Sentences with phrase «insurance after the death of the insured»

Not exact matches

Claims are paid after death: You need to understand that claims from life insurance policy can only be made upon the death of the insured.

As perhaps one of the most popular types of permanent life insurance, whole life, also known as ordinary life insurance, is a policy that provides lifelong coverage and will only come to an end after the death of the insured.

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

The legislatively established bright line rule roughly captured the results of those disputes, with much less litigation cost, while giving insureds more confidence that they would not be cheated of their premiums when they died due to reasons trumped up after the death by the insurance company.

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.

Endowment can also refer to a type of insurance policy that pays a lump sum upon the insured's death or after a specific term.

The death benefit would be paid by the insurance company if the insured died during the one - year term, while no benefit is paid if the insured dies one day after the last day of the one - year term.

The life insurance beneficiary, designated by the insured, gains control of the death benefit after the insured dies.

If you insure your house and car, it only makes sense to invest in life insurance so that your loved ones will be taken care of after your death.

This is a clause that states that should the insured (meaning you) die from NATURAL CAUSES during a certain period of time immediately after purchasing your life insurance policy (typically 2 to 3 years), the life insurance policy will not pay the death benefit (the insurance coverage amount).

For example, in some cases, a guarantee issue life insurance policy may only pay out a portion of the stated death benefit if the insured passes away within just a year or two after obtaining the policy.

This means that even after the insured has passed away, the total amount of premium that he or she paid into the policy over time — combined with such funds» invested return — will be more than what the insurer will pay out in the form of a death benefit on the policy, resulting in a profit to the insurance company.

A graded death benefit life insurance policy will pay out only a certain percentage of the stated policy death benefit amount if the insured dies within the first 1 to 3 years after initially purchasing the policy.

Unlike term life insurance, which expires after a certain number of years, permanent life insurance, such as whole life or universal life, provides lifelong protection and pays a death benefit regardless of when the insured dies.

[x] An insurance where there is an agreement between the insurer and the insured, where the insurer (insurance company) agrees to pay a certain amount of money in the event of death of the policyholder or to the policy holder after a certain period of time.

A graded death benefit is a «clause» that is associated with most (if not all) guaranteed issue life insurance policies, which will state that the insured must not die of natural causes for a certain period of time after the policy is purchased in order for the policy to COVER natural causes of death.

After an insured individual or annuitant dies, the process of receiving a death benefit from a life insurance policy, pension or annuity is relatively straightforward.

[x] The amount received by the beneficiary, from an annuity or insurance policy, after the death of the insured individual.

[x] It is a form of life insurance policy which pays for the final expenses of the insured individual after his or her death.

This receipt does not provide absolute interim insurance (during underwriting) until the company acts on the application, but stipulates that the company will assume the risk of the death of the insured after the date of the application if it later approves the application or, more frequently, if the insured meets with the company's rules of insurability for the plan applied for as of the date of the application.

If a person died after 6 months of buying the term insurance policy, but claim it after completing of 3 yrs of policy starting date, and had paid all the premiums on time for three years.but he has not informed about the death of person insured to the company during the three year period.it is possible to get claim settled??

After a life insurance premium is missed, a policy will move into grace period status, where while technically delinquent, the insurance company is still responsible for paying a death benefit if a valid claim is filed for a death of the insured during this time.

Term plans are set of devised insurance plans which help in providing financial benefits to the family of the insured after his / her death.

Because the life insurance company uses a combination of the policy cash value (while alive) or the policy death benefit (after death of the insured) to provide collateral and «guaranteed» repayment of the loan.

After a policy lapses, the insurance company is not responsible for making a death claim payout if the insured person dies after the point of lAfter a policy lapses, the insurance company is not responsible for making a death claim payout if the insured person dies after the point of lafter the point of lapse.

Funded with after tax dollars, the life insurance contract's value will grow tax deferred until death of the insured, in which case the entire amount can be handed down free of any taxes to the next generation.

