Sentences with phrase «non-payment of due premiums»

Once the policy has acquired a surrender value, in case of non-payment of due premiums before the expiry of the grace period

The life cover shall cease on the non-payment of the due premiums before the expiry of the grace period, given that the policy has not acquired any paid - up value yet.

In the absence of this rider, if the policyholder is disabled or faces income loss due to which premiums can not be paid, the policy will expire and no death benefit will be paid due to non-payment of due premiums.

Not exact matches

(1) The reason for such a low percentage of term insurance coverage actually paying out is either due to a policy lapse for non-payment of premiums, the policy is cancelled or the term expires.

Lapsed is a policy status under which all benefits of the policy stops due to non-payment of the premium due within the grace period.

Because the plaintiff's policy was in suspension due to non-payment of the premium, the defendant, pursuant to its policy, never notified plaintiff that his policy would be terminated for failure to have the inspection.

But the whole effort gets futile when your policy lapses due to non-payment of premiums on time.

Lapse Generally, the termination of an insurance policy due to non-payment of premium by the end of the grace period.

These commenters opposed allowing more individuals to appear to have effective coverage and then have the coverage not be effectuated due to non-payment of premium by the payment deadline.

Lapsed Policy: If a policyholder fails to pay the premium on or prior to the due date, and doesn't pay the premium after the grace period too, the insurance provider ceases all the benefits provided by the insurance cover and abolishes it for the reason of non-payment.

In the same manner, it is also possible to revive the policy if it has lapsed due to the non-payment of premium amount.

In case this rider is unavailable and you are disabled and are eventually not able to pay the premiums, the policy would expire and you will not get any death benefit at the time of your death as due to non-payment of premium the policy expires and the cover stops.

In this scenario - where your coverage is cancelled due to non-payment of premiums by the end of the three - month grace period - you'd also have to pay back the premium subsidy that was paid on your behalf for June.

The new regulations give insurance companies more leeway to collect past - due premiums if the person chooses to re-enroll in a plan from the same insurer that terminated prior coverage for non-payment of premiums (or insurer that's part of the same controlled group, or parent company).

If your policy was canceled for non-payment of premiums in 2017 and you re-enroll with the same insurer (or another insurer owned by the same parent company) during open enrollment, the insurer will be able to require you to pay your past - due premiums before effectuating your new coverage.

Usually in the absence of this rider, due to loss of income or any disability, your policy lapses due to non-payment of the premiums on time.

Generally your policy expires and you gain no - death benefit due to non-payment of premiums.

Apart from this, you also lose out the death benefit at the time of your death since the policy lapses due to non-payment of the premiums regularly.

It may happen that the premium applicable when the life insured is older may be too high for him to pay and a policy lapse due to non-payment of premium would leave him without insurance cover at an age when he needs it most.

Non-payment & late payment of premium In case the premium is not paid on the due date, the policy is considered as lapsed and the policyholder loses its benefits.

As a rule, the policy claim is admissible only if the policy is in force and not lapsed due to late or non-payment of premium.

The insured does not have to worry about the policy lapsing or them being not eligible for reversionary and terminal bonuses due to non-payment of returns under this LIC single premium policy as they have already paid the same at the start of the plan.

Lapsed policy: Due to non-payment of premium the contract ceases to exist.

Maryland Auto Insurance program does not turn down any Maryland motorists, unless their last policy cancellation was due to non-payment of insurance premiums.

If the policy lapses due to non-payment, the premiums that have been paid into it are not refunded to the insured unless there was a «return of premium» stipulation in the policy itself.

As I understand, the policy would have lapsed due to non-payment of premium.

Since the premium was paid for just one year, the policy would have lapsed due to non-payment of premium.

Lapsed is a policy status under which all benefits of the policy stops due to non-payment of the premium due within the grace period.