When a policy has attained paid up value, it will definitely guarantee coverage as prescribed in the policy bond paper.
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.
These are referred to as "premiums".
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.)
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
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.
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
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.
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.
An Insurance Policy in an appropriate Property Line can certainly offer you security for your paid off property.
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.
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.
A Professional liability insurance Policy, as well as a contractors General Liability Insurance policy will provide coverage for the cost of legal defense.