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Depending on the type of life insurance policy, if a premium is due there is a grace period while payment can still be made to keep the policy in force. Grace period is usually 30 days.
If the policy has cash value, premiums can be paid out of the cash value. Once the cash value depletes the policy will lapse if no additional payments are made.
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The amount of money paid to keep an insurance policy is force is the?
basic premium
If you have an lic policy whose first quaterly premium has been paid if the policy is canceled by the holder will there be any money back of the premium paid?
It very much depends on the type of life insurance and the terms of the specific policy. In general, however, if it is a term policy, which has no surrender value, there will be no return of the premium because your life was insured for the first quarter of the policy, so you received value (coverage) for the payment you put in.
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.
How do you get refund from a lapsed policy?
Usually an insurance policy lapses when there is not enough premium paid or not enough cash value to keep the policy in force. So, if the policy lapsed, there is no refund owed to the policy owner if the policy had no "Return of Premium" or any cash value left. The premiums already paid into the policy were used to cover for the amount of time since policy issue until the moment it lapsed.
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 does the word premium mean?
Premium is an amount to be paid for an insurance policy or something given as an award.
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 contract in Insurance?
A paid-up policy is a whole life insurance policy for which no additional premium / payments are required to keep it in force.
What is the policy premium?
consideration paid by u 4 making contract enforceable
The amount of money paid to keep an insurance policy is force is the?
basic premium
If you never received a copy of your variable life policy is it considered valid?
Yes. You paid the premium. The Insurance Company will probably insist they mailed it to you. They do often make the agent complete a delivery receipt though.
If you have an lic policy whose first quaterly premium has been paid if the policy is canceled by the holder will there be any money back of the premium paid?
It very much depends on the type of life insurance and the terms of the specific policy. In general, however, if it is a term policy, which has no surrender value, there will be no return of the premium because your life was insured for the first quarter of the policy, so you received value (coverage) for the payment you put in.
How do you figure the amount of premiums paid into life insurance policy?
The premium is calculated on the basis of many factors. The insurance company will calculate the premium and inform you before you buy the 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.
How do you get refund from a lapsed policy?
Usually an insurance policy lapses when there is not enough premium paid or not enough cash value to keep the policy in force. So, if the policy lapsed, there is no refund owed to the policy owner if the policy had no "Return of Premium" or any cash value left. The premiums already paid into the policy were used to cover for the amount of time since policy issue until the moment it lapsed.
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 are the basic forms of whole life insurance?
Straight whole life is a whole life policy that provides a constant level of protection and level premiums throughout the life of the policy which is until death of the policyholder or age 100 as long as the premiums are paid. Limited pay whole life is a whole life policy in which premiums are paid for a set number of years at which the policy is considered paid in full. i.e. a 20-pay policy in which premiums are paid for 20 years and coverage is good for life. The shorter the period for premiums the higher they will tend to be. Single premium whole life is a whole life policy in which one substantial single premium is paid at the beginning and from that point on the policy is considered paid in full. This premium gives it an immediate cash value. Straight whole life Limited pay whole life Single premium whole life
