Can the actual cash value of an extended term life policy be liquidated by the insured?
no there is no cash value in a term insurance policy
A Marine Insurance Policy is the actual contract of insurance between the insurer and the insured. Most of these policies are what is being referred to a Open Marine policies which means that the policy covers many shipments under one policy. An insurance certificate is issued for a particular shipment that the insured declares under the Open policy. The insured does not issue a policy for each individual shipment.
No. You do not own the policy. You will only receive the policy proceeds after the insured person dies.
What is the difference between a named insured and an additional insured on a general liability policy?
Attorneys will often say there is no difference, when it comes to extending coverage for legal liability. However, depending the specific additional form used there might be substanial differences in the portion of the general liabilty policy that is extended to the named insured versus the additional insured. For instance, older additional insured forms (CG 2010 11/85) extended coverage to the additional insured for "Products/Completed Operations". New forms use wording such as "ongoing operations of… Read More
Individual added to a life insurance policy other than the insured named in the policy. For example, an insured father can have a dependent son and daughter added to the policy as additional insureds. In many instances, adding an additional insured to an existing policy is less expensive than purchasing a separate policy for that insured. In property and liability insurance: another person, firm, or other entity enjoying the same protection as the named insured.
The insured is the person or entity who is covered by the insurance policy. The insurer is the entity (insurance company)that pays to, or on behalf, of the insured for a covered loss. That which is covered by the policy is set forth in the insurance policy.
Should the insured sign the policy delivery form along with the policy owner if the insured and the policy owner are not the same person?
No, the policy is delivered to the owner and only the owner has to sign, acknowledging receipt of the policy.
The person who took out the policy is the main or policyholder. Any persons added to the policy are considered additionally insured.
Only the POLICY OWNER can change the beneficiary on a life insurance policy. In most cases, the insured is also the policy owner, but it's not a general rule. The policy owner can be another person who is paying the premium (for example, a parent or guardian, spouse or other family member), or a bank, or a business. If the policy owner is not the same person as the insured, then the insured has no… Read More
It depends on which company your uncle is insured with, but typically with a standard insurance company you have to live in the household to be a listed driver on the policy. This is regardless of your relationship to the primary insured. If you are not listed on the policy as I driver you are still insured to drive his vehicles as long as you have permissive use.
Co-Insured The "Co-Insured" is another person or entity that is also covered under your insurance policy.
Not Necessarily no. If your spouse is not listed on the policy then it may be a matter of state law. Your Should contact your insurer and make sure your spouse is listed as a named insured on your policy if you want coverage extended to your Spouse. This will insure your spouse is covered and avoid ambiguity in the event of a covered loss. It also allows your spouse to discuss details of the… Read More
If i am insured and drive a vehicle belonging to someone that is not insured am i covered through my policy?
No. * i say Depends on your policy. Call your insurance person.
Yes, there is no bar in the insured person being beneficiary on another insurance policy.
Yes. The primary listed insured is also the owner of the policy. The primary insured can add or remove additional insureds as they see fit.
Yes, if the insured is also the policy owner.
A homeowners insurance policy will cover the interests of the named insured on the policy. It does not matter if the insured is a student or not.
Yes. Alamo, as most car rental agencies, is self-insured for the Extended Protection policies it sells and is assuming a contingent risk for payment of money. that is the definition of insurance.
Reinsurance may be purchased by an insurance company for an individual risk, a specific class of risk, or an entire book of business. In any case, the insurance company that purchases the reinsurance is the Insured. The actual policy holder(s) are unaware of the reinsurance arrangement.
Pure term life insurance. In this kind of policy, there is no cash value of the policy for the insured. The policy holder gets no tangible or monetary benefits as long as he/she is alive. Only the survivors of the insured can reap the benefits of this kind of policy. So, we can say that this type of policy has no cash value for the insured individual.
An insurance policy actually protects the policyholder's financial interests in the insured item, not the insured item itself. The insurer holds the balance of power in the creation of an insurance policy. Ambiguities in contracts of adhesion often favor the insured. The concept of utmost good faith only applies to the insured.
If you have an insurance policy purchased from an insurance company, some or all of the financial losses you incur will be reimbursed by the policy issuer. If you are self-insured you, or the company that is self-insured, is responsible for all financial losses and liability to others. Some self-insured companies are self-insured only for the first million or 5 million dollars, and have bought insurance policies to cover larger losses. Their annual insurance premiums… Read More
Only the owner of the life insurance policy can change the beneficiary designations. In many case the owner is the insured. Check your policy for the definitions or call your agent.
