Sentences with phrase «insurer upon the death of the insured»

Beneficiary: the beneficiary is the person or entity that receives the life insurance benefit from the insurer upon the death of the insured.

Policy Owner: Premiums paid by the policy owner are normally not deductible for federal and state income tax purposes, and proceeds paid by the insurer upon the death of the insured are not included in gross income for federal and state income tax purposes.

Not exact matches

By definition, the paid up value of a life insurance policy is the value an owner receives from the insurer upon default or surrender or early termination of the policy before its maturity or the insured's death.

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

Upon the insured's death, the insurer requires acceptable proof of death before it pays the claim.

Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder).

It defines life insurance «as a contract between and insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person.»

That is because, upon the death of the insured, the insurer is only obligated to pay the death benefit, not the cash value, which it retains.

Upon the death of the insured, the third party receives the proceeds of the life insurance policy from the insurer.

In addition, loans from insurers secured by policy values are not income and earnings credited to an owner's policy values (known as «inside buildup») by the insurance company are not currently taxed (and may escape taxation altogether if such earnings are not distributed other than as part of the death benefits paid upon the death of the insured).

And the insured amount is payable by the Insurer at the end of a specified number of years or upon the death of the Insured, whichever is einsured amount is payable by the Insurer at the end of a specified number of years or upon the death of the Insured, whichever is eInsured, whichever is earlier.

A policy is a life insurance contract between you, the policy owner and insured, and the insurer, where the insurer agrees to pay a death benefit to your beneficiary upon your payment of premiums.

Life Insurance is an agreement between insurer and insured where insurer will pay a lump sum amount to the beneficiaries upon the death of the insured against the premium paid.

Life insurance is a contract between an insured (insurance policy holder) and an insurer, where the insurer promises to pay a designated beneficiary a sum of money (the «benefits») upon the death of the insured person.

Life insurance is a contract between a person or policyholder and an insurer or Insurance Company, where the insurer promises to pay a designated beneficiary a specified sum of money, upon the death of the insured, in exchange for a premium paid.

DEFINITION of Life Insurance: Life insurance is a contract between the owner and the insurer, where the insurer agrees to pay a death benefit to the beneficiary upon the death of the insured.

The owner agrees to pay a premium to the insurance company, and in return, the insurer agrees to pay a death benefit on the life insurance policy upon the death of the insured person.

Life insurance is a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries upon the death of the insured.

Under this contract, the insurer promises to pay a pre-decided sum of money (also known as «Sum Assured» or «Cover Amount») upon the death of the insured person or after a certain period.

For a general life insurance policy, the maximum amount the insurer will pay is referred to as the face value, which is the amount paid to a beneficiary upon the death of the insured.

In its most basic form, the insurer agreed to pay a stated sum, specified in the policy, upon the death of the person whose life is insured.

Life insurance refers to a contract between the insured and the insurer, where the latter agrees to pay a beneficiary a specific amount of money upon the death of the insured.