This is a dual death benefit plan under which a complete sum assured is paid in the first option and in the second option after death of the insured, the insurance company pays 50 % of the total sum assured immediately to the nominee of the insured and the remaining amount is paid monthly as a regular income at 3 %.

Final expense insurance also referred to as «funeral» or «burial» insurance, is a life insurance policy that is designated for paying the final expenses of the insured that typically accumulate leading up to and immediately after the insured's death.

it is important to know before taking policy becaz now a days after death of person so many life insurance companies rejecting death claim simply showing different logics / tactics which r not informed to life insured before taking policy not even mentioning in sales policy brochure & policy document which ultimately results laments to nominee.

As perhaps one of the most popular types of permanent life insurance, whole life, also known as ordinary life insurance, is a policy that provides lifelong coverage and will only come to an end after the death of the insured.

The death benefit of a whole life insurance policy can be received tax free by the beneficiaries, and for this reason whole life insurance is used for estate planning purposes as well as providing income for beneficiaries after the insured passes away.

Term insurance plans are devised to make sure that the family of the insured has a financial independence even after the death of the insured.

Life insurance is important because it can pay expenses left behind by the insured person after their death such as mortgage and credit card debt and the cost of the funeral and burial.

Risk coverage is for the entire duration of life and the sum assured is paid after the death of the insured Limited Payment Whole Life Insurance: where premiums are paid for a limited and shorter period of time as chosen by the insured or after his death, whichever happens earlier.

In this child insurance plan the sum assured plus bonus is paid straight away to the nominee on death of the life insured after commencement of risk.

Accidental Death & Dismemberment (AD&D): The Company shall pay an indemnity determined from the Table if an Insured Person sustains a Loss stated therein resulting from Injury and subject to the limitations contained in EXCLUSIONS AND LIMITATIONS, provided that: a) such Loss occurs within 365 days after the date of Accident causing such Loss; and b) the indemnity payable for any such Loss shall be the Principal Sum stated on the ID Card, as applicable to such Insured Person and this Insurance; and c) if more than one Loss stated in said Table of Losses is sustained as the result of one Accident, only one of the amounts, the largest, shall be payable.

Nomination is where the life insured proposes the name of the person (s) to whom the sum insured should be paid by the Insurance Company after his / her death.

Survivorship life insurance is a type of permanent life insurance that insures two people, usually a married couple, and pays the death benefit to beneficiaries only after the second person passes.

Insurance money from a single premium policy is paid to the insured right after the maturity of the policy or to the beneficiary as a death benefit without having to make any more payments on the policy prior to these events.

The purpose of life insurance is to provide financial protection to surviving dependents after the death of an insured.

If the insured commits suicide after the two year period, the life insurance policy will cover suicide, along with any other cause of death.

The dependants of the deceased rely to a large extent on the death claim proceeds of the term insurance policy to live a financially peaceful life ahead after the unfortunate demise of the insured.

The beneficiary of a life insurance policy is the person or persons named to receive all or a part of the proceeds (death benefit) from the insurance policy after the insured person has died.

Term insurance gives benefits to family members of an insured person after his death.

Endowment Insurance: A type of life insurance policy wherein the company pays the assured sum to the insured either after a specified term, or after the insuredInsurance: A type of life insurance policy wherein the company pays the assured sum to the insured either after a specified term, or after the insuredinsurance policy wherein the company pays the assured sum to the insured either after a specified term, or after the insured's death.

Some of the policies of term life insurance in Ireland include fixed rates for a certain amount of time and a lump sum provided to the family of the insured after death.

Even after the renewals the insurance amount will be paid to the dependents of the insured after his death.

Although there is a suicide exclusion in life insurance policies if the insured dies from suicide occurring within the first two years of being insured (one year in some states), the insurance company does pay out death benefits if the insured dies from suicide after two years.

When the family of the insured person intimates the insurance company about the loss (death) of the insured, the company start reviewing the details and after verification, the payment is made.

Vikas, Term insurance amount received by nominee after death of insured is tax free as per section 10 (10D) of the income tax act