Sentences with phrase «of death of the person insured»

(b) in the case of the death of the person insured, if a declaration of presumption of death is necessary, the notice or proof is given or furnished no later than one year after the date a court makes the declaration.

In the event of death of the Person Insured the Sum Assured is payable.

The Base Sum Assured less all Partial Withdrawals, made in accordance with the Partial Withdrawal provisions in the last 24 months preceding the date of death of the Person Insured, or

In case of death of the person insured anytime during the Policy Term, the nominee will receive Death Benefit.

The sum assured is obtainable to the beneficiary solely just in case of death of the person insured.

- The Base Sum Assured less all Partial Withdrawals (excluding any withdrawals made from Top - up Premium Account), made in accordance with the Partial Withdrawal provisions in the last 24 months preceding the date of death of the Person Insured

Helps fulfill the financial obligations of the family / dependant in case of death of the person insured.

Not exact matches

The point of the last piece, the subsidies, is to keep enough people in the pool of insured to avoid triggering a so - called death spiral of declining enrollment, a growing proportion of less healthy people and premium increases by insurers.

The general function of life insurance is to create a sum of money payable at the death of the insured in order to replace the economic loss resulting from the person's death.

Life insurance proceeds, which were paid to you because of the insured person's death, are generally not taxable unless the policy was turned over to you for a price.

Simply put, second to die or survivorship life insurance differs from all the other types of life insurance because it insures the lives of two people AND only pays a death benefit upon the death of the last survivor.

Generally, if you receive the proceeds under a life insurance contract as a beneficiary due to the death of the insured person, the benefits are not includable in gross income and do not have to be reported; any interest you receive is taxable and you should report it just like any other interest received.

Death Benefit - In case of uncertain demise of the insured person during the tenure of the policy the death benefit is provided to the beneficiary of the policy as basic sum assured along with vested simple reversionary bonus and terminal bonus ifDeath Benefit - In case of uncertain demise of the insured person during the tenure of the policy the death benefit is provided to the beneficiary of the policy as basic sum assured along with vested simple reversionary bonus and terminal bonus ifdeath benefit is provided to the beneficiary of the policy as basic sum assured along with vested simple reversionary bonus and terminal bonus if any.

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

The inner - workings of cash value life insurance consists of a life insurance policy, which is a contract between the policy owner, the insured (often the same person), and the insurer, where the insurer agrees to pay a death benefit to the policy's beneficiary, based on the owner continuing to make the policy's premium payments.

The universal life insurance coverage extends to two people and pays the death benefit to the beneficiary upon the death of the second insured.

Beneficiary: A person (s) designated by the policy owner to receive the proceeds of an insurance policy upon the death of the insured.

Paid - Up Insurance: An insurance policy that does not require future premium payments to provide the death benefit of the insured person.

For the purpose of insuring ourselves in the event of death and TPD (total permanent disability), I believe that term insurance meets the above needs for the vast majority of people.

Definition of a suicide clause: if the insured person commits suicide, while sane or insane, within a specified period — usually two years — the insurance company would not be obligated to pay the death benefit and instead would just return the premiums paid.

In other words, what financial loss would you suffer from the death of the insured person.

The person who is nominated to receive the benefits of the policy, in the event of Life Insured's unfortunate death before maturity date is called the Nominee.

This type of coverage insures two people (usually spouses) and pays a benefit only at the second death.

Life insurance benefits are typically paid when the insured person dies and the beneficiary files a claim with the insurance company and provides a certified copy of the death certificate.

This rider lets the policy owner take part of the death benefit to pay for nursing home care and home health care of the insured person, while still leaving at least a partial death benefit to the beneficiaries.

The insurer is of course the company that is providing the life insurance coverage and the insured is the person whose death causes the insurer to pay the death benefit to the designated beneficiaries.

This type of policy insures the lives of two people, typically a married couple, and pays a death benefit after the death of the last - surviving covered person.

Beneficiary A beneficiary is the person (s) selected by the policy owner to receive the life insurance payments upon the death of the insured.

A beneficiary is a person who receives insurance benefits at the time of the insured person's death.

It provides financial benefits to loved ones, businesses or other beneficiaries who might otherwise experience financial hardships from the early or untimely death of the insured person, and it often provides resources that last well beyond the policy holder's lifetime.

The trip cancellation or trip interruption of the insured person must be caused by or result from death, accidental injury, disease or physical illness of the insured person or an immediate family member of the insured person, or default of the common carrier resulting from financial insolvency.

[42] In other words, Part 7 (at least so far as it is concerned with benefits following injury, rather than death benefits) has two related objects: to compensate an insured person for a portion of the financial loss accrued from temporary total disability caused by a motor vehicle accident; and, where possible, to do so in a manner that brings about the end of the total disability by returning the injured person to employment or self - sufficiency.

(1) The insurer shall pay a death benefit in respect of an insured person who dies as result of an accident,

(1) The insurer shall pay a death benefit in respect of an insured person if he or she dies as result of an accident,

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.

If the Insured Person's Injury results in death or dismemberment, this Plan provides the following benefits for loss of:

Whole life insurance is a type of permanent life insurance intended to provide a death benefit at the end of the insured's life, no matter how long the person lives.

Beneficiary: A person (s) designated by the policy owner to receive the proceeds of an insurance policy upon the death of the insured.

All policy types have a stated death benefit that is paid upon the death of the insured person and permanent life insurance also has a cash value which can be used during the person's lifetime.

«Whole life,» as the name implies, lasts for the entire lifetime of the insured person instead of a set term, and grows in value over time to a final death benefit.

Common Exclusions: No coverage for (1) bodily injury / death when you are using your vehicle to carry persons or property (including magazines, newspapers, food) for compensation or a fee; (2) liability assumed under a contract; (3) bodily injury / death to an employee; (4) bodily injury / death caused by an intentional act; (5) property owned by, rented to, or in the charge of an insured person; (6) bodily injury / death to you or relative; (7) bodily injury / death or property damage resulting from a relative's use of a vehicle, other than a covered vehicle, owned by a person who resides with you; or (8) bodily injury or property damage resulting from your operation or use of a vehicle owned by you, other than a covered vehicle.

Back to Top Bodily Injury Liability Coverage Pays when an insured person is legally liable for bodily injury or death caused by your vehicle or your operation of most non-owned vehicles.

Pure Endowment A life insurance contract that provides payment only upon survival of the insured to a certain date and not in the event of that person's prior death.

This type of life insurance allows the insured person to tailor the life insurance to suit their needs and lifestyle, it is a permanent type of insurance and death benefits are paid out if the insured person dies.

Most people are aware that life insurance companies usually pay out a lump sum death benefit upon the death of the insured.

In its most basic sense, funeral insurance actually works in a similar fashion to most other types of life insurance in that a person pays a premium to an insurance company in exchange for the payment of a death benefit to a named beneficiary in the case of the insured's death while the policy is in force.

If the insured person dies during that period of time the Beneficiary receives the death benefit.

A policy under which the insurance company promises to pay a death benefit upon the death of the person insured.

The contract agrees to pay out, a specified amount of money, in the event of the death of the insured person to a listed «beneficiary.»

Beneficiary: The person named in the policy to receive the death benefits at the death of the insured.