Sentences with phrase «nonpayment of premium»

There is also no apprehension of the policy lapsing for nonpayment of premium because everything required to be paid by the policyholder was paid at the point of policy initiation.

The resumption of coverage under a policy that has lapsed because of nonpayment of the premium after the grace period has ended.

After 60 days, your insurer may only cancel for certain approved reasons, such as nonpayment of premium or losing your driving privileges.

If the plan's coverage lapses for any reason, like nonpayment of a premium, all of the premium payments are lost and the insured person is left with nothing.

Virtually all states permit an insurer to cancel a policy anytime for nonpayment of premium if the insurer fulfills the notice requirement.

Again, this depends on your specific car insurance company and / or the state you reside in, but some of the most common penalties for nonpayment of premiums include:

The resumption of coverage under a renters insurance policy that has seen a lapse in coverage due to nonpayment of the premium past the end of the grace period.

If a policyholder has selected the automatic premium loan provision, a loan would automatically be taken against the cash value of the policy to pay the premium in the event the policy was about to lapse for nonpayment of premium.

Your term life insurance policy also guarantees that you can reinstate it should it end up in a state of lapse because of nonpayment of premiums.

The process to restore a policy that had previously lapsed due to nonpayment of premiums.

Your policy can't be canceled (except for nonpayment of premiums), and your premium cost can remain level throughout the years.

Lapse in Coverage (Policy Lapse) is a break in insurance coverage when a policy has been canceled or terminated due to nonpayment of premium.

For example, suppose a policy provides 90 days» notice of cancellation for any reason other than nonpayment of premium.

The ISO cancellation clause permits the insurer to cancel your policy for nonpayment of premium or for any other reason.

Because penalties for nonpayment can be steep (see «Penalties for Nonpayment of Premiums» below), take some time to think about the quickest and most convenient method of payment for you.

The Insurance Commissioner indicates that your insurance company may cancel you for nonpayment of a premium, even if the payment is just one day late.

Withdrawals or loans in excess of the cost basis create a taxable event if the policy is later surrendered or lapses for nonpayment of premium (or insufficient cash value due to accrued interest on loans).

If your policy was canceled due to nonpayment of your premium or for traffic offenses, such as excessive tickets, it's unlikely your car insurance company will be willing to reinstate your coverage.

Late Payment or Nonpayment of Premiums.

One reason might be nonpayment of premiums; another could be fraud.

If the policy has lapsed due to nonpayment of premiums, death benefit is not payable.

Term insurance does not accrue cash value, so if it is canceled or lapses for nonpayment of premium it terminates, coverage ends.

If your policy is canceled for nonpayment of premium, the insurance company is only required to give you notice prior to the effective cancellation date.

If a Life Policy was issued in February 2008, lapses 3 years later for nonpayment of premium and is reinstated in June 2011, resulting in new renewal dates and a new two year contestability period, will the policy pay benefits for «suicide» during this period since the original policy is over 2 years old?

When the cash value has been exhausted, the policy is subject to lapse for nonpayment of premium.