Sentences with phrase «policy upon the death of the insured»

At its most basic, life insurance provides a sum of money, called a death benefit, to the beneficiary of a life insurance policy upon the death of the insured.

The insurance company pays out a lump sum death benefit to the beneficiary of the policy upon the death of the insured.

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

The definition of life insurance death benefit is the amount of money payable to the beneficiary or beneficiaries listed on a life insurance policy upon the death of the insured, minus any policy loans.

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

The insurance company pays a cash amount (called the coverage amount or death benefit) to the beneficiary (s) named in the policy upon the death of the insured person named in the policy.

The death benefit is the amount paid to the beneficiary of the insurance policy upon the death of the insured person.

It used to be that most life insurance policies were left in force in order that the intended beneficiaries could receive the face value of the insurance policy upon the death of the insured.

The insurance company pays a cash amount or death benefit to the beneficiary (s) named in the policy upon the death of the insured named in the policy.

The company pays out a lump sum death benefit to the beneficiary of the policy upon the death of the insured.

A beneficiary is a person (or entity) that will receive the proceeds of the insurance policy upon the death of the insured.

The owner agrees to pay a premium to the insurance company, and in return, the insurer agrees to pay a death benefit on the life insurance policy upon the death of the insured person.

Not exact matches

Claims are paid after death: You need to understand that claims from life insurance policy can only be made upon the death of the insured.

In contrast to term insurance, a whole life insurance policy pays the death benefit stipulated in the contract upon the death of the insured, regardless of when it may occur.

It's perfectly legal that your uncle received a death benefit upon the deaths of his nephew and brother if he had policies insuring them.

Life insurance classified as return of premium (ROP) features a return of premiums paid to purchase coverage if the insured outlives the term of the policy, or payment of some portion of premiums paid to the beneficiary upon the insured's death.

You make payments on the policy and, in return, the insurance company provides a lump - sum payment, also called a death benefit, to the beneficiaries you have chosen upon the death of the insured.

The cash value policy pays out a lump sum cash benefit upon the death of the insured for the benefit of the life insurance beneficiary.

Whole Life Insurance: A type of permanent life insurance which provides a level death benefit upon the insured's death, or a cash endowment upon policy maturity that is equal to the death benefit.

Proceeds: The amount payable under the terms of a life insurance policy upon the insured's death or upon the maturity of an endowment.

The death benefit of a life insurance policy is the amount paid out upon the death of the insured, while cash value refers to the amount of funds in a permanent life insurance policy's cash account.

Life insurance protection comes in many different forms, but the primary purpose of any policy is to provide a death benefit upon the death of the insured.

In return for these premiums, the insurance company will provide a death benefit to a named beneficiary upon proof of the insured's death and a policy cash value.

If an estate is larger and therefore vulnerable to federal or state estate tax exposure, an irrevocable trust may be used to provide liquidity for the estate without being subject to estate taxes by owning the policy and being designated as the beneficiary upon the death of the insured.

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

By definition, the paid up value of a life insurance policy is the value an owner receives from the insurer upon default or surrender or early termination of the policy before its maturity or the insured's death.

This benefit allows the owner to receive payment of a portion of the death benefits under the policy upon terminal illness of the insured.

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.

Upon the death of the insured, the lump sum death benefit is paid income tax free to the policy beneficiary.

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.

Upon the death of the insured, the insurance company pays a death benefit that is partly insurance and partly a return of policy's cash value.

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

Whole Life Insurance: A type of permanent life insurance which provides a level death benefit upon the insured's death, or a cash endowment upon policy maturity that is equal to the death benefit.

A policy owner receives a cash payment, while the purchaser of the policy assumes all future premium payments and receives the death benefit upon the death of the insured.

This benefit allows the owner to receive payment of a portion of the death benefits under the policy upon chronic illness of the insured.

When you have a final expense insurance policy, a death benefit is paid out to a named beneficiary upon the death of the insured.

In exchange for paying premiums on a policy, the insurance company provides a lump - sum payment (far in excess of what you paid in), known as a death benefit, to beneficiaries upon the insured's death.

Under the terms of a life insurance policy, the insurer will generally make a payment upon the death of the insured.

Death Benefit Life insurance policy proceeds payable to the beneficiary upon proof of the insured's dDeath Benefit Life insurance policy proceeds payable to the beneficiary upon proof of the insured's deathdeath.

(Upon the insured's death, the remainder of the death benefit will be paid out to the policy's named beneficiary).

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

Death Benefit: The dollar amount of coverage that is paid to the designated beneficiary (s) of a life insurance policy upon the insured's dDeath Benefit: The dollar amount of coverage that is paid to the designated beneficiary (s) of a life insurance policy upon the insured's deathdeath.

In theory, the riders can be added at time of application and upon medical approval so that the policy owner can access a portion of the death benefit as long as certain conditions are met by the insured medically.

LTCSO allows the owner of the AAFMAA policy the option of converting the death benefit on an eligible insured life — normally payable only upon the death of the insured — into regular periodic payments prior to death, specifically to defray the cost of nursing home, custodial or home health care for the insured.

Endowment can also refer to a type of insurance policy that pays a lump sum upon the insured's death or after a specific term.

While a first to die joint life policy pays out upon the death of the first covered person, a second to die life insurance policy will not pay out benefits until both of the insureds have passed on.

Insurable Interest When a policy is purchased, the buyer must have an economic interest in the life if the insured, or a demonstrable expectation of loss upon the death of the insured.

Highlights of term insurance plans • Upon the death of the insured before the end of the Policy Term, the Death Sum Assured will be paid as the death benefit to the beneficdeath of the insured before the end of the Policy Term, the Death Sum Assured will be paid as the death benefit to the beneficDeath Sum Assured will be paid as the death benefit to the beneficdeath benefit to the beneficiary.

At the same time, it gives coverage for the insured party's family, which means that beneficiaries will receive proceeds from the insurance claim upon death of the policy holder.

The accumulated cash value of the policy will be paid out to beneficiaries upon the insured's death.