Sentences with phrase «for nonpayment of premium»

When the cash value has been exhausted, the policy is subject to lapse for nonpayment of premium.

If a Life Policy was issued in February 2008, lapses 3 years later for nonpayment of premium and is reinstated in June 2011, resulting in new renewal dates and a new two year contestability period, will the policy pay benefits for «suicide» during this period since the original policy is over 2 years old?

Term insurance does not accrue cash value, so if it is canceled or lapses for nonpayment of premium it terminates, coverage ends.

Withdrawals or loans in excess of the cost basis create a taxable event if the policy is later surrendered or lapses for nonpayment of premium (or insufficient cash value due to accrued interest on loans).

There is also no apprehension of the policy lapsing for nonpayment of premium because everything required to be paid by the policyholder was paid at the point of policy initiation.

The Insurance Commissioner indicates that your insurance company may cancel you for nonpayment of a premium, even if the payment is just one day late.

The ISO cancellation clause permits the insurer to cancel your policy for nonpayment of premium or for any other reason.

If a policyholder has selected the automatic premium loan provision, a loan would automatically be taken against the cash value of the policy to pay the premium in the event the policy was about to lapse for nonpayment of premium.

Your policy can't be canceled (except for nonpayment of premiums), and your premium cost can remain level throughout the years.

Again, this depends on your specific car insurance company and / or the state you reside in, but some of the most common penalties for nonpayment of premiums include:

Not exact matches

To aid in verification of special enrollment period eligibility, one issuer suggested implementing an online directory for issuers of consumers who have been terminated due to nonpayment of premiums.

After 60 days, your insurer may only cancel for certain approved reasons, such as nonpayment of premium or losing your driving privileges.

If the plan's coverage lapses for any reason, like nonpayment of a premium, all of the premium payments are lost and the insured person is left with nothing.

For example, suppose a policy provides 90 days» notice of cancellation for any reason other than nonpayment of premiFor example, suppose a policy provides 90 days» notice of cancellation for any reason other than nonpayment of premifor any reason other than nonpayment of premium.

If your policy was canceled due to nonpayment of your premium or for traffic offenses, such as excessive tickets, it's unlikely your car insurance company will be willing to reinstate your coverage.