Sentences with phrase «person insured dies»

A graded death benefit means that if the person insured dies within a certain period of time, the beneficiaries do not get the full death benefit amount.

If the person insured dies during the term, then the beneficiary listed will receive the death benefit.

Such policy articulates the person who will obtain the proceeds, which is the amount of the death benefit, from the insurance business company whenever the designated person insured dies within the term of the insurance contract policy.

Also, life insurance only pays out if the person insured dies.

Also, life insurance only pays out if the person insured dies.

Specifically, West Coast Life provides term and term - like life insurance, which provide protection for a certain period of time, universal life insurance, which provides life - long insurance but with particular premium requirements that need to be met; Survivor Life Insurance, which covers the lives of two persons who are insured, and the death benefit is given when the last of these two persons insured dies; and annuities, which are insurance contracts, which payments can be set regularly to aid in meeting the needs of people saving for their retirement.

Not exact matches

• Life insurance claims are filed when an insured person dies so his or her beneficiary receives the death benefit payout.

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.

If no long - term care benefits are paid, then the policy pays out the full death benefit when the insured person dies.

Term life insurance policies pay a death benefit if the insured person dies within the policy term, such as 10, 20, or 30 years.

Second to Die Life Insurance insures two people and pays benefits only after the second person dies.

With a life insurance policy, if the insured person dies, the life insurance company will pay out a death benefit to the beneficiaries.

When someone is named a beneficiary and dies with the insured in a car accident or within a very short period of time (hours, not days, but that is driven by each state), then sometimes the money will go around that person and to the contingent beneficiary.

Which means that if the insured person dies within the first two years of the policy, the company will pay 110 % of premiums paid, but not the payout of the policy.

You'll also pick a beneficiary — the person (s) or entity who'll receive the death benefit from your policy if you die while insured.

If the person insured were to die before the waiting period, most companies will repay premiums and add interest.

Second - To - Die Life Insurance: A type of life insurance policy that insures the lives of two people, typically a husband and wife.

When the insured person dies, no matter at what age, the policy is paid to their designated beneficiaries.

The person, people or organization that will receive death benefits when the insured dies.

Beneficiary — The person (s) or party (ies) who receives the death benefit when the insured dies.

The beneficiary is the person who receives the benefit amount when the insured dies.

Has the authority to name or change the beneficiary — the person who gets the money when the insured dies

Insuring the difference in income means that if the higher income person dies, the lower earning person can maintain their standard of living while they rebuild their life,» says Bruce Sellery, contributing editor at MoneySense magazine.

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.

The amount of money paid or due to be paid when a person insured under a life insurance policy dies, after adjustments for any outstanding policy loans, dividends, paid - up additions or late premium payments (if applicable) are made.

The main objective of life insurance is to provide financial funds in case an insured person dies so that their family members, significant others or any other beneficiaries can maintain their living standards.

You may choose to insure this individual with key - person insurance to compensate the business for lost revenue and production if this key person were to become disabled or to die.

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

(3) No optional dependant care benefit is payable in respect of an expense incurred after the insured person dies.

(3) No payment shall be made under this section to a person who dies before the insured person or within 30 days after the insured person.

the spouse of a person in respect of whom the insured person was a dependant at the time of the accident, if the spouse was the insured person's primary caregiver at the time of the accident and the person in respect of whom the insured person was a dependant at the time of the accident dies before the insured person or within 30 days after the insured person, or

(a) as a result of an accident in another province or territory of Canada or a jurisdiction in the United States of America, a person insured in that jurisdiction within the meaning of subsection (4) dies or sustains an impairment or incurs an expense described in section 15, 16 or 19; and

(2) No payment is required under this section in respect of an expense incurred after the insured person dies.

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

(1) If, as a result of an accident in another province or territory of Canada or a jurisdiction in the United States of America, a person insured in that jurisdiction dies or sustains an impairment or incurs an expense described in section 14, 15 or 16, the insurer shall pay, as the person may elect,

If the insured person dies unexpectedly, the company will receive the proceeds from the insurance policy payoff.

Term life insurance policies pay the beneficiary the face amount of the life insurance policy if the insured person dies during the term of the policy.

If the insured person dies within the 10 year period, the beneficiary receives the $ 150,000 (face amount of the policy).

Premiums are paid for the «whole life» of the insured person, continuing until he or she dies or reaches a specified maximum age.

It has no surrender value or equity and any benefits are only paid out if the insured person dies.

When the insured who owns the trust dies, the trust allocates the tax free assets specified to the beneficiaries (usually the children of the person who set up the trust).

A trustee, usually a bank or trust company, manages the trust and pays the insurance premiums, and distributes the insurance benefit to the trust beneficiaries after the insured person dies.

A viatical settlement occurs when a person who is chronically or terminally ill sells his or her whole or universal life insurance policy to a third party that maintains the premium payments and receives the death benefit when the insured dies.

Level Term Rider Proceeds of this rider are payable to the beneficiary upon receiving proof that the person named as Covered Insured died while his or her coverage under this rider was in effect.

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.

The IRS has rules that determine who owns a life insurance policy when the insured person dies.

The main difference between term life insurance and whole life insurance is with term life insurance, when the insured person dies, it just pays the face amount of the policy to the named beneficiary.

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

Term life insurance policies pay a death benefit if the insured person dies within the policy term, such as 10, 20, or 30 years.

The person, people or organization that will receive life insurance death benefits if the primary beneficiary dies before the insured.