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What is a ho 15 policy and how does a person figure if it would benefit them?


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2010-09-29 05:16:39
2010-09-29 05:16:39

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.

Mac

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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.

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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.

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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.

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If a person dies in a manner not covered by the policy, there would be no payout.

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I would not benefit the person if It was stolen in the first place.


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