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Are payments made to an insurance company in return for coverage?
Wiki User
∙ 14y ago
yes it is
Wiki User
∙ 14y ago
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What is return of premium?
Return of premium life insurance is a type of term life insurance policy that returns the premiums paid for coverage if the insured party survives the policy's term.
Does homeowners insurance pay off your mortgage if you are sick and dying?
Homeowners insurance does not provide any coverage for paying the mortgage payment - it only covers damages to the house itself. For coverage to pay off the mortgage in case of illness, accident, or death, you need disability coverage and/or life insurance. Disability coverage will generally pay a monthly benefit for as long as you are unable to return to work due to injury or illness, while life insurance pays a lump sum to your beneficiary upon your death.
What is the average return of premium life insurance?
Return-of-premium life insurance is like an ordinary life insurance policy, but payments made on premiums are returned to the insured individual if the policy ends and they are still alive. Thus, return-of-premium life insurance policies do not punish one for outliving their life insurance. The average such policy might cost 25% to 50% more in premiums, compared to an ordinary life insurance policy.
What describes a financial product offered by insurance companies that in return for an investment provides fixed payments each month for the remainder of a person's life?
Lifetime annuity
What does insurance companies do with the monthly payments they receive from customers?
Those payments are referred to as "premiums". The premiums are paid in return for the insurance company's promise to pay the face amount of the insurance upon the death of the person insured. The premiums charged by an insurance company are required to be "actuarially sound". This means that the premiums collected for all policies of a particular type and covering similar kinds of risks (for example, people with no health problems), together with income earned on the premiums, has to be enough to pay expected losses. Insurance companies are permitted by the laws of the states in which they do business to invest a part of premiums collected in conservative investments. The earnings on those investments adds to the "surplus" of the insurance company and helps to keep it financially sound. In turn, the number of policies that the company can issue (its "risk exposure") is a finction of its surplus and certain other factors specified by the insurance laws of the states in which it operates. A certain amount of the premiums are also applied to the ongoing business expenses to operate the company.
What is an allianz variable annuity?
Variable annuity is a life insurance plan where you make series of monthly payments or a lump sum. and in return the insurance company makes periodic payments to you immediately or in the near future.
What is the meaning of variable annuities?
A Variable Annuity is an insurance contract in which at the end of the accumulation stage, the insurance company guarantees a minimum payment. The remaining income payments can vary depending on the performance of the managed portfolio.
WHAT DO YOU MEAN BY ANNUITY?
An annuity is a contract between you and an insurance company in which you pay a lump-sum payment or a series of payments in exchange for regular payments, which can start right away or at a later date.
What is the difference between a warranty and insurance?
the difference between a warranty and insurance, is a warranty is when you can return it to either get another or to just return it. insurance is when you have coverage over the object or living being.
What is return of premium?
Return of premium life insurance is a type of term life insurance policy that returns the premiums paid for coverage if the insured party survives the policy's term.
Are there any motorist insurance programs in Pennsylvania that I may apply for?
Simply stated, automobile insurance is a contract between you and your insurance company that protects you against financial loss if you are in an accident. Auto policies contain a variety of coverage's that can be purchased depending upon your needs and wants. You agree to pay the premium, and in return, the insurance company agrees to pay for certain expenses as defined in your policy. Having the right insurance coverage may prevent you from suffering a large financial loss in the event of an automobile accident.
I lost your inusrance qoute can you get a new one?
If you have lost insurance coverage by one company, you can likely replace it with a similar product from another company or by seeking competitive quotes from an insurance broker. Also, most states offer bare-bones automobile insurance for those who are unable to obtain it from traditional insurance companies. If you have obtained a quote from an insurance company and misplaced it, you can likely call the broker and ask for another copy or return to the website where you received the original quote.
What is a w-9 form?
The W-9 is an IRS Request For Taxpayer Identification Number form. A company making payments to a person/company may be required to file an IRS information return (such as a form 1099) about those payments. In order to complete that return, they need to know the recipients federal taxpayer number. So the company making the payments sends a W-9 to the person receiving the payments. That person completes the W-9 and returns it to the company.
How do you determine how much life insurance you need?
= To top it all, 5 yrs after you've fully paid, you may opt to get the the whole amount of your Insurance Coverage and the whole amount of premiums you've paid plus dividend it will earn, will be return to you = = (ROP: Return Of Premium . If you choose to get only the ROP and its earned dividend your full coverage will still earn interest and that you can live to your family. Please visit the Life Insurance web page and know the amount of Insurance Coverage you can get for a certain amount of premium. = = = = and = = after you get more than 1/2 of your coverage =
Does homeowners insurance pay off your mortgage if you are sick and dying?
Homeowners insurance does not provide any coverage for paying the mortgage payment - it only covers damages to the house itself. For coverage to pay off the mortgage in case of illness, accident, or death, you need disability coverage and/or life insurance. Disability coverage will generally pay a monthly benefit for as long as you are unable to return to work due to injury or illness, while life insurance pays a lump sum to your beneficiary upon your death.
Would life insurance pay beneficiary if medical issues were not disclosed?
If you answered all questions on the life insurance application honestly, there should not be a problem. If however, some questions were not answered truthfully, and the medical issues not disclosed on the application led to the death of the insured, the life insurance company may dispute the claim, and not pay it. This situation may be considered a material misrepresentation. If information was not disclosed to the insurance company regarding a medical problem of the applicant, that would have caused the insurance company to decline the applicant for coverage, this would be considered a material misrepresentation of the facts. Depending on the medical issue not disclosed, and if it directly led to the insured's death or not, the insurance company may dispute payment, or deny coverage and return all premiums paid with interest, or pay the claim. It's always best to answer all questions truthfull when applying for life insurance.
What is the average return of premium life insurance?
Return-of-premium life insurance is like an ordinary life insurance policy, but payments made on premiums are returned to the insured individual if the policy ends and they are still alive. Thus, return-of-premium life insurance policies do not punish one for outliving their life insurance. The average such policy might cost 25% to 50% more in premiums, compared to an ordinary life insurance policy.
