Sentences with phrase «under a life insurance policy during»

Nominee is the person nominated by the policyholder to receive the benefit under a life insurance policy during settlement of claim.

Not exact matches

Most policies have a 2 - year contestability period, which means during the first two years after buying life insurance, if it is found your insurance policy was issued under misrepresentation, withholding of information by the insured or the owner, or similar reasons, the insurance company can declare your insurance policy and any associated riders void.

Life Insurance is an agreement between an insurance company and a policyholder, under which the insurer guarantees to pay an assured some of the money to the nominated beneficiary in the unfortunate event of the policyholder's demise during the term of thInsurance is an agreement between an insurance company and a policyholder, under which the insurer guarantees to pay an assured some of the money to the nominated beneficiary in the unfortunate event of the policyholder's demise during the term of thinsurance company and a policyholder, under which the insurer guarantees to pay an assured some of the money to the nominated beneficiary in the unfortunate event of the policyholder's demise during the term of the policy.

Under a Life Insurance Contract in India, the insurer assures to pay a definite sum to the policyholder's family on his demise during the policy term.

Death Benefit Options: There are four classifications for death benefit options under universal life insurance policies and these are as follow: a. Level death benefit: This only covers the amount accumulated during the length of the policy.

Under child plans, Life Insurance companies offers a premium waiver if the parent (i.e., the insured) passes away during the policy term of a child plan.

Whether you're buying universal life insurance, variable life insurance, or another type of life insurance, under the laws of your state, you may have a «free look» period during which you may cancel the policy without penalty.

As a result, if a permanent insurance policy is held until death, the taxation of any gains are ultimately avoided altogether; they're not taxable under IRC Section 7702 (g) during life, and neither the cash value growth nor the additional increase in the value of the policy due to death itself are taxable at death under IRC Section 101 (a).

Under this plan, if the life assured is deceased during the term of the policy, the life insurance cover double folds itself.

For example, if the policy holder lives in an area prone to hurricanes or tornados, any damage to the vehicle may fall under the policy holder's homeowner policy or the homeowner's insurance policy of the person where the vehicle was located during the storm.

A Term plan with Return of Premium is a contract between the applicant and the Life Insurance Company, under which the applicant agrees to pay a certain amount of money (Premium) per year for a fixed period in order to receive a guaranteed amount of money (Sum assured) in the event of his death during the policy term, payable to his nominee (any family member).

Since this term plan is for life, the insurance company has to pay the Sum Assured under the policy (unless the policyholder chooses not to renew the policy during his life) at some point.