Sentences with phrase «primary insured dies»

And most have a 5 - 10 % return on top of premium paid if the primary insured dies in the first two years of natural causes.

If the primary insured dies in an accident, an additional 25 % of the death benefit will be paid as a part of the Accidental Death Benefit Rider which is included.

If the primary insured dies, there is no economic loss to the friend.

When / if the primary insured dies during the life of the policy than the death benefit will be paid to the beneficiary.

Not exact matches

Term life insurance provides affordable coverage for a defined period of years, with its primary purpose to replace income or help pay off outstanding debts if the insured dies during that time.

It could also truly be called «death insurance», since its primary objective is to pay a death benefit when the insured dies.

Contingent Beneficiary — The contingent beneficiary will receive the death proceeds only if the primary beneficiary is not alive or does not exist when the insured dies.

This wording divides the death proceeds in equal shares among all primary beneficiaries alive when the Insured dies.

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

It's important to understand — If the insured passes away, and the primary beneficiary dies, and there is no contingent beneficiary — The proceeds of the life insurance policy pass on to your estate, and may be subject to additional taxes and fees that otherwise would not been taken from the proceeds.

If the insured and the primary beneficiary have died before the death benefit was paid out, the contingent beneficiary receives the life insurance proceeds.

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

If things don't go as planned, though, and the primary beneficiary (ies) predeceases the insured, or dies at the same time as the insured, for example in the case where a husband and wife are killed together in an accident, then the contingent beneficiary (ies), also known as secondary beneficiary, receives the funds.

This is the person or entity that will receive money when the insured individual dies if the primary beneficiary (ies) have predeceased the insured.

As a secondary beneficiary, this individual only receives benefits if the primary beneficiary dies before the insured.

Most commonly, this provision defines whether the primary or the contingent (secondary) beneficiary is to receive the death benefit in the event that both the insured and primary beneficiary die as a result of a common disaster.

The Uniform Simultaneous Death Act — Enacted in 1940 this act allows a court to decide which individual outlived the other in the event that the insured and primary beneficiary died in the same accident and no proof exists of who lived longer.

A contingent beneficiary is the individual (s) designated to receive a death benefit in the event the primary beneficiary (ies) is / are no longer living at the time the insured or annuitant dies.

This undermines the primary purpose of life insurance, as the investors would incur no financial loss should the insured person die.

Contingent Beneficiary — The contingent beneficiary will receive the death proceeds only if the primary beneficiary is not alive or does not exist when the insured dies.

Permanent, participating life - insurance policies like Adjustable Complife can accumulate a cash value; however, the primary purpose of life insurance is to pay the death benefit if the insured dies.

A contingent beneficiary will receive payment if the policy's primary beneficiary dies before the insured.

If the primary beneficiary is not alive when the insured dies, the policy will then pay the death benefit to the successor beneficiary.

Naming a successor beneficiary can prevent delays with the insurance death benefit in case both the insured and the primary beneficiary die at the same time.

Life insurance rates are based on many factors, but the primary driver for the premiums is based on the probability that the insured will die while the policy is in force.

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