Sentences with phrase «upon the death of an insured individual»

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policy only pays out if payments have been kept current; if payments stop before the individual dies, the policy is no longer in force and will not pay out any money.

Not exact matches

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

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

Also called «second - to - die» life insurance, this type of whole life policy insures two lives (typically spouses) and pays out upon the death of the second individual.

Individual Life: Upon the death of the insured during policy, the sum assured will be paid (if all premiums are fully paid).

While most group policies provide nominal coverage to a spouse through the primary insured individual, the coverage is less substantial than you'll probably need, and it generally ends upon the death of the employee, as the primary insured person.

Beneficiary — An individual (s) or entity (s) named in the policy as a recipient of the policy benefits upon the death of the insured.

o Individual Life: Upon the death of the insured during policy, the sum assured will be paid (if all premiums are fully paid).