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

To fulfill the IRC definition of life insurance, life insurance contracts must provide for a sufficient «amount at risk» — the pure death benefit protection that a beneficiary would receive upon the death of the insured.

Not exact matches

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.

Beneficiary: the beneficiary is the person or entity that receives the life insurance benefit from the insurer 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.

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.

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.

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.

Beneficiary The individual or entity designated to receive a life insurance or annuity death benefit upon the death of the insured or the annuitant.

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

The buyer pays all future premiums and receives the death benefit upon the death of the insured.

Upon the death of the insured, the designated beneficiaries receive the death benefit less the amount paid out under the long - term care rider.

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.

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.

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

Since most AD&D payments usually mirror the face value of the original life insurance policy, the beneficiary receives a benefit twice the amount of the life insurance policy's face value upon the accidental death of the insured.

A life insurance beneficiary is the person who will receive the policy benefits upon the death of the insured.

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.

The buyer of the policy pays all future premium payments and receives the death benefit upon the death of the insured (when the policy matures).

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

When a consumer sells a policy in a «life settlement» transaction, the policy owner receives a cash payment and the purchaser of the policy assumes all future premium payments — then receives the death benefit upon the death of the insured.

The amount of income the beneficiaries receive depends upon the death benefit, gender, and age at the time of death of the insured.

And, the beneficiary is the one who receives the death benefit 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.

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

In a life settlement, 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.

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.

Additionally, if one engages in the transaction, the insured may occasionally (usually about once a year) receive a call from a servicing company to inquire upon the health of the insured (to determine if the insured has died and whether the investor should be making a death benefit claim on the policy).

Beneficiary — The beneficiary is the person (s) or entity (s) who receive the death benefit of a life insurance contract upon death of the insured.

However, after a certain amount of time has passed, such as two or three years of policy ownership, the beneficiary would be eligible to receive all of the stated death benefit upon the insured's passing.

For instance if an insured has four children, the contract owner could name each child a 25 % primary beneficiary, meaning each child will receive 25 % of the total death benefit upon payout.

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

The second person named to receive benefits upon the death of an insured if the first - named beneficiary is not alive or does not collect all the benefits before his or her own death.

For example, it will stay in place for life as long as the premiums are paid and, upon the death of the insured, the beneficiary will receive the death benefit.