Sentences with phrase «portion of the actual cash value»
These benefits often translate to a portion of the actual cash value of the policy, but they can sometimes amount to its entire value.
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Loan or Lease Gap Insurance: If your vehicle is involved in a total loss, this optional coverage pays for the difference between the actual cash value of your car and the unpaid portion of your loan or lease.
Loan or Lease Gap Insurance: If your vehicle is involved in a total loss, this optional coverage pays for the difference between the actual cash value of your car and the unpaid portion of your loan or lease.
This is the portion of your policy premium that will determine how large your death benefit will be, as well as what the actual cash value of the policy is.
That means when a premium is paid, a portion of the premium pays the actual cost of life insurance, and the remainder of the premium is applied to a sort of built - in savings account in the policy known as the cash value.
A big portion of what you pay in premiums will depend on whether you have selected a policy that has a provision for replacement value versus actual cash value.
Another factor is whether you decide to opt for guaranteed replacement coverage or actual cash value coverage in your personal possession portion of your insurance.
For the home portion of the policy, you could have one of two types: actual cash value or replacement value.