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What does matured policy mean in life insurance?
A matured policy is one that specifies a date on which the face value of the policy will be paid to the policyowner if the insured is still alive. The maturity date (and hence, the status of the policy becoming matured) will occur either at the end of a stated term, or when the insured reaches a specified age.
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Answer Mature. In insurance, a policy matures when its face amount becomes payable. This could occur upon the death of the insured, or in some forms of insurance such a…s endowments, as of a specified date.
When the policy matures, an attempt must be made to contact the policyowner at the last address the insurance company has. But if they have moved and not notified the insuranc…e company, after a few months, the maturity value of the policy will be sent by the company to the State that they operate in as unclaimed property. If the policy simply ends - such as with a term life policy - the policy will state the date when coverage ends.
Answer . It means if you have two or more beneficiaries, the last one living.
Answer . When an insurance policy's guaranteed cash value equals the initial death benefit, it is said to "endow" or mature. Whole Life contracts typically endow at the ins…ured's age 100. The most recent mortality tables for life insurance (2001 CSO - Commissioners Standard Ordinary) would endow at the insured's age 121. However the Society of Actuaries 2001 CSO Maturity Age Task Force recommended that insurance policies issued under the new mortality table assume all contracts will pay out in some form by age 100. Some policies have earlier endowment periods. These typically pay the face amount upon death or attaining a certain age or number of years, whichever is first. Life insurance is intended to help make a loss bearable. It is a mechanism for managing risk and should not generally be considered an investment.
The policy is no longer in effect. Any cash values have been used. You should be able to reinstate the policy within a period of 6 months by paying all premiums due from… the lapse date to the current time. Additionally, you will have to provide a statement of current health conditions on an insurance company form. If the the policy is still in the "grace period," (it has been less than 30 or 60 days since the last premium due date) you should not have to provide a statement of current health conditions - just pay the back premiums.
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.
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It usually means that you have pledged or sold the end of life benefit from the policy to guarantee an obligation such as a loan. Otherwise, there is not much difference… between an assignment and a beneficiary; You die, and the policy benefit gets divided up between the beneficiaries and assignees. Some insurance carriers don't make a distinction between the two. Assignment rules vary among insurance carriers, so if you are being asked to make an assignment, you may want to ask your carrier first. In any event, the carrier will require that you make the assignment or beneficiary change yourself; a third party can't do it.
In the context of a life insurance policy, it stands for Certificate of Death. It is significant because the occurrence that traiggers the insurer's duty to pay is the death o…f the insured. The Certiificate of Death is the official documentation of death which will satisfy that requirement of the policy.
You mean either covenant or caveat. Either way, you should contact the issuer of the policy.
If you have reached the age where your whole life policy matures, call your life insurance agent or the insurance company. They owe you a check. If you are talking about the e…nd of a term policy, you are owed nothing.
A Successor should be named in the policy as a person that personal property and monies will be transferred to after a decedent estate is distributed.
Although "health rider" is not really a term of art in the US life insurance market, in other places it refers to something like a critical illness policy that is annexed to a… life insurance policy. If the insured becomes ill or injured from a cause covered by the rider, the rider may allow the insured access to the life insurance proceeds to assist in the payment of medical expenses as they accrue. A rider of any sort usually is for the same duration as the policy. Therefore, as long as premiums are paid for the policy (and for the rider if it requires an additional premium), and the coverages began at the same time, they should be coterminous. Keep in mind, though, that the terms and conditions of the insurance contract always prevail.
You can buy any amount of life insurance that you want (and that you can afford). Policies can be as small as $500 or as large as many millions of dollars.
Life insurance is paid out upon your death. If you have whole life insurance (premium plus a savings component) perhaps there might be a time where no further premiums are req…uired--it is paid up. Best thing to do is to call the company and inquire as to what sort of policy you have.
If there is a policy on your life the person currently listed as the beneficiary will be paid upon your death. The person listed as the owner of the policy is the only one who… has the right to change the beneficiary. Usually the owner and insured are the same person but not always. You may wish to check on this and change the beneficiary if your situation has changed.