Sentences with phrase «upon death of»

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.

This is because there may be circumstances where not all of the stated amount of a policy's death benefit will automatically be paid out upon the death of the insured.

It only pays benefits upon the death of the policyholder.

Life insurance is insurance that pays out a sum of money upon the death of the insured person.

This means that, upon death of the insured individual, the policy only pays out if payments have been kept current; if payments stop before the individual dies, the policy is no longer in force and will not pay out any money.

Upon the death of the insured / annuitant, the insurance company pays the contract beneficiary (s) the death benefit amount either in a lump sum or over a set number of years.

It is important to note, though, that any amount of unpaid cash balance upon the death of the insured will be charged against the amount of the death benefit that is paid out to the policy's beneficiary.

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

Upon the death of the insured, the death benefit will be reduced by the value of the lien against the policy and any unpaid loan and loan interest.

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.

Federal student loan debt is discharged upon the death of the borrower.

It can be a very important part of financial planning because it pays monetary benefits upon the death of the insured covered in the policy.

Upon the death of the policy holder, all of the assets, policy value and death benefits should be awarded to the beneficiaries.

COLI was originally purchased on the lives of key employees and executives by a company to hedge against the financial cost of losing key employees to unexpected death, the risk of recruiting and training replacements of necessary or highly trained personnel, or to fund corporate obligations to redeem stock upon the death of an owner.

Upon the death of the insured, the death benefit will be reduced by the amount of the lien, and the remaining death benefit will be paid.

And the insured amount is payable by the Insurer at the end of a specified number of years or upon the death of the Insured, whichever is earlier.

When a policy is purchased, the buyer must have an economic interest in the life if the insured, or a demonstrable expectation of loss upon the death of the insured.

Return of premium (ROP) is a type of life insurance policy that returns the premiums paid for coverage if the insured party survives the policy's term, or includes a portion of the premiums paid to the beneficiary upon the death of the insured.

Upon the death of an insured or policy owner then those who wish to file beneficiary disputes may do so, nevertheless the decision of the policy owner remains in effect unless declared otherwise by the court.

And, the beneficiary is the one who receives the death benefit upon the death of the insured.

This type of trust often will become irrevocable upon the death of the owners.

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.

In addition, loans from insurers secured by policy values are not income and earnings credited to an owner's policy values (known as «inside buildup») by the insurance company are not currently taxed (and may escape taxation altogether if such earnings are not distributed other than as part of the death benefits paid upon the death of the insured).

Because life - insurance death benefits are exempt from federal taxation, many financial planners often use clients» life - insurance benefits to help pay for the estate taxes generated upon the death of a loved one.

The Survivorship GIUL offers survivorship life insurance protection of married couples or business partners that pays out the death benefit upon the death of the second spouse or partner.

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.

This would allow Alex to continue his family's legacy without going through financial hardship upon the death of his last parent.

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.

Upon the death of the insured the beneficiary must contact the provider.

Life insurance provides the foundation of coverage which can guarantee a source of funds upon the death of the insured.

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

Upon the death of a funeral advantage policyholder, a representative from the FCGS is available to assist your family members in handling the details that may arise from your passing.

Both types of insurance pay a lump sum of money to the beneficiary upon the death of the policy holder.

It is insurance that provides a cash benefit to survivors upon the death of the insured person.

A type of Universal or Whole Life coverage, these policies pay a death benefit upon the death of the second of two insured people.

Death benefit is paid upon the death of the surviving spouse.

That is because, upon the death of the insured, the insurer is only obligated to pay the death benefit, not the cash value, which it retains.

The policies offer life insurance coverage that pays money to a designated survivor upon the death of the insured person.

It defines life insurance «as a contract between and insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person.»

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.

If so, you need only contact the life insurance company and tell them you wish to make a claim upon the death of your mother.

Aside from this, the death benefit which you may get out of guaranteed issue insurance will only be $ 25,000 to $ 50,000 upon the death of your father.

In many cases, the income that is received through a pension or other retirement income source will be reduced — or will even completely stop — upon the death of the recipient.

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).

Collateral assignments are often placed on life insurance to guarantee the loan upon the death of debtor.

Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder).

Life insurance is a protection that is offered for the family of the policyholder — upon the death of the insured, the agreement requires that the insurance company stands by the stipulations of the contract and provides the benefits of the plan to the family of the deceased.

The family gets a lump sum upon the death of the parent, and the future premiums of the policy are paid by the insurance company on behalf of the policy holder.

Term life insurance policies provide a stated benefit upon the death of the policy owner, provided that the death occurs within a specific time period.