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What is the purpose of policies?
An insurance policy is a contract between an insurance company and the person purchasing the policy (or the insured). The policy costs a specified amount and if all premiums are paid in a timely manner, once the insured has died, their beneficiary (who whomever they name) will be paid a sum of money.
What is the price paid by a consumer called?
It is called the consumer price. It may also be called the retail price.
The price that is paid for the use of another's money is called?
Interest
Defense costs inside the aggregate limit?
The insurance company will pay for the cost of defending a claim made against the insured. The cost of the lawyers will be paid for on top of whatever limit of insurance the insured has paid for. ie if the insured bought cover of £1m and he was sued for £1m then the insurance company will pay up to £1m and in addition to this the insurer will also pay the cost for all the lawyers who tried to defend the claim.
What is a tax based on the price of goods and paid at the time of purchase?
A tax based on the price of goods and paid at the time of purchase is a sales tax.
When is life insurance paid?
If you are the "insured" or the person that is listed on the life policy for whom the premium is being collected, your "benficiary" that is predetermined by you will be paid the amount of the policy upon your death. If you are a beneficiary, then you will receive the policy amount upon the death of the insured.
What if no beneficiary is named on a life insurance policy and they have a spouse what happens?
If an insured has a policy where there is no named beneficiary, or the named beneficiary is deceased, then the benefit will be paid to the insured's estate.
When is a policy paid out?
a policy can be paid out upon death of the life insured, maturity (if the policy has a term and is with profit) or via cash surrender (for a lower value) as long as the policy is with profit and is not a assurance term policy
Can insured person receive money from whole life policy before death if policy is paid up?
yes
What is the purpose of policies?
An insurance policy is a contract between an insurance company and the person purchasing the policy (or the insured). The policy costs a specified amount and if all premiums are paid in a timely manner, once the insured has died, their beneficiary (who whomever they name) will be paid a sum of money.
When does life policy expires?
It depends on the policy. If it's a 'term' policy, it will mature at the end of the term - meaning the policy holder stops paying premiums, and gets a final lump sum. If it's a 'permanent' policy - premiums are paid until the death of the insured person - when the benefits are paid to the executors of the insured person's estate.
What is the purpose of insurance policies?
An insurance policy is a contract between an insurance company and the person purchasing the policy (or the insured). The policy costs a specified amount and if all premiums are paid in a timely manner, once the insured has died, their beneficiary (who whomever they name) will be paid a sum of money.
Who are benefits of a life insurance policy paid to if the insured survives the term?
In a term policy if you outlive the term of your policy, no benefits are paid. For example, if you buy a 20 year term life insurance policy, and you are alive at the end of the policy, no death benefit is paid out. -ex
What is Medical Insurance Premiums?
The price one would pay for Health Insurance.
What is the purpose of life insurance policies?
An insurance policy is a contract between an insurance company and the person purchasing the policy (or the insured). The policy costs a specified amount and if all premiums are paid in a timely manner, once the insured has died, their beneficiary (who whomever they name) will be paid a sum of money.
Can a parent get paid if insured is the child and he or she commits suicide?
The provisions of the insurance policy would be the only ruling authority. Check the wording of the policy.
When is the face amount paid under a Joint life and Survivor policy?
Upon death of the first insured
