Sentences with phrase «death of the insured person»

Generally, if you receive the proceeds under a life insurance contract as a beneficiary due to the death of the insured person, the benefits are not includable in gross income and do not have to be reported; any interest you receive is taxable and you should report it just like any other interest received.

In other words, what financial loss would you suffer from the death of the insured person.

It provides financial benefits to loved ones, businesses or other beneficiaries who might otherwise experience financial hardships from the early or untimely death of the insured person, and it often provides resources that last well beyond the policy holder's lifetime.

Whole - Life Plan — insurance company collects premium from the insured till the retirement or the term of the policy and pays the claims to the nominees only after the death of the insured person.

All policy types have a stated death benefit that is paid upon the death of the insured person and permanent life insurance also has a cash value which can be used during the person's lifetime.

The contract agrees to pay out, a specified amount of money, in the event of the death of the insured person to a listed «beneficiary.»

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.

J. RETURN OF MORTAL REMAINS — In the event of the death of the Insured Person during the Period of Coverage as a result of an Illness or Injury covered under this insurance while the Insured Person is outside of his / her Home Country, the Company will reimburse the authorized personal representative or the estate of the Insured Person up to the amount shown in the Schedule of Benefits / Limits for the costs and expenses incurred to return the Insured Person's Mortal Remains to his / her Home Country and thereafter to the place of burial or other final disposition (but not including any costs of burial or other disposition); provided, however, that the Company must coordinate and approve all costs and expenses related to the return of the Insured Person's Mortal Remains in advance as a condition to the availability of this benefit; or up to the amount shown in the Schedule of Benefits / Limits for preparation, local burial or cremation of the Insured Person's mortal remains at the place of death in accordance with the commonly accepted cultural and religious beliefs practiced by the Insured Person.

Life insurance guarantees payment of a specified sum of money on the death of the insured person.

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.

Upon the death of the insured person the Life Insurance beneficiary gets the death benefit equal to the face value of the policy, which is free of income tax.

Travel expenses of one relative: Under this plan, if the death of the Insured Person occurs outside the place of his / her residence, the company will pay for the transport expense upto a maximum of Rs 1000 / - to the place of accident.

It does not provide any claim amount in case of the death of insured person due to taking intoxicated liquor or drugs.

Death of the Insured person: If death occurs within 12 months from the date of the accident, then the company will pay the maximum Sum Insured.

It does not provide any claim amount in case of the death of insured person due to self injury, or suicide or attempt to suicide.

The death benefit is the amount paid to the beneficiary of the insurance policy upon the death of the insured person.

In the event of Death of the insured person due to accident outside her / his residence the expenses incurred for transportation of insured's dead body to the place of residence subject to a maximum of 2 % of capital sum insured or Rs. 2,500 / - whichever is less.

Life Annuity with Return of Purchase Price - Retirement fund is paid till the death of the insured person.

Life Annuity - Retirement income is paid till the death of the insured person and further that nothing more is payable.

In case of death of the insured person due to bodily injury resulting solely and directly from due to accident caused by external, violent and visible means, the company will pay a lump sum allowance of 1 % of the capital sum insured for transferring the insured person's dead body to the residence.

A death benefit, also known as the coverage amount, is how much will payout upon the death of the insured person.

In the event of the death of the insured person 100 % of the Sum Assured will be provided to the legal representative or assignee or nominee of the insured person.

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.»

The policies offer life insurance coverage that pays money to a designated survivor upon the death of the insured person.

It is insurance that provides a cash benefit to survivors upon the death of the insured person.

Life insurance can be defined as a contract between LIC and a policyholder, whereby you agree to pay certain premium for a specific term and LIC promises to pay a sum of money on a specific term, it can be either on death of the insured person or maturity date, whichever is earlier.

Policyholders will be paid a certain percentage of the full death benefit if death of the insured person should occur in year one, a larger percentage if death occurs in year two, and so on.

The policy is valid till a term of a number of years (term life) or the death of the insured person (whole life).

Benefit for the death of an insured person; such coverage generally provided under a life insurance policy

This is the same amount as the policy's lost income benefit limits (up to $ 900 per month) for one year following the death of the insured person.

In such event, the maximum benefit amount will be up to US$ 5,000 towards the actual cost incurred for preparation of remains; homeward transportation of the deceased insured person to his country of residence; or cremation and / or burial at the place of death of the insured person.

Life insurance is insurance that pays out a sum of money upon the death of the insured person.

K. RETURN OF MORTAL REMAINS — In the event of the death of the Insured Person during the Period of Coverage as a result of an Illness or Injury covered under this insurance while the Insured Person is outside of his / her Home Country, the Company will reimburse the authorized personal representative or the estate of the Insured Person up to the amount shown in the Schedule of Benefits / Limits for the costs and expenses incurred to return the Insured Person's Mortal Remains to his / her Home Country and thereafter to the place of burial or other final disposition (but not including any costs of burial or other disposition); provided, however, that the Company must coordinate and approve all costs and expenses related to the return of the Insured Person's Mortal Remains in advance as a condition to the availability of this benefit; or up to the amount shown in the Schedule of Benefits / Limits for preparation, local burial or cremation of the Insured Person's mortal remains at the place of death in accordance with the commonly accepted cultural and religious beliefs practiced by the Insured Person.

J. RETURN OF MORTAL REMAINS — In the event of the death of the Insured Person during the Period of Coverage as a result of an Illness or Injury covered under this insurance while the Insured Person is outside of his / her Home Country, the Company will reimburse the estate of the Insured Person up to US $ 50,000 for the costs and expenses incurred to return the Insured Person's Mortal Remains to his / her Home Country and thereafter to the place of burial or other final disposition (but not including any costs of burial or other disposition); provided, however, that the Company must coordinate and approve all costs and expenses related to the return of the Insured Person's Mortal Remains in advance as a condition to the availability of this benefit.

Whole life insurance also pays out a death benefit upon the death of the insured person.

In the case of death of the insured person the family will be able to deal with the financial crisis easily just because of a life insurance plan.

The policy can not be cancelled by the insurance company as long as your premiums are paid and remains in effect until the death of the insured person.

Death benefit is paid to the beneficiary in the event of death of the insured person.

1) Accidental Death Rider — In case of death of an insured person due to accident, the rider will provide additional sum assured.

Terminal Illness involving conclusive diagnosis of an illness that is expected to result in the death of the insured person within 12 months.

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.

Terminal Bonuses: A discretional additional amount of money added to payments made at the due date of an insurance policy or on the death of an insured person.

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.

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.

Under this plan, the beneficiaries of the insured person are paid a fixed sum on the death of the insured person.

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

A term life policy has only one function: to pay a specific lump sum to the beneficiary that has been designated, upon a specific event: the death of the insured person.

The beneficiary, in the event of the death of the insured person, will get death benefit, which is the higher of the sum assured or fund value in the investment account or 105 % of the total premiums paid till date.

Life insurance only pays benefits on the death of the insured person, but disability of a key player can be equally devastating to a business.