Does a paid up policy still guarantee coverage?

User Avatar

Wiki User

βˆ™ 2014-03-29 17:47:17

Best Answer

When a policy has attained paid up value, it will definitely guarantee coverage as prescribed in the policy bond paper.

User Avatar

Wiki User

βˆ™ 2014-03-29 17:47:17
This answer is:
User Avatar
Study guides

Which of these is an element of limited payment life insurance

Which technology tool allows people to download a television show to watch at a later time

Which of these is the best description of cash surrender value

Which of these forms lists the amount of Social security taxes that were paid during the year

See all cards
15 Reviews

Add your answer:

Earn +20 pts
Q: Does a paid up policy still guarantee coverage?
Write your answer...
Still have questions?
magnify glass
Related questions

What do you mean by insurance coverage?

You have insurance coverage if you paid the premium required for that policy. The coverage will pay appropriate types of claims during the period of time of that policy.

What the amount paid for the coverage under an insurance policy is called?

These are referred to as "premiums".

What if my policy finishes and I'm still alive?

What type of life policy do you have? If you have a term policy, the coverage is over, and the premiums you paid are gone. If you have a whole life policy ( to age 100) congratulations! The policy endows and you receive the cash. And, of course, there are variations of whole life which are "paid-up" over a certain # of years, or at a particular age (life at 65.)

If you total your car after your insurance is canceled will GAP insurance still protect you?

NO,, GAP Insurance is supposed to pay the difference between what your Auto Policy paid and any remaining portion of your loss after the Auto Insurance Policy has paid it's maximum. If No Auto Insurance Policy is in Place providing comprehensive and collision coverage then your GAP Policy is Null and Void. GAP coverage only pays in conjunction with your Auto Insurance Policy. No Auto Insurance! No Gap Payment

If you and your spouse are legally separated is the wife still covered under the health insurance until which time they are divorced?

As long as the premium is being paid on any person listed on a policy, that person is still covered. If one of the persons listed on the policy moves out of the "coverage area" (like out of the state) of the policy, it is possible that person could be excluded from coverage. Check with the insurance company for the details.

If a Father has motorcycle insurance on his motorcycle and his 19 year old son is not listed on the policy and drives the motorcycle would there be coverage if the son has an accident?

No, there will not be any coverage for the son as he was not listed on the policy and not paid the premium.(The coverage is for accidental damages to the driver). Bhanu

Can you have liability only car insurance in Michigan?

In state of Michigan, you can only have liability coverage if your car is paid off. Otherwise, you will have to purchase a full coverage policy.

How many months premiums do you have to pay to make the policy paid up life insurance till 90 years preium currently 1600 30 years left on life insurance?

To make a policy paid up depends on the length and type of the policy. If the policy is coverage for a year, then you would have to pay 12 months to have it paid up. For further information, please give our more detailed information regarding the type of policy and what type of coverage you bought.

Property Insurance Coverage for paid off property?

An Insurance Policy in an appropriate Property Line can certainly offer you security for your paid off property.

Do the laws about car insurance North Carolina say I have to have insurance on my car?

In most states, including North Carolina, you still have to maintain some form of car insurance coverage. If the car is paid off you can drop your policy from full coverage to liability insurance.

Will a benefeciary of a life ins policy be notafied if there is no coverage because premimums not paid up to date?

The Insurance Company may/may not intimate you about non-coverage due to premias not paid. It's your duty to contact the Insurance Co. for revival of the policy by paying arrear premias with interest, in your own interest.

Are defense expenses paid in a contractors professional liability policy?

A Professional liability insurance Policy, as well as a contractors General Liability Insurance policy will provide coverage for the cost of legal defense.

People also asked