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

A life insurance beneficiary is an individual who receives the policy's benefit proceeds upon the death of the insured.

Permanent life insurance offers an insurance component that pays a stated amount of proceeds upon the death of the insured, while at the same time providing a cash value or investment component that accumulates cash value that the policy holder may withdraw or borrow against.

Beneficiary is the person (s) or entity (ies)(for e.g. corporation, trust etc.) who is named in the policy as the recipient of insurance proceeds upon the death of the insured.

These types of policies offer an insurance component that pays a stated amount of proceeds upon the death of the insured.

The person or persons named in the life insurance policy that will receive the insurance proceeds upon the death of the insured.

Not exact matches

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

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 proceeds or benefit that is payable to the beneficiary of a life insurance contract upon the death of the insured.

Life insurance is based in contract law, and the proceeds pass by operation of law upon the insured's death.

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.

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

Upon the death of the insured, the beneficiary will receive the proceeds of the life insurance taxfree.

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.

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.

A life insurance policy beneficiary is the person or the entity that will receive the policy's death benefit proceeds upon the passing of the insured.

Upon the death of the insured, the third party receives the proceeds of the life insurance policy from the insurer.

There have been cases where a beneficiary has been deemed to not have an insurable interest and the life insurance proceeds went to a different party than the beneficiary listed upon the death of the insured.

A nominee is the person designated by the policyholder to receive the proceeds of an insurance policy, upon the death of the insured.

With a fixed death benefit, 100 % of the proceeds would be paid out upon the death of the insured — regardless of when that occurs.

The proceeds of this policy will be paid out upon the death of the second insured.

In this case, the proceeds are paid out to a named beneficiary, who is generally in charge of overseeing that the wishes of the insured take place upon his or her death.

Second - to - die life insurance: A life insurance contract which covers two lives and provides for the payment of the proceeds upon the death of the second insured.

Survivorship life insurance: A life insurance contract which covers two lives and provides for the payment of the proceeds upon the death of the second insured.

Policy Owner: Premiums paid by the policy owner are normally not deductible for federal and state income tax purposes, and proceeds paid by the insurer upon the death of the insured are not included in gross income for federal and state income tax purposes.

This type of plan will pay out the death benefit proceeds upon the death of the second insured.

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

Case 1: Upon death of the insured Insurance policy proceeds received by the family members in the event of death of the policy holder is completely tax exempt under section 10 of income tax act.

The beneficiary of the insured has lost because there are no more life insurance proceeds to collect upon the death of this loved one.

The beneficiary is the person to whom the proceeds of a life insurance policy are paid upon the insured's death.

If the insured designates his / her estate as the beneficiary of the policy, upon death, the proceeds are paid to the estate and distributed per the terms of the deceased's Will.