Is the car insured or is the driver insured My sister has a license and is driving my insured car but her name is not on my policy. Can she legally drive my car if I give her permission?
no she has to be on your policy , or if you are full comperhensive and she hold an insureance policy . then you can give her permisson to drive your car under 3rd party only
The beneficiary benefits financially from the life insurance policy by receiving the proceeds of the policy. The beneficiary is the person(s) or entity who is designated by the insured person to receive the proceeds from the life insurance policy upon the death of the insured person. The insured person also benefits from knowing (peac eof mind) they have secured financial protection for the beneficiary in case the insured person dies.
Double indemnity can be added to an insurance policy to allow the insured to receive a higher benefit.
"Claims Made Policy" - The Insured is indemnified in case a claim arises during the policy period, no matter when a claim may arise, the Policy pays the insured for the Claim, provided the policy is active since its retroactive date(inception date).
An insured contractor is a contractor who carries a Commercial General Liability Insurance Policy.
Yes. The legal owner must be named as an insured on the policy. It is illegal to insure the property of another where no insurable interest exists.
Yes, as long as she has a drivers license. You are the name insured on your policy all other legal drivers are allowed to drive your vehicle as an occasional driver.
If a policy is guaranteed renewable, the policy can be renewed by the insured regardless of health.
A named insured person can be an excluded driver on an automobile liability policy in New Mexico, if the policy holder wishes to remove a driver from the policy. The policy holder will have to notify the insurance company to make the changes.
No. your nanny is not a named insured on your home insurance policy.
Is there a lapse in coverage on an insurance policy if the policy was cancelled and then reinstated?
Technically, the policy lapsed. If a covered loss occurred before reinstatement, the insurer would arguably be justified in denying coverage. However, if the reinstatement was retroactive to the lapse date (which would probably occur if the reinstatement occurred quickly), and if you have been with the insured for some time, coverage may be extended to the intervening loss.
No state law will require whom the beneficiary is on a life insurance policy. This is up to the owner of the policy. it may be changed by the owner of the policy if they choose to do so as well. Remember that the owner and the insured is usually the same person but they don't have to be. Such as with a minor child. A parent would want to be the owner of the… Read More
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.
As an owner of a life insurance policy can you change the beneficiary after the death of the insured?
Perhaps this question could be rephrased. The answer to the question as posed is: after the death of the insured, the policy becomes void, and the benefits payable. The simple answer is no, you as the owner can not change the beneficiary after the death of the insured (subject of insurance).
Providing you DO NOT live at the same address as the insured (in Massachusetts)
No, a homeowner's policy lists both a named insured and an insured location.
When a insured person is not able to pay his/ her premium on time then his/her policy got surrendered by the insurance company. If after some time that insured person comes to company and ask to revive the policy then this revival/ reactivation is called reinstatement of the policy.
it means the owner of the policy.
The insured or the insured's legal guardians (such as parents) is the policy "owner".
If the policyholder (policy owner) is also the insured, then no one does. The policy proceeds (assuming the policy is in force at the time of death) are paid according to the designated beneficiary(ies), and the contract ceases to exist. If the policyholder (owner) is not the insured, then the policy ownership would flow according to the owner's will.
A "Named Insured" or "Insured" should defined by the policy and listed in the Definitions section of your policy. Generally it is the person listed on the declarations page, and permanent residenants of your household.
Am I considered an uninsured motorist If I am driving my son's car which is fully insured and driving with permission but I do not have insurance and at fault in an accident?
No. The car is insured and your son's policy will provide coverage up to its policy limits.
A life insurance policy is a contract between the insurer and the person purchasing the policy. The latter may be the insured or some third party who has an insurable interest in the life of the person who is insured. Essentially, an insurable interest means that the person who purchases the policy has a "stake" in the continued life of the person insured. That "stake" may be financial (for example, a child's or spouse's financial… Read More
The "insured" refers to a person or persons who are listed on the insurance policy for whom a premium is being collected.
Can you deny the benefits of an insurance policy if you are the owner so the beneficiary can collect the proceeds of the policy tax free after the insured is deceased?
I assume you are talking about life insurance. As the policy owner, you have no right to benefits so there is nothing for you to do. Benefits are only payable to the beneficiary unless all beneficiaries are deceased prior to the insured then it would be paid to the estate of the beneficiary. The owner of the policy basically has control of the policy before the insured dies. They are the only one who can… Read More
If you know the identity of the insurance company or the insurance agent that sold it to the insured, you can call. However, if you are not the insured, they will want to know the reason for your call and your authority to call on the insured's behalf. If the insured has died and you have reason to believe that you were the beneficiary of the policy, ask the insurer to send you a life… Read More
Can you have a car in your name with no license but some else driving it with a license and insured on it too?
Some insurance companies will allow the named insured to be excluded depending on the reason. The policy would need to be in your name if the vehicle is in your name. Any drivers must be listed as drivers on the policy but not as the insured.