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annuity
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∙ 2012-10-25 18:40:19
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What is the periodic payments made to keep an insurance policy in effect called?
premium
What type of insurance contract requires a lump some or periodic payment in exchange for receiving periodic payments from the insurance company?
That could be an annuity, or a permanent life insurance policy.
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.
Can a life insurance policy owner cash in a policy if the beneficiary has been making the payments?
Depends on who the owner of the policy is.
Which type of insurance contract requires a lump sum or periodic payment in exchange for receiving periodic payments from the insurance company?
As you have described it, this sounds very similar to an annuity.
What is the term for periodic payment to keep insurance policy in force?
premium
Can you receive disability payments if you already receive social security payments?
Yes, if you have a disability insurance policy with a "base benefit" that does not integrate with social insurance benefits.
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.
Can a minor child have their own insurance policy?
A parent or other adult can purchase insurance for a minor. A minor might not be able to make the payments on a policy.
Which type of insurance contract requires a lumps or periodic payment in exchange for receiving periodic payments from the insurance payment?
Whole Life, Universal Life, as well as Annuities can be used for this purpose.
What is special about a universal insurance?
Universal life insurance is special in that it allows the policy owner to alter the time period and amount of premium payments as well as the death benefit and you can do this while the policy is in effect. However the altered payments must be with limitations of the company you are getting the insurance through.
Which type of insurance contract requires a lump-sum or periodic payment in exchange for receiving periodic payments from the insurance payment?
Whole Life, Universal Life, as well as Annuities can be used for this purpose.
