Sentences with phrase «upon the death of the insured person»

All policy types have a stated death benefit that is paid upon the death of the insured person and permanent life insurance also has a cash value which can be used during the person's lifetime.

The insurance company pays a cash amount (called the coverage amount or death benefit) to the beneficiary (s) named in the policy upon the death of the insured person named in the policy.

Life insurance is a contract where, in exchange for premium payments, a lump sum of money is paid upon the death of the insured person.

Upon the death of the insured person the Life Insurance beneficiary gets the death benefit equal to the face value of the policy, which is free of income tax.

The death benefit is the amount paid to the beneficiary of the insurance policy upon the death of the insured person.

A death benefit, also known as the coverage amount, is how much will payout upon the death of the insured person.

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).

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.»

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

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

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

Whole life insurance also pays out a death benefit upon the death of the insured person.

Life insurance is a contract between an insured (insurance policy holder) and an insurer, where the insurer promises to pay a designated beneficiary a sum of money (the «benefits») upon the death of the insured person.

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.

In exchange for making premium payments over a period of (x) amount of years (x being the length of the term), the life insurance company provides financial protection on the life of an insured person and is legally bound to pay any valid claim upon death of the insured person.

Death Benefit — The amount paid to the beneficiary by the insurance company upon death of the insured person.

Death Benefit — The amount of money paid out to the beneficiary upon the death of the insured person.

The amount stated in a life insurance policy that is payable upon the death of the insured person listed on the policy.

The owner agrees to pay a premium to the insurance company, and in return, the insurer agrees to pay a death benefit on the life insurance policy upon the death of the insured person.

In exchange for a series of premium payments or a single premium payment, upon the death of an insured person, the face value (and any additional coverage attached to a policy) minus outstanding policy loans and interest, is paid to the beneficiary of the life insurance policy.

Burial insurance is a modest amount of life insurance coverage used to pay for funeral expenses upon the death of an insured person.

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.

In exchange for a series of premium payments or a single premium payment, upon the death of an insured person the face value (and any additonal coverage attached to the policy), minus outstanding policy loans and interest, is paid to the beneficiary.

Not exact matches

Simply put, second to die or survivorship life insurance differs from all the other types of life insurance because it insures the lives of two people AND only pays a death benefit upon the death of the last survivor.

Beneficiary: the beneficiary is the person or entity that receives the life insurance benefit from the insurer upon the death of the insured.

The universal life insurance coverage extends to two people and pays the death benefit to the beneficiary upon the death of the second insured.

Beneficiary: A person (s) designated by the policy owner to receive the proceeds of an insurance policy upon the death of the insured.

Beneficiary A beneficiary is the person (s) selected by the policy owner to receive the life insurance payments upon the death of the insured.

Beneficiary: A person (s) designated by the policy owner to receive the proceeds of an insurance policy upon the death of the insured.

Pure Endowment A life insurance contract that provides payment only upon survival of the insured to a certain date and not in the event of that person's prior death.

Most people are aware that life insurance companies usually pay out a lump sum death benefit upon the death of the insured.

A policy under which the insurance company promises to pay a death benefit upon the death of the person insured.

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.

A life insurance beneficiary is the person who will receive the policy benefits upon the death of the insured.

A life insurance policy beneficiary is the person or the entity that will receive the policy's death benefit proceeds upon the passing of the insured.

The insurance company promises to pay out a death benefit upon the passing 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.

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.

A nominee is the person designated by the policyholder to receive the proceeds of an insurance policy, upon the death of the insured.

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

Name of the Insured — The person on whom the policy is purchased and the one upon whose death the policy will issue payment.

The policy pays upon the death of the insured or when the insured person reaches a specific age stated in the policy.

Beneficiary — The beneficiary is the person (s) or entity (s) who receive the death benefit of a life insurance contract upon death of the insured.

Second to die life insurance will pay a death claim upon the death of the second insured person.

A term life policy has only one function: to pay a specific lump sum to the beneficiary that has been designated, upon a specific event: the death of the insured person.

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 premium paid.

As most people are aware term insurance is designed to provide a lump sum or income upon the death of the insured.

Term insurance is a type of policy that pays a predetermined amount of money upon the death of the person insured.

A beneficiary is a person (or entity) that will receive the proceeds of the insurance policy upon the death of the insured.

Simply put, second to die or survivorship life insurance differs from all the other types of life insurance because it insures the lives of two people AND only pays a death benefit upon the death of the last survivor.