Sentences with phrase «of the insured party»

The explanation for why the cash value expires upon death of the insured party is due to the fact that only cash value or a death benefit may be claimed.

In case of passing away of the insured party, survival benefits do not accrue and the nominee / beneficiary only receive the sum assured plus any loyalty bonus amount.

However, the funds could also be used for paying a remaining mortgage loan or to replace lost income of the insured party.

Our team can deal with recovery actions on behalf of insurers and at the same time recover uninsured losses on behalf of an insured party.

A comprehensive coverage is a policy type which covers the damages of the insured party's vehicle.

The exclusion is eliminated because most personal policies do not exclude suits by fellow employees of insured parties.

Life insurance premiums depend on the age of the insured party.

Most insurance coverage gives specific provisions in relation to the filing of claims; it also includes the waiting period of the insured party for the claim to be finally settled.

Instead of the insured party being the owner of the policy, it should be the beneficiary.

In case of occurrence of an unfortunate event that results in the demise of the insured party, these survival benefits do not accrue any more.

Homeowners insurance is a multiple - line insurance product which means that it covers the liability and the property of the insured party.

The death benefits are what are given to the nominees of the insured in case of the death of the insured party.

Umbrella insurance is a kind of liability insurance policy that covers both the assets of the insured party and the future income...

If you know how return of premium life insurance works, you know that this type of policy works in the best interest of the insured party while allowing the insurance company to earn dividends on a guaranteed investment.

Personal Accident cover: Covers the hospitalization expenses of the insured party at the time of accident

When you file a personal injury claim with an insurance provider, your lawyer's job is to demonstrate to the insurance provider that you were injured because of the insured party's negligence and that your resulting damages relate to the injury.

Single life means that the term plan will only provide cover for the life of the insured party who is generally the breadwinner of the family.

The information on the SR - 50 affidavit includes the name and driver's license number of the insured party, as well as the policy's effective and expiration dates.

They will then compare this data to data that the insurance company already holds on policies it has previously issued and possibly to actuarial tables of risk that display general trends across a wider group of insured parties in similar circumstances.

In the case of any unfortunate event that leads to the passing away of the insured party whether by accident or otherwise, then the survival benefits do not accrue and the nominees only receive the sum assured plus any bonus amount.

The co-pay clause may indeed hike the medical bills of an insured party, but it also encourages him / her to exercise restraint when availing of healthcare services.

When as a result of the insured party's negligence, a vehicular accident occur causing injury to other people or damages to other peoples» car or other properties, the at - fault driver's liability coverage will pay for the medical bills, funeral costs in case of death, indemnification and other expenses necessary for repair of the damage property.

It covers the payment for the repair of the insured party's vehicle which is damaged due to collision incident or for the cash value of the vehicle if in case it can't be repaired.

A home insurance policy will also often include some form of coverage for a policy holder's liability arising from bodily injury particularly on the premises of the insured party but not in the case of mental injury, though mental injury coverage can be added to these policies typically for an additional premium payment.

The policy does not cover the building or residence of the insured party, although it does offer coverage against the 16 common hazard coverage against loss or destruction to all of the insured's property that is in the actual building.

Survivorship life insurance DEFINITION: also known as a Second to Die policy, it is simply a type of joint permanent life insurance that pays out upon the death of both insured parties.

Umbrella insurance is a kind of liability insurance policy that covers both the assets of the insured party and the future income of parties on the primary policies.

It's an important task for insurers to manage their approach to risk carefully — if they take on too much risk for too little return then they may find themselves unable to pay on claims made under the policies they have issued and this will result in insolvency, that's not in the interest of the insured party or the insurance company.

Vehicle insurance primarily covers the cost of medical expenses of the insured party, of physical damage to the insured car and of the third parties involved in the vehicular accident.

They want their interests and those of the insured party to be closely aligned.

Lump - sum payments do not accrue interest: A $ 200,000 policy will pay out exactly $ 200,000 upon the death of the insured party.

Before the policy gets exempted from estate tax, the transfer of ownership must take place at least three years prior the death of the insured party.

Survivorship life insurance DEFINITION: also known as a Second to Die policy, it is simply a type of joint permanent life insurance that pays out upon the death of both insured parties.

This trigger ensures that the underinsured motorist coverage comes into play when the underinsured driver causes an accident and their liability limit is lower than that of the insured party.

Mortgage credit life insurance is designed to pay off the balance of a home mortgage upon the death of the insured party.

Your house, additional buildings on the property and all of the insured party's property are protected; as long as a precise inventory of the property has been provided for verification purposes.