Sentences with phrase «other beneficiaries upon»

Not exact matches

Put another way, probate assets are generally those you own alone in your name, while nonprobate assets generally consist of assets you no longer have legal title to (i.e. trust assets), assets that will pass automatically upon your death (i.e. beneficiary designation), and assets owned jointly with others (i.e. joint tenancy with right of survivorship).

For example, if you have two beneficiaries slated to split the death benefit, and one of them predeceases you, leaving two heirs behind, upon your death 50 % of the policy's proceeds would go to the living beneficiary and 50 % would be split between the other beneficiary's heirs.

Once invested in a particular investment option, contributions and any earnings may be transferred to other investment options only twice per calendar year or upon a transfer of funds to a Plan account for a different eligible beneficiary (see the Plan Disclosure Booklet for more information).

As with other types of life insurance, you pay regular premiums to your insurance company, in exchange for which the insurance company will pay a specific benefit to your beneficiaries upon your death.

A reissue transaction is a reportable event if a living owner, principal co-owner, surviving co-owner, beneficiary, or other person entitled to ownership (for example, an heir upon the death of persons named on the bond) is not named owner or principal co-owner in the new registration on the bond issued in the transaction.

In that document, the application of the principle of solidarity between EU Member States in the immigration domain is made conditional upon the responsibility of the beneficiaries of this principle to undertake all possible measures in order to reduce their burden, which should be shared with other states conforming with the duty of solidarity (p. 3 of the Report).

My understanding is that when a fiduciary is mandated to manage another person's affairs, during a period when the would - be beneficiary is indisposed, ill - disposed, unable to tend to his own affairs because of other obligations, e.g., cabinet ministers, or absent on a long cruise, it is the fiduciary who has the obligation to provide a full, accurate and honest accounting to the beneficiary upon his return.

With this product the business buys a life insurance policy, equal to the agreed upon purchase price, on the life of each of the partners with the other partner listed as beneficiary.

In many ways, Final expense insurance works like any other type of life insurance policy in that a premium is paid for the coverage, and then upon the insured's death, the proceeds are paid out to a named beneficiary.

A beneficiary is a person or entity entitles to receive claim amount and other benefits upon the death of the policyholder.

Whole life policies offer a choice of having a level benefit (where the policy pays out the face amount and any rider benefits to a named beneficiary upon the insured's death), or a graded benefit (where the policy will pay out a reduced amount of benefit if the insured's death occurs for reasons other than an accident within the first two policy years).

The beneficiary — in many cases a family member or other loved one — makes the life insurance claim upon the insured's death and is then responsible for using the proceeds to carry out the policy holder's wishes.

In other words, regardless of how long the insured has had the policy, upon death, the policy will pay out the full amount of the stated death benefit to the named beneficiary.

For example, if you have two beneficiaries slated to split the death benefit, and one of them predeceases you, leaving two heirs behind, upon your death 50 % of the policy's proceeds would go to the living beneficiary and 50 % would be split between the other beneficiary's heirs.

This policy guarantees that upon your death regardless of how you die, other than by suicide, the life insurance company will pay the sum insured to your beneficiary.

Upon your death, regardless of how you die other than by suicide the full face amount of the policy will be paid to your beneficiary in one lump sum or in the form of an income if you elect to go this way.

A land trust is used for «escrow» purposes so that no party is able to cheat or abuse the other in any way (i.e., from inception, the title is held by Equity Holding Corporation) and the participants are beneficiaries of the trust with their specific percentages of beneficiary interest, which percentages are used as the basis for the division and distribution of net proceeds on sale or upon the owner's refinance.

If the advocate is successful in his / her endeavours within the stipulated timeline and terms of the contract (or within any other mutually agreed - upon criteria as they might evolve) with the client, then the advocate becomes a beneficiary of those successful consultative and advisory offerings and stands to collect a pay cheque.

Beneficiary: An individual, company, organization, or other entity named in a trust, life insurance policy, annuity, will, mortgage loan or other agreement who receives a financial benefit upon the death of the principal.