Sentences with phrase «upon the death of the insured covered»
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.
http://www.state.nj.us/ Not exact matches
While a first to die joint life policy pays out upon the death of the first covered person, a second to die life insurance policy will not pay out benefits until both of the insureds have passed on.
Second - to - die life insurance: A life insurance contract which covers two lives and provides for the payment of the proceeds upon the death of the second insured.
A life insurance policy is a contract between the owner of the policy and the insurance company which promises to pay a stated death benefit upon the death of the insured person, as long as the death occurs during the period of time covered by the policy.
Survivorship life insurance: A life insurance contract which covers two lives and provides for the payment of the proceeds upon the death of the second insured.
A life insurance policy which provides an insurance cover upon the death of the life insured within the Policy Term as per the terms and conditions of the contract.
Under this contract, the insurer promises to pay a pre-decided sum of money (also known as «Sum Assured» or «Cover Amount») upon the death of the insured person or after a certain period.