HO-15 is an endorsement that can be attached to home owner's policy form HO-3. It provides the broadest form of protection to your home but can be very expensive. This offers more protection than the HO-5 policy form.
It would be whatever the death benefit is on the policy unless the death was due to pre-existing conditions or if the insured lied on the application in which case a return of premiums is all that the beneficiary would receive.
A product policy is a set of rules on how a product or service is promoted to consumers. A product policy would generally contain information about the product and how it would benefit the target audience.
Face value and death benefit are essentially the same. Commonly, the death benefit will be the same as when it was issued, regardless of the impact of changes in the economy ( inflation ) or the number of years since it was issued. The face value may be increased if the policy earned dividends - this will be stated in the policy - and they chose to have them remain with the policy. If the dividends were paid out to the policyowner each year when earned, then the original face value remains as the death benefit. The amount paid out as the death benefit will be decreased by any loan taken, plus interest, and any outstanding premium due. Of course, if she stopped making premium payments, the policy may not have been inforce on the date she died. As many relatives find out when their loved one dies, simply having a copy of the policy doesn't guarantee that any benefit exists. Again, with all insurance policies, a rep from the insurance company issuing the policy would be the best person to speak to on the policy.
If a person dies in a manner not covered by the policy, there would be no payout.
Life insurance is not a product that is designed to pay yourself. It is designed to leave a benefit after you have passed. So there is no point in which you can collect on your own benefit.With that being said, there is something called an Accelerated Death benefit rider which allows a person to draw down on their benefit, if they are diagnosed with a Terminal illness. The specifics on this rider would have to be reviewed with the specific insurance company you work with though.The only way that you can collect on your own insurance policy is if you own a Cash-value based policy, from which you can borrow or surrender the cash value; or if you own a Return of premium Term Life policy and have outlived the Term period, in which you would receive a 100% rebate of all premiums paid.
I would not benefit the person if It was stolen in the first place.
If the policy was still in force and the insured has died, then yes, the insurance company would owe the death benefit. If the policy was cancelled or surrendered, the company would not owe anything.
The Excluded person would have no coverage under the policy. That person would have to have had their own separate policy or there is "no" coverage.
Pennsylvania says you would receive at least 50% of your weekly benefit, but check out the Related Link below, under $65.111 "Benefit Table, 'Determination of weekly benefit rate'
If you bought the policy in 1952, and have been paying on it ever since......Or, if it is a paid up policy (just accruing interest all this time), then generally you can cash it out, as long as you are the owner of that policy. However, doing this will terminate the policy, and should the insured person dies, no additional benefit would be paid. Feel free to contact me via my profile for more information, or email firstname.lastname@example.org
As long as the death occurred outside of the 2 year suicide clause and the policy was in force than the benefit would pay.
Predecease means you die before them, which would mean they get the money as you wished. If they die before you, the secondary beneficiary gets the money. It may revert to your estate at that point if no one is named. Your policy should have the specific clauses as to what and how succession happens.
Read the wording on the policy. A normal life insurance policy would pay as long as all the answers on the application were given truthfully and there was no undisclosed pre-existing conditions. If the person had purchased one of the guaranteed issue or TV policies then no. These policies guarantee issue but require you to be insured for a period of time (usually 24 months) before coverage begins. The reason for this is that by 24 months you will have paid a premium that almost equals the policy benefit.
This answer will depend on the type of policy that was taken out and if the policy is still "in force". If the policy is a term policy (unlikely), whatever is the death benefit face amount of the policy. If the policy is whole life or universal life policy, the policy may have a cash surrender value and a death benefit value. Meaning that you may be able to simply cash out the policy and get a check prior to death. Or, upon death, the value would be the death benefit face amount plus any unpaid dividends and interest minus any loans that may have been taken out. I am happy to answer more questions or help you with this. Brian Lombardo, CPA, Agent
If your life insurance death benefit is for $100,000 and you have a 100,000 accidental death benefit rider and you die in an accident then your policy would pay $200,000.
Yes. These type of polices also known as a limited or graded benefit policy usually state that you must live atleast two full years from time of issue in order for it to pay the full face value of the policy. What most companies do is pay back premiums paid into the policy as the death benefit if the person dies within the first two years. I would assume that the $150.00 paid to you was the total of the premiums paid from June 2004 - December 2004.
How much is the surrender value compared to the premiums paid in? Generally speaking, there is no tax on the cash surrender value of a life ins. policy. This is because the (guaranteed) cash surrender value (GSV) represents the "legal reserve" required by law. So, for instance, if a person is insured for $100k, and the policy has a GSV of $10k, when the insured person dies (assuming no policy loans, etc.) the death benefit of $ 100k is paid to the named beneficiary: $ 90k of the insurance company's $'s, and $ 10k of the insured's $'s. Had the insured taked a policy loan of $10k, then the death benefit would be only the $ 90k. Hope this helps.
Generally no. Was the person a drug user when the policy was taken out? Was it admitted on the application? No. The only exception would be if the policy was in the first two years and the person lied about drug use when the policy was obtained. If it is beyond two years, or the person did not lie at the time, and the premiums have been paid, the policy is in effect.
What? Why would it be? The comprehensive deductible is your retained limit of an occurance so unless you have a policy with a diminishing deductible or some other policy benefit that would waive a deductible it applies to each and every claim.
The only way to find a person or deceased Life Insurance policy with a Social Security number is to know the name of the company that issued the policy. With that information, the beneficiary can contact the Life Insurance company and search his policy with his Social Security number. Please keep in mind that if you do not have a signed sealed death certificate the policy benefits will not be issued. Also, the death benefit will only be issued to the person named as the beneficiary. So if someone else besides the named beneficiary on the policy tries to receive the benefits, it would be impossible.
i dont know what the answer is. i was trying to find out the answer too. me too i was trying to figure this out
If the policy was paid for with after-tax dollars, the proceeds would not be taxable. If the business took a tax deduction for the policy premiums as a business expense, a tax may be incurred on the death benefit.
The settlement would depend upon the wording of your policy. You must read the policy to figure out what the maximum settlement might be.
Suppose Sum Assured (SA) on your insurance policy is Rs. 1 crore. Then if it has a Double Accident Benefit (DAB) rider then, in case of your accidental death, the nominee would get double the SA i.e. Rs. 2 crore.