Sentences with phrase «insured under a life insurance policy»

The amount of money paid or due to be paid when a person insured under a life insurance policy dies, after adjustments for any outstanding policy loans, dividends, paid - up additions or late premium payments (if applicable) are made.

Individuals who are insured under a life insurance policy, a pension or other annuity product that carries a death benefit enter into a contract with a life insurance carrier at the time of application.

The amount of money paid or due to be paid when a person insured under a life insurance policy dies.

Jayant was not buying a life insurance policy due to his financial limitations, but a term insurance policy allowed him to get insured under a life insurance policy at an affordable price.

Not exact matches

Proceeds: The amount payable under the terms of a life insurance policy upon the insured's death or upon the maturity of an endowment.

This service is only available while insured under Standard Insurance Company's life insurancInsurance Company's life insuranceinsurance policy.

Car insurance will also not cover damage that occurred when a person who lives with you but is not insured under your policy drives your vehicle.

Most policies have a 2 - year contestability period, which means during the first two years after buying life insurance, if it is found your insurance policy was issued under misrepresentation, withholding of information by the insured or the owner, or similar reasons, the insurance company can declare your insurance policy and any associated riders void.

As an employee, she was a member of the North Bay Police Association and insured under a group policy of insurance issued by the defendant, Sun Life, to the association.

For example, assume a male employee, age 40, entered into a split - dollar agreement with his employer before January 28, 2002, under which the employer pays all of the premiums, and in 2004 the employer paid a premium of $ 10,000 on a $ 1,000,000 life insurance policy insuring the life of the employee.

Pros: The main advantage of this form of life insurance coverage is for those who suffer from a particular medical condition that would make the difficult to insure under normal circumstances will be covered by this policy.

If the group of proposed insureds is acceptable, the insurance company dispenses with individual underwriting (for example, a whole life policy may offer a guaranteed amount of $ 10,000 for eligible applicants under age 35.)

Under the terms of a life insurance policy, the insurer will generally make a payment upon the death of the insured.

He has a group term life insurance policy through work, but met with their financial adviser who told them he was probably is under insured.

Life insurance pays out if the person insured under the policy dies.

If the insured, the person covered under the life insurance contract, is diagnosed with a significant medical condition that is determined to be terminal by a physician, the policy owner can apply for accelerated death benefits up to certain limits established by the insurance company.

For instance, if you are an individual whose life is going to be covered under the insurance policy then you will be called proposed insured.

Whole life premiums are much higher than term insurance premiums, but because term insurance premiums rise with increasing age of the insured, the cumulative value of all premiums paid under whole and term policies are roughly equal if the policy continues to average life expectancy.

-- The term «reportable death benefits» means amounts paid by reason of the death of the insured under a life insurance contract that has been transferred in a reportable policy sale.».

Under child plans, Life Insurance companies offers a premium waiver if the parent (i.e., the insured) passes away during the policy term of a child plan.

The following are not considered a settlement under state insurance regulations: • A loan from an insurer under the terms of the life insurance policy (e.g., a policy loan) • A loan from a third party where the policy's cash value is used as collateral (collateral assignment) • A beneficiary designation without a transfer of value • A beneficiary designation of someone with an insurable interest in the insured

If you live in a household with multiple vehicles, then it's in your best interest to insure your cars under one policy (unless, of course, your spouse has a DUI or some other major incident that would cause insurance rates to rise).

When the insured person dies, the remainder of the death benefit is paid to the Beneficiary, just as under a traditional life insurance policy.

When the insured dies, the remainder of the death benefit is paid to the beneficiary, just as under a traditional life insurance policy.

This means that, if you're insured under a MassMutual whole life insurance policy, for example, you are a member entitled to vote for our Board of Directors.

In the case of a policy insuring the lives of debtors, a provision that the insurer will furnish to the policyholder, for delivery to each debtor insured under the policy, a certificate of insurance specifying that the death benefit will first be applied to reduce or extinguish the indebtedness.

