse change in health since the policy was originally issued, a third - party buyer may be willing to pay more for the policy — and hold it until the death of the original insured — than the insurance company is willing to offer as a cash surrender value.

First and foremost, and it is probably obvious to all, the major con of survivorship life insurance is that there isn't any death benefit until both insured parties have died.

The survival benefit is paid only if the insured party continues to live, however, in event of any unfortunate event which leads to the death of the insured either in an accident or otherwise, the sum assured is paid immediately to the nominee.

The liability coverage of New India car Insurance Online Plans safeguards the insured from various types of third party liabilities such as death, injury and property damage.

Third - party car insurance is a financial shield that helps car owners to bear the legal liabilities arising out of injury, death or property damage to a third party, inflicted by the insured.

Variety of Death Insurance Choices - The insured parties are given the liberty to choose from a wide range of death insurance beneDeath Insurance Choices - The insured parties are given the liberty to choose from a wide range of death insurance benedeath insurance benefits.

The primary advantage of mortgage protection life insurance is that the insured person does not have to worry about how a spouse or other party will pay for a house in case of an early death.

The third party becomes the new owner of the policy, pays the premiums, and receives the full death benefit when the insured dies.

The third party car insurance is made mandatory under the Motor Vehicles Act and it covers legal and financial liabilities of the insured against damages to the property as well as the death of the third party.