Sentences with phrase «if subsequent premiums»

After premiums are paid for a certain defined period or beyond and if subsequent premiums are not paid, the sum assured is reduced to a proportionate sum, which bears the same ratio to the full sum assured as the number of premiums actually paid bears to the total number originally stipulated in the policy.

There is an Automatic Life Cover option under which if the premium for 2 years or 3 years is completely paid, the plan will run for 2 years and 3 years respectively if the subsequent premiums are unpaid.

Avoid Modified Endowment Status: If the subsequent premiums paid into the new policy, other than the exchange proceeds, are within the new 7 - pay limit, then a 1035 Exchange of a life insurance policy allows the policy owner to place the original contract's entire value in the new policy without creating a modified endowment contract, or MEC.

Not exact matches

If the Company delivers 60 shares to the participant and withholds 40 shares to cover tax withholding obligations, 80 shares (the 40 that were withheld multiplied by two to give effect to the 2:1 premium share counting rule) would again be available for subsequent awards under the 2014 Plan.

Effective June 19, 1996, an existing precomputed consumer credit transaction contract and a subsequent precomputed consumer credit transaction document may be consolidated provided that the consumer can not be required to consolidate the contracts as a condition for the extension of credit nor can the creditor be required to extend credit; and provided further, that if such contracts are consolidated, the annual percentage rate resulting from the consolidation can be no greater than the annual percentage rate on the prior existing consumer credit transaction contract nor can the consumer be charged any duplicate fees or expenses that originated in the existing consumer credit transaction contract, provided, however, that finance charges and other charges and fees rebated in accordance with applicable law and those charges as permitted by Section 5 -19-4 (f) and UCC filing fees or nonfiling insurance premiums in lieu thereof are excluded from this provision.

2Death benefit can expire if no premiums are paid following initial premium, subsequent premiums are insufficient or if account value is reduced by withdrawal or loan.

If the subsequent policy year commences outside this 3 - month window, the group policyholder of a non-Federal governmental plan must distribute the subscribers» portion of the rebate within 3 months in the form of a cash refund or by applying a mid-policy year premium credit to the subscriber's portion of premium.

To the extent that the policy cash value continues to grow, but the loan interest is paid annually, the policy is either assured of lasting with ongoing premium payments (if it's a whole life policy), or at least is much more likely to be able to sustain (if it's a universal life policy, depending on subsequent performance).

If premiums for a minimum of three years have been paid and subsequent payments have not been made, then benefits under the policy are reduced proportionately.

If premiums for a minimum of three years have been paid and subsequent payments have not been made, then the policy acquires «Paid — Up» Value and the Sum Assured under the policy is reduced.

If 3 full premiums are paid and subsequent premiums are missed, the policy continues with full insurance cover for 2 years under the Auto Cover Continuation feature

Ans: If you've paid regular premiums for at least three years and have stopped paying subsequent premiums, your policy wouldn't completely lapse; however, your Sum Assured is decreased and your policy will continue as Paid - up plan for a decreased Sum Assured.

There is a feature of profit sharing which reduces subsequent years» premium if the claim experience of the group is favorable in any year from the viewpoint of the insurer

If premiums for a minimum of two years have been paid and subsequent payments have not been made, then benefits under the policy are reduced proportionately.

Non forfeiture provision: States that if a policy has been in force for a minimum of three full years and subsequent due premiums are not paid, then the policy will have proportionately reduced sum assured along with vested bonus.

If you have paid all premiums for a full five years and miss subsequent premium (s), you are auto - covered for a period of two years.

● If the premiums and all other subsequent payments are cleared for three years, then this plan offers Paid - up value.

If 5 policy year premiums have been paid and any subsequent premium is not paid, «Auto Cover period» of 2 years from the due date of the first unpaid premium will be available.

Reduction in premiums for motor vehicle liability, first - party medical, and collision coverages for certain named drivers (a) For each personal or family - type policy of private passenger motor vehicle insurance issued or issued for delivery in this state, there shall be offered by the insurer a reduction of not less than 10 percent in premiums for motor vehicle liability, first - party medical, and collision coverages to the policyholder if all named drivers, as listed or who should be listed on the policy application or provided in information subsequent to such application, of each motor vehicle covered by such policy satisfy the requirements of subsection (b) or subsection (c), as applicable, of this Code section.

If we consider single premium of Rs 66,816 paid for 9 years and consider subsequent payouts of Rs 15,000 every 3 years, the annualized returns would work out to be 5.1 %.

If 3 policy year premiums have been paid (but less than 5 full years premium paid) and any subsequent premium is not paid then «Auto Cover period» of six months from the due date of the first unpaid premium will be available to the policyholder.

If, due to an accident, a permanent and total disability occurs to the life assured, all subsequent premiums are waived and the policy kept in full force.

If at least three full years» premiums have been paid and any subsequent premiums be not duly paid, the policy shall continue as a paid - up policy.