0
Add your answer:
Earn +20 pts
What does it mean to surrender a life insurance policy?
It means you want to cancel the policy. If there is cash value in the policy, surrender charges will be deducted from the cash value and you will get the remaining balance.
What is the cash value in an insurance policy mean?
The cash value is the amount of money your insurance policy is worth to the owner of the policy if the insurance is cancelled and the policy terminated. The insurance company will mail a check to the to the policy owner upon policy termination or cancellation by request of the owner. I would strongly encourage you to consult a professional in your area before cancelling an existing policy. There may be other options and alternatives to access the value of the policy without cancelling the insurance policy.
Can you get credit from life insurance policies?
Not sure what you mean credit? Some allow you to take out a loan or actually cash in the policy. Contact the issueing agent.
How can you cash in a life ins policy?
Presuming that you mean that you wish to cash in the policy prior to death, there are a few options, including. 1. If whole life insurance is involved, you may be able to borrow some or all of the accumulated cash value. The policy will provide for an interest rate that will be charged for the period that the loan is outstanding. The insured can, and probably should repay the loan, but it does not have to. If the loan is not repaid, the interest will accumulate on the amount borrowed, and over a long enough period of time, will deplete the death benefit payable. 2. There exist life settlement companies which buy in-force life insurance policies. Funds are paid based upon several factors, including the age of the insured, the insured's expected life expectancy, the insured's health, and the amount of insurance. Naturally, the amount paid for the policy is less than its face value. It is important to check the background of and history of complaints against the life settlement company, and to get several quotes from several companies. It is also important to check with the insurance regulatory authority of the state to determine if the company is authorized to conduct business in the state. 3. Most whole life insurance policies specify a "surrender value", which varies depending upon how long the policy has been in force and premiums paid. This involves essentially turning the policy back to the insurer in return for payment of the surrender value.
What does hazard insurance mean in a mortgage?
It's referencing your House insurance. Homeowners insurance is also known as a Home Hazard Insurance Policy.
What does it mean to surrender a life insurance policy?
It means you want to cancel the policy. If there is cash value in the policy, surrender charges will be deducted from the cash value and you will get the remaining balance.
If you let a life insurance policy lapse and then later have it reinsted how long do you have to wait before you can sell that life insurance policy?
What do you mean "Sell" the life insurance policy? Once it is back in force and you are the owner, you can cash it in at any time if there is in fact a cash value. I guess you would have to better define what you mean by selling it.
What is the cash value in an insurance policy mean?
The cash value is the amount of money your insurance policy is worth to the owner of the policy if the insurance is cancelled and the policy terminated. The insurance company will mail a check to the to the policy owner upon policy termination or cancellation by request of the owner. I would strongly encourage you to consult a professional in your area before cancelling an existing policy. There may be other options and alternatives to access the value of the policy without cancelling the insurance policy.
Can you get credit from life insurance policies?
Not sure what you mean credit? Some allow you to take out a loan or actually cash in the policy. Contact the issueing agent.
What does the term 'selling endowment policies' mean?
Selling your endowment policy or endowment surrender essentially involves selling the annuity back to the insurance company for a set value determined by a formula.
What does Viatical settlements mean to life insurance?
Viatical settlements, or life settlements, are done when people have a terminal illness. In such a case, the person will sell their life insurance policy to obtain ready to use cash.
What does NIL mean on an insurance policy?
Nothing
What does ee mean in an insurance policy?
If it is health insurance quote. It means Each Employee
What does effective policy date mean?
The Policy effective date is the date that your insurance coverage started under that policy.
What can Life insurance can be used to pay off?
If you mean, can you use an insurance policy itself to pay for something, that would be unusual, although you can make any kind of deal that you want, if the other party agrees. Some kinds of insurance policies have cash value and can be cashed in even while the insured person is still alive; these are called "whole life" policies, as distinct from term policies. Cash it in, then spend the cash, however you like. Otherwise, the insurance policy will eventually pay a death benefit. That may, of course, be too late to be useful to you, especially if you are the insured. You can't spend money after you die.
Can you take out another policy when on mobility for another car?
Presuming you mean Insurance policy, then Yes you can.
What does it mean to have a standardized insurance policy?
An insurance policy would be called standardized, when it covers all the salient international features/standards as laid down by the insurance authority of the country.
