0
If you take out a 50000 whole life insurance policy and pay one annual premium then die what do your beneficiaries receive?
Gerib
Assuming no fraud had been commited at the time of application, the ins co. will pay the face amount ($ 50k) plus any "unearned" part of the annual premium.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
If you take out a 50000 whole life policy and paid one annual premium and you die one year later what do your beneficiaries receive?
One year later you are still within the contestibility clause so as long as you did not die of a undisclosed pre-existing health condition than your beneficiaries would receive the full $50,000. Or suppose you lied on the application and said you did not smoke and in fact you did, the insurance co. may pay the claim based on how much insurance your premium would buy at smoker rates. If not, your beneficiaries would receive a return of premium.
What is an auto insurance yearly premium?
An auto insurance premium is how much you are paying to receive coverage from the insurance company. While some companies offer semi-annual premiums, others will offer annual premiums. Each coverage you elect to carry will have their own premium amount. The total premium is found by adding all of these premiums together.
Which term is defined as the payment an insured makes to the insurance company on a regular schedual?
that is the insurance premium (can be monthly, quarterly, semi-annual or annual premium).
What is the accounting journal entry to record financed annual insurance premium?
Debit annual insurance premiumCredit cash / bank
What are some different types of insurance terms?
The different types of insurance terms are "Annual renewable term" and "Level premium term." The Annual renewable term usually has the lowest annual premium to start and the Level renewable term lets you lock in your premium for that period.
If there is a policy that is three months old and you cancel it will there be any money back?
Depends on the mode of premium...that is, did you pay an annual (yearly) premium, a semi-annual, quarterly or monthly premium? Whichever mode you used, the insurance company will (should) refund the "unearned" amount you paid. For instance, if you paid an annual premium (12 months), and you cancel after just three months of coverage, then you should receive a refund equal to nine (9) months woth of premium, etc.
What is the formula for annual premium?
Annual Premium= Annual Base Premium * Driver-Rating Factor To get annual base premium the formula is... Annual base Premium= Liability Premium + Collision Premium + Comprehensive Premium.
A fire insurance policy has an annual premium of 780 what is the regular refund if the policy si canceled by the insurance company after five months?
Premium = insured value / $100 * Rate
A fire insurance policy has an annual premium of 780 What is the regular refund if the policy is canceled by the insurance company after five months?
An insurance premium is the amount that the buyer pays the company monthly or annually which keeps the policy in effect. If a person paid a 780 dollar annual premium which was canceled after 5 months, they would be owed a 455 dollar refund.
What is annual renewable term insurance?
It implies that it is not a single or one-time premium policy and you are pay annualized premium for the renewal of the term policy.
What is the formula for insurance premium calculation?
The formula for calculating insurance premium uses the DRF and the 6-month basic rate. It is:p = 2rbwhere p is the annual premium, r is the DRF, and b is the 6-month basic rate.
How do I receive subsidies for health insurance?
You can determine your subsidy level while you are attaining a new insurance policy. New laws allow either monthly subsidies on your health insurance premium or annual tax credits.The toll free telephone number for subsidized health insurance is 866-945-4175.
