Sentences with phrase «end of the policy period»

Both of these products literally mean the same thing, all premiums paid are returned to you at the end of the policy period.

All the premiums paid are used to cover the cost of insurance protection, and you don't receive a refund at the end of the policy period.

This term refers to the termination of an insurance policy contract before the end of the policy period, by either the insurance company (the insurer) or the policyholder (the insured).

Term life insurance is usually the best fit for seniors that go into this group, as you'll pay a lower premium which will remain the same through the end of the policy period.

In every other case, when the insurance carrier finds that the insured is breaching the terms of the policy like driving the vehicle for purposes other than for personal use (i.e. delivery, newspaper route, or for business), the insurance company will not renew the policy, but coverage will remain in effect until the end of the policy period.

The reason is because the policy accrues no cash value (except in the case of Return of Premium Term Life Insurance, where you can get a full refund for all the premiums you've paid at the end of the policy period).

The insurance contract should include coverage for an optional reporting period to cover claims reported after the end of the policy period for incidents that occurred before the expiry date.

So to build up this fund over the years, they make you pay a higher premium, a part of which in invested and returned as the maturity benefit at the end of the policy period.

These plans are increasingly becoming popular as the policyholder gets the money they have invested in the term insurance plan at the end of the policy period.

Endowment insurance is the most common type of insurance where you invest in an insurance fund and receive the sum assured at the end of the policy period.

Policy period: Policy is issued for 1 year and this policy requires renewal at the end of policy period for continuous coverage.

Return of premium — You can offer to pay higher premiums and opt for a return of premium plan, where at the end of the policy period, the premium would be returned to you if you survive.

An insurance policy may be canceled before the end of the policy period.

[5](There is usually a grace period for reporting after the end of the policy period to protect insureds who are sued at the very end of the policy period.

Even assuming an average of 1 % simple interest bonus each year, a 20 years policy will provide the insured party a 20 % bonus amount of the sum assured at the end of the policy period.

If you are at the end of your policy period, no problem.

It offers reversionary bonus that is paid at the end of the policy period.

The majority of people who chose this type of life insurance intend to be able to self insure after the end of the policy period.

At the end of the policy period, the company may refuse to renew your policy, but they must give you 20 days advance notice.

A loss must occur between the retroactive date and the end of the policy period for coverage to apply.

Most of monthly investment plans offer a lump sum benefit at the end of the policy period.

Because employment claims often come months or even years after the alleged incident, an employer might be vulnerable if the insurance coverage was dropped or if tail coverage (liability insurance that extends beyond the end of the policy period) wasn't purchased.

Terminal Bonus: This bonus is paid by the insurance company at the end of the policy period.

This is declared on an annual basis depending on the company's yearly performance and adds on to the amount due at the end of the policy period of the monthly income plans.

Termination of an insurance contract before the end of the policy period, by the insured or insurer, usually in accordance with provisions in the contract.

Cancellation refers to the termination of your insurance prior to the end of the policy period.

The termination of an insurance contract before the end of the policy period, either by the insured or insurer.

When your auto insurance company notifies you of a non-renewal, it means that your current coverage will continue until the end of the policy period, and thereafter cease to exist.

At the end of the policy period, an audit is performed to ensure the final premium reflects the actual payroll amount.

A lot of people wait until the end of their policy period to do this comparison, but there's no reason to wait until then — especially if you think you're paying too much.

Both of these products literally mean the same thing, all premiums paid are returned to you at the end of the policy period.

3 convictions of speeding and / or reckless driving within 3 months before the policy period and the end of the policy period.

Don't expect this information to be made explicit in your policy; while insurers are quick to inform you that your coverage will terminate at the end of the policy period if you don't pay your next premium, they don't always inform you of the repercussions you may face for not giving formal notice of your policy termination.

In this case, you have until the end of your policy period to find a new insurance company.

When you decide to switch, you should try to do so at the end of a policy period.

A level term policy may be renewable at the end of the policy period for a highly increased rate, but this is not guaranteed and it doesn't mean that the policy isn't a level term policy because the death claim payout and the premium stayed level for the guaranteed portion of the policy.

In a return of premium insurance policy, you pay a little bit extra each month and then receive the money back at the end of the policy period — normally 20 or 30 years later.

Some carriers will even return a portion of the premium if you elect to collect it near the end of the policy period.

Any such dividend is dependent upon premiums collected in excess of losses and expenses for the particular class of business at the end of the policy period.

But, if you outlive the policy, the insurance company would pay you the premiums paid at the end of the policy period.

Offers convenience by giving options for premium payment — regular pay wherein you can pay the premium till the end of the policy period, limited pay wherein you pay the premiums for a tenure of 5 or 10 years and be covered for a longer duration, single pay wherein you make the premium payment only once for the entire term chosen.

At the end of the policy period, you receive a lump sum amount for your investment.

Cancellation: Termination of an insurance contract before the end of the policy period, by the insured or insurer.

At the end of the policy period (30 years), John is still living, so the insurance company sends him a check in the amount of $ 20,520 which represents the premium he paid during the policy term.

Most money back plans offer a simple reversionary bonus that is declared at the end of a year and gets added to the overall bonus that the insured receives at the end of the policy period.

Reversionary Bonus: Also called a regular bonus, this is an annual bonus which depends on the performance of the insurer and is added to the fund every year, payable at the end of policy period of these best investment options.

It provides a sum assured amount that accrues at the end of the policy period.