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What insurance provision prevents the beneficiary from changing or borrowing from the planned installments?
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What does insurance provision mean?
Insurance provision means the conditionality to be adhered to by both the insured and the insurer,as embedded in an insurance policy bond.
What is offset clause?
Offset clause is a provision in an agreement which allows for debits to be balanced against credits. This is most often found in insurance policies.
Is a beneficiary of a trust responsible for trust expenses?
You need to examine the trust instrument for any provisions that may address your question but generally the trust pays trust expenses. Those expenses should come out of the trust funds before the beneficiary is paid. You need to review the document that created the trust is order to determine what the provision are, how the trust is managed and the powers of the trustee.
Wash loan provision for insurance policy?
Not quite sure but I believe a wash loan is when you take a loan from your cash value life policy and pay it back with interest, most of the interest goes back into your own account with the insurance company taking a very small percentage.
Is the trustee of an irrevocable trust responsible for paying from the trust debts incurred by the deceased beneficiary?
Generally, no. Trust law is a very complicated category of law so this question can only be addressed in very general terms. A trust is administered by a trustee. Every trust is different. A well written trust will contain a provision that directs where the trust property will go upon the death of the beneficiary and the trust will terminate. Trusts do not generally allow the trust property to become part of the beneficiary's estate. Generally the beneficiary is allowed to receive the income from the trust during their life and upon their death the trust property is distributed to their children or other family members free and clear of the trust. You would need to review the provisions of the trust to determine what happens to the trust property upon the death of the beneficiary. If there is no such provision an equity petition must be presented to the court asking for guidance. Generally the petition explains the defect in the trust and may also contain evidence concerning what the trustor intended but failed to state in the trust document. A judge will review the trust and issue a decision. A beneficiary-decedent's estate is administered by a court appointed Executor or Administrator. That is a separate proceeding and the Executor or Administrator has no authority to reach into the trust for funds to pay the debts of the decedent. In fact, the purpose of a trust is generally to protect and preserve assets.
Who is the beneficiary in a life insurance contract?
The beneficiary is the person to receive the coverage amount when the person covered by the policy dies. In the first instance, the beneficiary is named by the applicant when application for the insurance policy is made. Unless the beneficiary designation is made irrevocable, the insured is free to change the beneficiary at any time until his/her death. Unless some provision of law or contract renders the designation of beneficiary irrevocable, the beneficiary does not have a right to remain as beneficiary and ordinarily cannot contest a subsequent change.
What type of policy can a owner and beneficiary be the same?
In any life insurance policy, though there is provision for appointment of nominee, on maturity the proceeds will be payable to the policy holder if he/she is alive. By this way, the owner of the policy and the beneficiary is the same person.
What does insurance provision mean?
Insurance provision means the conditionality to be adhered to by both the insured and the insurer,as embedded in an insurance policy bond.
Is an irrevocable trust terminated if beneficiary dies before the trustor?
You need to review the terms of the trust to determine how it must be managed. A well drafted trust will include a provision for an alternate beneficiary if the primary beneficiary dies or it will include a provision for the termination of the trust and distribution of any remaining trust property.
What happens if sole beneficiary dies before estate is settled?
If the beneficiary died after the testator you must review the will to make certain there is no set time period the beneficiary must survive the testator. If there is no such provision then the gift becomes part of the beneficiary's estate.
What are the provisions of an insurance policy called?
A provision of an insurance company is often called an automatic premium loan. A provision is often added to life insurance policies as a rider on an insurance policy that has a cash value.
Insurance policy containing a provision for bodily injury?
Damaged
Can life insurance proceeds be taken away if the beneficiary has judgments against them?
Generally, almost any property can be reached by a creditor if they can find it. There is usually a statutory provision that allows a creditor to attach property of a debtor that is in the hands of some third party. In Massachusetts it's called trustee process.
The entire life insurance contract provision is not complete without a copy of?
Application
What is restoration of benefits provision in health insurance?
its a provision that allows an insured to restore a certain amount each year for coverage limits lost due to previous claim payments.
What has the author Ana Rute Cardoso written?
Ana Rute Cardoso has written: 'The provision of wage insurance by the firm' -- subject(s): Unemployment Insurance
What are the names of some Business Insurance Providers in the UK?
There are several companies that offer business insurance provision, such as AVIVA. Similarly, companies such as AXA and Hiscox also offer business insurance.
