Sentences with phrase «when policies lapse»

Also, many auto insurance companies don't want the hassle of filing SR22s with states — and also filing SR - 26s when policies lapse, says Alex Hageli, director of personal lines policy with the Property Casualty Insurers Association America, an industry trade group.

When a policy lapses, you not only lose your coverage but also will have to pay income taxes if the outstanding loan is greater than the amount you've paid in premiums.

But the whole effort gets futile when your policy lapses due to non-payment of premiums on time.

When a policy lapses, you not only lose your coverage but also will have to pay income taxes if the outstanding loan is greater than the amount you've paid in premiums.

When a policy lapses, any outstanding loans are treated as cash value distributions and subject to taxation on any amount in excess of the policy basis.

If the loan is still outstanding when the policy lapses or if you later surrender the insurance, the borrowed amount becomes taxable to the extent the cash value (without reduction for the outstanding loan balance) exceeds your basis in the contract.

When your policy lapses, it means that it has become inactive.

When a policy lapses the benefits attached to it will become ineffective.

When a policy lapses, you lose your death benefit, of course.

When the policy lapses, the beneficiary does not receive the death benefit payment.

So, when a policy lapses, they have and use that opportunity to update and accept or decline to keep the risk on their books.

Note that when a policy lapses with no value but with taxable income, there are no funds from the policy to pay the taxes.

Not exact matches

There was also a lapse of judgment on part of Mr. Saxena as claimed in one of the announcements, that he had been online when the private keys were extracted for the BTG distribution process and saving in plain text format which went against the written policies of safety and security of operations.

This Act mandated that insurers provide written notice to policyowners, if an insured is 60 or older or is known by the insurer to be terminally or chronically ill, and if a policy owner requests to surrender the policy, request an accelerated death benefit under the policy, or when an insurer sends notice to the owner that the policy may lapse, that there are options to lapse or surrender available to them.

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To guard by themselves, the insurance coverage policy providers will boost fees when they discover a lapse in insurance policy coverage.