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No. How can they prove that nothing was received, if nothing was received? The person who was supposed to pay for the policy should have cancelled checks or bank statements indicating that premiums were paid.

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โˆ™ 2015-07-15 21:12:21
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Q: Does a life insurance have to prove that premiums were not paid?
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Are taxes taken out of life insurance?

Personal life insurance proceeds are generally paid out free of income taxes as long as the premiums were paid with after-tax dollars. But if a business paid the premiums and deducted the premiums as an operating expense, then the life insurance proceeds would be taxable to the beneficiary.

Are life insurance premiums paid tax deductible by a business?


Does life insurance expire when you change jobs?

Not as long as premiums paid.

What is a paid up insurance policy?

A paid up insurance policy is a life insurance policy under which all life insurance premiums have already been paid, with no further premium payments due on the policy.

What is Paid up value?

If you are talking about Life Insurance, Paid Up, means the Life Insurance no longer needs Premiums paid as it is all paid up to sustane the policy for the duration chosen.

What is the journal of life insurance premiums 6000 was paid on behalf of owners?

Drawings A/C Dr To, Cash A/C .... (Being life insurance paid on behalf of the owners.)

What is paid to the insurance company?


Can you deduct group insurance premiums on taxes?

Depends on how you paid the premiums. If you paid the premiums on a pretax basis, then you cannot declare the premiums. Many COBRA payments, retiree insurance payments and so on can be deducted.

What is paid up value in a life insurance policy?

The paid up value of your life insurance is the point at which no further premiums have to be paid. It can occur either by paying all of the premiums in a lump sum or by paying all of the premiums due in instalments. The precise value of a paid up policy is a fanction of the face amount of the policy, less policy loans or accrued earnings, if applicable.

Do you have to pay taxes on life insurance inheritance?

Taxes on a individual life insurance policy is generally not taxable in any manner. A main factors in deciding the taxabiity of this is who paid the premiums for the life insurance and whether or not it was deducted on a tax return. If the premium was paid through a group life plan where the employer paid the premiums entirely then it would be taxable. Most employee benefit plans are set up by professionals who are aware of such things and make sure that the small premiums for the life and disability insurance are paid by the employee with after tax money so that tax problems do not arise.

What is it called when a insurance policy is paid up?

"Paid up" is actually the terminology used in the insurance industry when describing a policy that no longer requires any premiums. When a policy is "paid up", there are no further premiums required for the policy to continue on for what should be lifetime. This can only occur with permanent forms of Life insurance such as Whole Life, Universal Life and Variable Universal Life.

How do you keep my policy as paid up?

A life insurance policy becomes paid up when all premiums as defined in the policy bond have been paid in full.A life insurance policy ought to be paid up before maturity for smooth disposal of maturity amount to the policy holder or its nominee. Premiums for a life insurance policy should be paid up for a minimum period of 3 years to attract surrender value.

Insurance policy life cycle?

What about it? Apply Issued Pay premiums Die death benefits paid.

Can a nursing home owner seek reimbursement from medicare for insurance premiums paid for laibility insurance?

No, Medicare does not reimburse liability insurance premiums.

What insurance policy requires payment of premiums to be paid for a specific time period?

They are called 'Limited Payment Life Insurance Policy' where premium has to be paid for a specific time period.

What is a insurance 770 plan?

A 770 insurance plan is a whole life insurance plan. The life insurance plan is set up as an annuity. When seven years of premiums are paid the plan will pay for itself.

Can you have a life insurance policy if you receive social security?

You can you need to pay the premiums yourself. However you cannot have income from a life insurance policy that has been paid to you as that is declarable.

How does a life insurance company make money?

A well run life insurance company makes money in two ways: from underwriting profits, which is the excess of premiums paid in minus losses paid and by investment income, which is the money earned on premiums that have been invested before they are used to pay claims.

What are life insurance premiums?

A life insurance premium is the amount of money that is paid, on a periodic basis, to an insurance compasny in return for insurance coverage on a person's life. Provided that premiums are paid as and when due, the insurer is obligated to pay to the beneficiary(ies) the face amount of the policy. The amount of premium payable is determined primarily by the amount of life insurance purchased and the risk factors (age, medical history, etc) of the person to be insured under the policy.

Do you have to pay taxes on a partial life insurance paid out due to total disability?

If I'm not mistaken, life insurance is paid out on death. It may have a clause that pays the premiums on it in event of disability, but that, like a policy that pays you on disability, is basically under a disability insurance benefit, not life insurance policy.

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.

What is 20 Pay life policy?

This type of policy is also referred to as a limited pay life insurance policy. Life insurance premiums are paid for 20 years then the policy is paid in full and no futher payments are required. The policy remains active until it is paid out or cashed in.

How does a life insurance policy lapse?

A life insurance policy lapses when you stop paying premiums, or if cash value depletes and no more premiums are being able to be paid from the cash value. Usually, there are 30 or 60 days of grace period before lapsing.

What are the examples of cash value insurance?

Cash value insurance can be "whole life insurance" or "universal life insurance". There are few differences on how the funds are invested and if dividends can be paid that would increase the cash value, but both types of permanent life insurance can accumulate cash value. There is also a type of term insurance that has a "return of premium" feature that will return all premiums back at the end of the term. This type of term life policy is not actually accumulating cash value because you only get back the premiums you paid.

Are private disability insurance benefits taxable?

Individual disability insurance benefits are not taxable, because the premiums are paid with after-tax money. The employer paid disability insurance policies have taxable benefits due to the fact that premiums are paid by the employer with pre-tax money.