A provision that if the group policy terminates or is amended so as to terminate the insurance of any class of insured persons, every person insured under the policy at the date of the termination whose insurance terminates, including the insured dependent of a covered person, and who has been so insured for at least five (5) years before the termination date, is entitled to have issued by the insurer an individual policy of life insurance.

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

Under the suicide clause, the life insurance company will not pay the death benefit and will return premiums if the insured commits suicide within the first two years of the policy.

Insured who are covered under a term life insurance policy through Farmers may be able to qualify for a premium discount if they have not used tobacco products in the past 12 months before application.

Available on a few life insurance policies, this is one of the disability riders for term insurance that will pay the policy owner a monthly income should whoever is insured under the rider be unable to work due to sickness or injury.

The policy insures two lives, typically a husband and wife, under one life insurance policy and pays a death benefit on the death of the surviving insured.

Also taking traditional Life insurance policies often make you under - insured because of lower insurance coverage for that given premium.

Accidental Death Benefit (Life Insurance): Provision under a life insurance policy for payment of an additional amount — usually equal to the face amount of insurance — if the insured is killed in an accidLife Insurance): Provision under a life insurance policy for payment of an additional amount — usually equal to the face amount of insurance — if the insured is killed in an Insurance): Provision under a life insurance policy for payment of an additional amount — usually equal to the face amount of insurance — if the insured is killed in an accidlife insurance policy for payment of an additional amount — usually equal to the face amount of insurance — if the insured is killed in an insurance policy for payment of an additional amount — usually equal to the face amount of insurance — if the insured is killed in an insurance — if the insured is killed in an accident.

Under current tax codes life insurance cash values grow tax deferred and policy loans are tax free and do not have to be repaid as long as the policy remains in force until the insured's death.

Endowment policy: A life insurance policy in which the cash value and face value are equal to each other at the policy's maturity date; a policy under which the face amount is payable on a specified future date (maturity date) if the insured is then living, or at the insured's death, if that should occur sooner.

Participating policy: A life insurance policy under which the insured receives shares of the divisible surplus of the company.

Joint Term Life Insurance — Protection that allows both spouses to be insured under one policy instead of purchasing each spouse or partner separate coverage.

Non-participating Policy: A life insurance policy which does not pay policy dividends and under which the insured is note entitled to share in any divisible surplus of the coPolicy: A life insurance policy which does not pay policy dividends and under which the insured is note entitled to share in any divisible surplus of the copolicy which does not pay policy dividends and under which the insured is note entitled to share in any divisible surplus of the copolicy dividends and under which the insured is note entitled to share in any divisible surplus of the company.

But survivorship universal life insurance is different in that the death benefit is only paid out when both insureds under the policy die.

Select an Adequate Sum Assured and Avoid Being Under - Insured There are no strict rules but a general assumption of people that sum assured for life insurance policy should be 8 to 12 times your present annual income.

A life insurance policy secures the future of the insured and their loved ones under the security of giant umbrella for a very low amount.

Under individual life insurance policies, the terms and conditions of each policy can be picked depending on the individual needs of the spouse to be insured.

What changes is that when the insured dies, the policy's death benefit is paid out tax - free, under the standard rules for tax - free death benefits of life insurance under IRC Section 101 (a).

Survivorship policies insure two lives, typically a husband and wife, under one life insurance policy and pays a life insurance benefit after the surviving insured

Insures two lives, typically a husband and wife, under one life insurance policy and pays a death benefit on the death of the last surviving insured.

Several plans under the life insurance policy are designed in a way that can provide required financial assistance when the insured needs it most.

Upon death, the remainder of the insured's death benefit is paid to the beneficiary, just as under a traditional life insurance policy.

Moreover, it provides survivorship life insurance, also known as second - to - die insurance, which insures both client and spouse under one policy, with earnings payable after the second death.

A whole life insurance policy offers a death benefit to the insured's family / assigned nominee and thus ensures them the financial protection under the plan benefits.