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Who is the deductible paid by?
The deductible in a person's health insurance policy is paid by the owner of the policy. This means that the person who purchases the policy is responsible for the deductible fees.
What is paid up value in insurance policy?
When a policy is taken out, it is taken out with an agreed sum assured. If you allow your policy to lapse due to the stopping of premium payments then the sum assured is reduced to give you a lower value (this is seen as a contract breach and is effectively the penalty you have to pay)The reduced sum assured is referred to as "the paid up value"
When a reduced-paid up nonforfeiture option is chosen what happens to the face amount of the policy?
IT IS REDUCED TO THE AMOUNT OF WHAT THE CASH VALUE WOULD BUY AS A SINGLE PREMIUM
What exactly is a life insurance company?
A live insurance company is a company that holds a "life insurance" policy on a person. The policy is taken out by a person and fees are paid. And, if for some reason the person's life ends, the policy is paid out to the beneficiaries as long as the death was not done on purpose.
If you take reduced paid up insurance is their a taxable gain?
No - only if you "cash out" the policy. Then you would owe taxes on the gain.
Can insured person receive money from whole life policy before death if policy is paid up?
yes
When does life policy expires?
It depends on the policy. If it's a 'term' policy, it will mature at the end of the term - meaning the policy holder stops paying premiums, and gets a final lump sum. If it's a 'permanent' policy - premiums are paid until the death of the insured person - when the benefits are paid to the executors of the insured person's estate.
When is life insurance paid?
If you are the "insured" or the person that is listed on the life policy for whom the premium is being collected, your "benficiary" that is predetermined by you will be paid the amount of the policy upon your death. If you are a beneficiary, then you will receive the policy amount upon the death of the insured.
Is Policy No 39 18307372 for beneficiary Marie F Welch paid up industrial policy available to claim?
Usually paid up IB policies will be claimable as long as you can provide the policy document and proof the policy has become paid up for a reduced sum assured. a Premium receipt book might also help you out, i work for a well known insurance company who have a closed book department which deals with these types of policies every day. as long as the policy hasn't been paid out previously there should be money owed.
How are homeowner claims paid to person who had deed but not policy?
Homeowner insurance claims are paid to the policy holder, in a condo and the damages are being reimbursed by the association the deed and title holder gets the refund
What happens if you have a property policy for 500000 and the actual valueof the property is 800000 and a total loss occurs?
You would not be paid more than the limit on the policy you paid for.You would not be paid more than the limit on the policy you paid for.You would not be paid more than the limit on the policy you paid for.You would not be paid more than the limit on the policy you paid for.
What is surrender value in accounting in joint life policy?
it is an amount paid by insurance company to person who has voluntarily terminate his policy before maturity
