0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Is the premium steady or lower in a straight life policy?
"Straight" = "steady" here.
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
What are the advantages of a Limited-Payment Life Insurance Policy?
the savings component grows more rapidly during the premium-paying period than in straight life
When would a 20 pay whole life policy endow?
A limited-pay whole life policy, just like straight life, endows for the face amount if the insured lives to age 100. The premium is, however, paid off in 20 years,
What is the executor on a life insurance policy?
The Policy Holder of a life insurance policy is the executor of the said policy.
How can you determine if you are a beneficiary of a life insurance policy?
The beneficiary of a life insurance policy is designated when the policy is taken out. After that the policy owner (usually the insured but now always) can change the beneficiary by completing a change of beneficiary form. The company processes the change then sends you an amendment showing the change. Normally you put this amendment with the policy as it becomes part of the policy. If the policy owner kept their records straight then you could look at the policy and see the latest amendment to find out who the current beneficiary is. If your not sure the policy is kept up to date you can contact the company and see who the latest beneficiary is on the policy.
Which of these types of insurance is also known as ordinary of straight life insurance?
Straight / Ordinary life insurance usually means that the death benefit and the premium payments are fixed for the lifetime of the insured. Examples of this is what is known as a "whole life policy." It's not the most economical way to buy insurance, but it's certainly predictable.
It is not important to have a life insurance policy.?
It is not important to have a life insurance policy.
What is portable life insurance?
A life insurance policy is "portable" when upon leaving the group policy, you transfer your life coverage to an individual life policy with the same insurance carrier with no changes to the policy or increase in premium.
What is an unmatured life insurance policy?
The life insurance policy has a maturing date that determines the time it takes for a policy to accumulate the amount of money essential for the policy. An unmatured life insurance policy is one that hasn't yet reached the end of its policy.
Can the executor get the amount of the life insurance policy?
NO.. unless the policy does not have nomination. Only nominee will get the proceeds of life insurance policy.
If a life insurance policy owner dies what happens to the policy?
if the owner of a life insurance policy dies and the policy is on her son. What happens to the ppolicy and is it part of the estate.
