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What nonforfeiture option has the highest amount of insurance protection?
Wiki User
∙ 11y ago
Reduced paid up
Wiki User
∙ 11y ago
Eileen Contreras Dug...
Wiki User
∙ 6y agoExtended term
Anonymous
extended term
Anonymous
EXTENDED TERM
Anonymous
Extended Term
Anonymous
reduced paid-up
Anonymous
convertible
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Benefit of choosing Extended Term Insurance as a nonforfeiture option?
It has the highest amount of Insurance Protection; Under this option the insurer uses the policy cash value to convert to term insurance for the same face amount as the former permanent policy. The duration of the new term coverage lasts for as long a period as the amount of cash value will purchase.
When a life insurance policy is cancelled and the insured selects term nonforfeiture the cash value of the policy will be used to purchase term insurance what happens to the face amount?
face amount reduces and the policy is made for paid-up value
What is the benefit of choosing extended term as a nonforfeiture option?
it has the nighest amount
Which form of hearing protection offers the highest amount of protection?
Earmuffs (over-the-ear protectors) offer the greatest amount of protection.
When a reduced-paid up nonforfeiture option is chosen what happens to the face amount of the policy?
IT IS REDUCED TO THE AMOUNT OF WHAT THE CASH VALUE WOULD BUY AS A SINGLE PREMIUM
Do you need car insurance in Florida if you own a car?
In Florida, you are required to have a certain amount of personal injury protection and property damage insurance to drive.
Is Mortgage Protection Life Insurance a good idea?
Mortgage Protection Life Insurance is a good idea if you want to protect your mortgage. It pays the outstanding balance of your mortgage if the mortgagor (insured person) dies. Mortgage protection life insurance coverage is usually in the form of decreasing term insurance, with the amount of coverage decreasing as the outstanding mortgage debt decreases. Usually, the proceeds of the mortgage protection life insurance are paid to the beneficiary, which is the mortgage company holding the mortgage loan. Some people choose instead to buy level term life insurance in the amount of the mortgage, and the benefits are paid to the insured's beneficiary (family member), who in turn can use the proceeds for any reason, including to pay the mortgage.
What happens when a vehicle is totaled and you owe a finance company more than what the insurance company offers?
Auto dealers would normally offer you a Guaranteed Asset Protection plan attached to your amount of the auto. This GAP is technically insurance of your asset, the car for payment of the remaining amount owed the finance company after the regular insurance pays their amount.
What is meant by Texas gap car insurance?
GAP insurance stands for guaranteed auto protection. It covers the total amount you owe on your car in if it is totaled. Regular insurance only pays for the value of your car which can be a lot less then what you owe.
What is the purpose of insurance redundancy?
Redundancy insurance is protection in case of becoming redundant, or getting laid off from, work. It pays a portion of your income, usually 75 percent, for a determined amount of time.
The maximum amount the insurance company will pay if you file a claim?
A limit is the highest amount your insurer will pay for a claim that your insurance policy covers. Think of it this way: It's like filling up a fishbowl. If you file a covered claim, your insurance policy will pay up to a certain amount. You're responsible for any expenses that exceed the limit.
What's the best thing term life insurance provides?
Term life insurance provides the protection in knowing ones beneficiary will be looked after. Should death occur, term life insurance would pay benefits for a set amount of time.
