It is calculated based on existing conditions, family history, possible genetic conditions, dangerous working conditions, et al. Basically, the more probable you are to get sick and/or hurt determines the risk of death.
A third party can't buy a life insurance policy as they have no insurable interest; such as grandparent's taking out a policy on their grandchildren. As to taking out a policy when they're dying, the policy plan would prohibit issuing the policy.
No, an accidental death would be covered by your life insurance policy.
viaticle
For the Dave Ramsey "Name That Investment" worksheet, the answer is VIATICALS. :)
You would check out the written policy to see which it was. Accidental insurance is much cheaper than the other, because dying by accident is less common.
You could submit a claim but that usually means dying first. Short of dying, you could surrender the policy for its surrender value. The surrender value depends on many things but it starts a zero when the policy is bought and grows to the face amount as the policy ages. The hardcopy of the policy should show a face amount but will likely also include a schedule for the surrender value. If the hardcopy of the policy can't be located, a call to the company is in order.
No. There is usually a maximum age until which only you can get a life insurance policy. It is usually between 50 to 60. Insurance companies usually dont give policies to people who are aged above 50 years due to the imminent possibility of the policy holder dying of natural causes (age/disease etc)
The beneficiary position is that they will receive the proceeds of the life insurance policy after the death of the insured. Until the death they have no other "position". After the death they must file a claim by contacting the company and following their instructions.
The target market of insurance companies are people who have possessions and may wish to insure them. Anyone with a car, a home, a job, a field of crops, a hope of retirement or a fear of dying could benefit from purchasing insurance. Insurance companies may target affluent individuals or families to offer insurance products to them. Insurance protects individuals from bearing the loss of unfortunate events.
Your homeowners insurance policy typically does not provide coverage for maintenance and pruning of your landscape or its associated foliage. This is a maintenance issue and needs to be paid for by the homeowner.
You are going to have to find out what Life Insurance Company he had insurance with. There is not a database that has all policies listed. I would suggest that you look through his papers, any safety deposit box, and his financial records. Financial records would be the first place I would suggest. He had to pay the premiums for the policy. Most life insurance policies are paid by ACH withdrawal from a checking account. Look at his past bank statements and see if you can find a withdrawal for the same amount each month. This is assuming he had an individual policy. If he was working, he could have had a group life insurance policy. Contact his employer and see if he had a policy through them or an individual policy that was paid through payroll deduction. I hope these help and please accept my sincere condolences for your loss.
Scott Foley