answersLogoWhite

0


Best Answer

Has the policy been issued? Or, do you mean the payment with the application - conditional receipt? The conditional receipt explains the details. If policy issued, then immediately, as long as you are in the same health as when the application was made.

User Avatar

Wiki User

16y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: Upon payment when is does life insurance become effective?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Continue Learning about Finance

How does mortgage insurance protect a homeowner?

Mortgage insurance protects a homeowner in one of two ways depending upon what type of insurance it is. Mortgage insurance is one of two types. Mortgage life insurance pays off the mortgage in the event of death. Payment protection covers job loss or disability of homeowner.


What parties are involved with dental insurance?

Generally, the parties would be the insurance company, the insured and the dentist. However, depending upon the nature of the policy, there may also be an entity, such as a third-party administrator that is responsible for pre-approving procedures and issuing payment to the provider.


Why should one get mortgage insurance protection?

Mortgage insurance protection comes in handy if you happen to lose your job or become disabled. If you die the insurance will pay off your mortgage as well. Basically it depends on how healthy you are and if you want the security of knowing your house will be taken care of if illness falls upon you. Mortgage insurance protection is not necessary.


Can you stop a good for payment cheque?

No. A good for payment is automatically paid to the beneficiary upon the maturity of the check. A bank undertakes the responsibility that it will not stop the payment of the check under any circumstances.


Can you repay a loan with a partial surrender on a life insurance policy?

Some types of life insurance develop cash value; these are called whole life policies. Term insurance has no cash value. So it depends upon the kind of life insurance you have, and it may also depend upon how long you have been paying premiums.

Related questions

Where could one get car insurance with a low down payment?

Car insurance companies do not require full payment upon acceptance. They do however ask for a down payment. If you go through a 3rd party you maybe able to get car insurance without a down payment.


What is the lowest monthly payment for USAA insurance?

USAA is an insurance company. Monthly payments are dependent upon the customer and the specific insurance plan that they have. The best thing to do is to visit the USAA website to get a personal quote.


When is payment due under cif shipment terms?

CIF stands for cost, insurance, and freight. Under CIF shipping terms, payment for products are paid upon delivery of goods.


How does mortgage insurance protect a homeowner?

Mortgage insurance protects a homeowner in one of two ways depending upon what type of insurance it is. Mortgage insurance is one of two types. Mortgage life insurance pays off the mortgage in the event of death. Payment protection covers job loss or disability of homeowner.


What would be the down payment of a 80000 dollar car if you have decent insurance and credit and all that?

The down payment will depend upon how much you want your payments to be. Most places like to see around 20%, which would be around $16,000.


If you own a life insurance policy on your spouse and you die first do they become new owner?

== == I depends upon what her will says.


If secondary agreed upon insurance is lower than the primary insurance agreed upon price which one can the provider bill the paitent?

Primary has to process and pay claims first then secondary will process and pay leftover expenses according to their policy provisions. The secondary sometimes excludes payment towards a primary policy deductible.


What parties are involved with dental insurance?

Generally, the parties would be the insurance company, the insured and the dentist. However, depending upon the nature of the policy, there may also be an entity, such as a third-party administrator that is responsible for pre-approving procedures and issuing payment to the provider.


Which type of insurance is designed to replace the loss of income from a deceased family member?

Life insurance is designed to replace the loss of income from a deceased family member. It provides a lump sum payment to the beneficiaries upon the death of the insured person. This can help cover financial expenses and provide for the surviving family members.


Why the individual must survive for 3 years for a will to be effective?

A testator doesn't have to survive for three years for a will to become effective. Generally, a valid will becomes effective upon the death of the testator. The gift to a beneficiary becomes effective upon the death of the testator once the debts of the decedent have been paid. Some wills require that a beneficiary must survive the testator for 30 days in order for the gift to be paid over but that provision must be included in the will.


What auto insurance companies pay claims in a timely manner?

Auto insurance companies are incentivized to delay the payment of claims because it gives them longer to dispute the claim, and could induce the claimant to accept a lower amount due to financial necessity. The question about how to get reimbursed faster probably depends more upon the facts of the individual accident than it does upon which insurance company you are dealing with. The more clear-cut the case is, the less they can dispute it, the faster you get paid.


What is advance payment upon delivery?

You pay in advance then it will be delivered!