Sentences with phrase «purpose of an insurance policy»

The purpose of these insurance policies is to cover the cost of any damages you suffer when property is destroyed or damaged.

The purpose of this insurance policy is for you to be made whole financially if he were to die too young.

The purpose of insurance policy limits is to create a definitive contractual obligation between an insurance underwriter and the insured.

Thus, the basic purpose of an insurance policy is defeated.

The purpose of the insurance policy is a safety net and protection for those who are beneficiaries.

Not exact matches

You will also need the more costly cash value policy if you purchase life insurance for the purpose of leaving a charitable legacy, Simmonds said.

Many banks will also require a borrower to insure an asset being purchased over the course of a loan (with an insurance policy acquired for that purpose), to protect the value of the asset being purchased with the loan proceeds.

The purpose of this guide is to provide detailed descriptions and explanations of the business insurance policies technology companies and startups should consider putting in place to properly protect their operation.

In the context of systemic risk due to banking panics, the Federal Deposit Insurance Corporation has the political effect of giving bankers an overpowering incentive to influence the Federal Reserve System's Federal Open Market Committee and the Federal Reserve Board of Governors to implement system wide policies for extension of credit which socialize and cartelize the banking sector to work towards its own common purpose.

Offices for postdoctoral education can serve a variety of purposes — anything from offering career or educational symposia to establishing health insurance policies to securing postdoc access to campus resources.

In a nutshell, while most whole life insurance is fixated on maximizing the death benefit of a policy and just allowing cash values to grow over time, strategic self banking focuses on maximizing life insurance cash values, so the whole life insurance plan can be used strategically as a savings and personal financing vehicle for the purpose of recapturing your cost of capital incurred when having to deal with third party lenders or using your own cash.

Your renters insurance does generally cover vandalism against your personal property, but a car is not considered to be personal property for the purposes of your renters insurance policy, per the policy language.

It is just to provide useful information that can help individual ensure that the purpose of such life insurance policy is achieved.

A major advantage of permanent life insurance is that cash value increase (or «gain») is not realized (for tax purposes) until it is withdrawn from the policy.

While the primary purpose of life insurance is to provide a death benefit to those you leave behind, some life insurance policies have a cash - out value as well.

For purposes of this post, it just needs to be understood that we can bridge the deficiency of not having enough coverage in our banking policy with a term rider, which can be used to add convertible term life insurance (which results in an increase to the death benefit).

If the purpose of the permanent life insurance policy is for death benefit only, then a 1035 typically will have no benefit.

Businesses may not deduct their business insurance premiums if the coverage is for the purpose of a self - insurance reserve fund or a loss of earning insurance policy.

In addition to preserving the small business deduction, this type of life insurance policy can be used for the following purposes:

* If you can invest more, consider opening a Roth IRA and investing in stock index funds for the purposes of seeking long - term growth superior to what your insurance policy (ies) will net.

This means that you are free to take a life insurance policy on your own life for the benefit of anyone that you choose, or for any specific purpose.

For compliance purposes we have to mention that, although many of these no exam life insurance policies are not traditionally underwritten, they still are fully underwritten.

This Insurance is a dedicated - purpose policy that will cover any outstanding balance on your Prepaid Plan in the event of your death.

This can be an especially good purpose for a mortgage life insurance policy, because employer plans generally do not provide enough coverage to provide for many of your family's needs upon your death.

In that case, renters insurance in a flood zone isn't covering the flood, it's covering the result of a power outage regardless of the cause because there are specific provisions written into the policy for that purpose.

A key advantage of an ILIT as compared to personally owning the insurance policy is that if the trust is set up and administered correctly, the assets owned by the ILIT will not be considered part of your estate for federal inheritance / estate tax purposes — meaning your heirs won't have to pay estate or inheritance taxes on the life insurance death benefits that are paid.

The primary purpose of any life insurance policy is to provide a death benefit to your designated beneficiaries if you die.

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.

Therefore, should the insured person pass away when the insurance policy is in force, the named beneficiary will receive the proceeds for the purpose of paying the insured's final expense costs.

This type of policy is more typically used for investment purposes than other forms of life insurance.

But if you are single, or you believe that you may outlive your spouse, you may want to have a life insurance policy specifically for the purpose of covering estate taxes.

In the end, adding a permanent life insurance policy to your investment portfolio can be a good option to help mitigate the risk of early death as well as build some cash value that can be used for a variety of purposes, including retirement income, but it should never be used as your only method of investment planning.

You may need to use some of those funds for another purpose and reinvest some of them in a new life insurance policy.

Because of that, permanent life insurance policies are often used as financial planning tools that can serve many more purposes than just simply paying out a death benefit.

This life insurance is a dedicated - purpose life insurance policy that was designed just for Florida Prepaid and will pay off the outstanding balance on any covered Prepaid Plan in the event of your death.

Two asset protection benefits are, one, that an irrevocable trust may be set up for the employee to own the policy, such as an irrevocable life insurance trust OR another type of grantor trust, and this can assure that the policy will not be included in the employee's taxable estate for split dollar estate planning purposes.

However, a term policy, in and of itself, does not serve our purpose in regards to this article's topic, the top life insurance companies for wealth building.

This simple premise accounts for much of the confusion, even among life insurance professionals, concerning how soon a policy can be utilized for self banking purposes.

This would defeat the whole purpose of purchasing a life insurance policy in the first place.

Many individuals used the policy loan provision of the life insurance policies to borrow and lend money for the purpose of infinite banking.

Because finding the right pet insurance company and best policy for your pet can be confusing and overwhelming, the purpose of this blog is to simplify the information you'll need to make a wise choice for you and your pet.

The information contained in this website is for illustrative purposes only and coverage under any pet insurance policy is expressly subject to the conditions, restrictions, limitations, exclusions and terms of the policy documentation issued by the insurer.

Most comprehensive travelers insurance policies — the kind you buy specifically for this purpose — would reimburse you $ 100 to $ 150 a day for taxis, meals, lodging and other expenses incurred because of a flight delayed by a storm or strike.

Regulations under Ontario's Insurance Act define which impairments are «catastrophic» for the purpose of qualifying for more Accident Benefits under the Ontario Automobile Insurance Policy.

The parties agreed that the purpose of the Policy was to provide insurance for mortgage fraud (among other things).

[An adult dependent child living in a household from which his parent has moved but with which the parent still maintains connections is a «household member» for purposes of the parent's excess insurance policy.]

For those unfamiliar with uninsured motorist insurance, the purpose of the clause in an insurance policy is to protect a driver if they should find themselves needing compensation from an uninsured, or only partially insured, driver.

The justices added that to interpret this statute any differently would be against public policy because it would allow insurers to deny motorists coverage in a way that would defeat the purpose of a claimant's buying insurance in the first place.

The insurer under the Mandatory Policy is Liberty Mutual Insurance Europe Limited, a «Qualifying Insurer» for the purposes of the SII Rules, whose registered office is at Third Floor, Minster Court, Mincing Lane, London EC3R 7YE.

Stanley Burnton LJ felt that little assistance was to be gained by reference to the commercial purpose of employers» liability insurance as the nature of the cover provided by each policy was defined by the terms of the policy itself.