Sentences with phrase «specified in a life insurance contract»

Benefit: For life insurance, it is the amount of money specified in a life insurance contract to be paid to the beneficiary upon the death of the insured.

Not exact matches

Like Life Insurance policy, a health insurance policy is a legal contract between insurer and insured; in which insured pays premiums and in returns, insurer agrees to pay for medical expenses for a specified limit or sumInsurance policy, a health insurance policy is a legal contract between insurer and insured; in which insured pays premiums and in returns, insurer agrees to pay for medical expenses for a specified limit or suminsurance policy is a legal contract between insurer and insured; in which insured pays premiums and in returns, insurer agrees to pay for medical expenses for a specified limit or sum insured.

With an annuity, you pay an insurance company up front in exchange for a promise that they pay you a set amount for the rest of your life or for however long the contract specifies.

A contract with a life insurance company that provides a guaranteed stream of income payments for a fixed period of time or life (or both) beginning at a specified date years in the future.

A feature that may be offered under an annuity contract in which the insurance company promises an individual may withdraw a specified amount from an account, even if the account balance is reduced to zero: (1) for the life of the individual, or the joint lives of two individuals (e.g., the individual and spouse); or (2) for a specified period of time.

A term life insurance policy covers the policy - holder up to the age specified in the contract.

You see, term life insurance is called «term» because the policy (i.e. the contract between the owner and the insurer on the life of the insured) ends upon the specified timetable in the contract.

Many term life policies do allow prorated refunds at some point during the life of the policy, during the insured's lifetime, although such refund is usually «short rated», that is, it is significantly less than the imputed value of the refund if calculated using conventional tables, using the rate of return specified in the insurance contract.

Individuals who obtain a term insurance policy enter into a contract with the life insurance carrier that guarantees a specified death benefit in exchange for a specified level premium throughout the term of the contract.

Life insurance carriers take on the financial obligation to pay a specified death benefit in return for premiums paid by policy owners for a set amount of time as defined by a life insurance contrLife insurance carriers take on the financial obligation to pay a specified death benefit in return for premiums paid by policy owners for a set amount of time as defined by a life insurance contrlife insurance contract.

If the cash value in a contract exceeds the specified percentage of death benefit, the policy no longer qualifies as life insurance at all and all investment earnings become immediately taxable in the year the specified percentage is exceeded.

An individual who enters into a whole life insurance contract with an insurance carrier agrees to a specified death benefit amount in exchange for a fixed level premium.

Endowment: In life insurance, a contract which provides for the payment of the face amount at the end of a fixed period, or at a specified age of the insured, or at the death of the insured before the end of the stated period.

Life insurance is a contract between a person or policyholder and an insurer or Insurance Company, where the insurer promises to pay a designated beneficiary a specified sum of money, upon the death of the insured, in exchange for a preminsurance is a contract between a person or policyholder and an insurer or Insurance Company, where the insurer promises to pay a designated beneficiary a specified sum of money, upon the death of the insured, in exchange for a premInsurance Company, where the insurer promises to pay a designated beneficiary a specified sum of money, upon the death of the insured, in exchange for a premium paid.

Renewable term life insurance is a policy that gives the policyholder the option to extend their life insurance coverage beyond the period specified in the insurance contract instead of buying a new policy.

A rider is a part of a life insurance contract that specifies any special circumstances or changes you wish to make to your life insurance policy that are not allowed for in the traditional benefits.

A GUL, or guaranteed no - lapse universal life policy, is universal life coverage where the insurance company guarantees that your policy will never lapse as long as you continue paying the no - lapse target premium specified in the policy contract.

Some life insurance contracts promise to lock in premium amounts for a specified period.