What would be the value on a life insurance policy from globe life if the person paid on the policy for 3 months before his death?
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.
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… Read More
What happens if the sole beneficiary on an insurance policy dies before that person and the policy is never changed?
It goes to the estate
A fire insurance policy has an annual premium of 780 What is the regular refund if the policy is canceled by the insurance company after five months?
An insurance premium is the amount that the buyer pays the company monthly or annually which keeps the policy in effect. If a person paid a 780 dollar annual premium which was canceled after 5 months, they would be owed a 455 dollar refund.
The person that buys the insurance policy is referred to as the policy owner. This person is the only one that can make changes to the policy or cancel it. However, there may be more than one policy owner for the same insurance policy.
Insurance company decides not to renew policy they must inform within how many days before the policy period ends?
If the insurance premia remains unpaid for over six months from the due date, the policy automatically lapses. You are to contact the Insurance Company for revival quotation, submit DGH Form so that the policy is renewed.
When the policy matures, an attempt must be made to contact the policyowner at the last address the insurance company has. But if they have moved and not notified the insurance company, after a few months, the maturity value of the policy will be sent by the company to the State that they operate in as unclaimed property. If the policy simply ends - such as with a term life policy - the policy will… Read More
One can sell their life insurance policy and this is called Viatical Settlement. An insurance company sells insurance policy to a person. This person (viator) sells his policy to another person (viatical settlement provider). When the first person dies, the second person will benefit and cash in the money.
it is an amount paid by insurance company to person who has voluntarily terminate his policy before maturity
How does the insurance company calculate the amount of premium to refund when a policy is cancelled?
Insurance premiums are calculated for the year. If you cancel your policy refunds are usually issued retroactively. So if you cancel your insurance 6 months into your policy, you wil be refunded for the remaining 6 months. It is usually calculated to a daily value, so you will get a refund for the remaining days left in the year. However, it is up to the insurance compant on what their refund policy is. Some companies… Read More
Yes, there is no bar in the insured person being beneficiary on another insurance policy.
Homeowners insurance does not generally cover the murder of a person listed on the policy. For that, you need life insurance.
What is a provision called in a disability income insurance policy that requires a person to wait before receiving benefits?
An elimination period.
A life insurance policy is not a person and does not work therefor it does not have a professional occupation.
Temp cover is car insurance that is the same as annual insurance except that except it is for a shorter term on your policy insurance. This insurance policy can be taken out for the minimum of 1 day and up to 8 months.
A key person life insurance policy is not a special kind of policy. The use of the policy is what makes it a key person policy. Key person life insurance is an arrangement by which a business buys a life insurance policy on the life of a key employee. Companies realize that when they lose key employees, the business itself can suffer a loss of that person's expertise and/or revenue that he brings to the… Read More
A life insurance policy can be had from 0 age (child policy) to a person of maximum 65 years (pension policy).
In case of demise of the life insurance policy holder, only the NOMINEE is the beneficiary to get the amount. In case nomination is not done, the legal heir of the deceased person can apply before the insurance authority for the death benefit.
The beneficiary of a life insurance policy is the person or entity designated by you when you apply for the policy and when it is issued by the insurer.
A person can get insurance in IL with lupus. The only catch is to find out if you will have a pre-exisitng clause in your policy contract or if lupus could be an excluded condition. It could take a little more patience to find an insurer without this clause as it is pretty common but it is possible. Also take into account how long the pre-exisitng clause if for. If you already have health insurance… Read More
The beneficiary benefits financially from the life insurance policy by receiving the proceeds of the policy. The beneficiary is the person(s) or entity who is designated by the insured person to receive the proceeds from the life insurance policy upon the death of the insured person. The insured person also benefits from knowing (peac eof mind) they have secured financial protection for the beneficiary in case the insured person dies.
A live insurance company is a company that holds a "life insurance" policy on a person. The policy is taken out by a person and fees are paid. And, if for some reason the person's life ends, the policy is paid out to the beneficiaries as long as the death was not done on purpose.
The person can be called Policy Holder,Insured, Life Assured as the case may be.
No one is allowed to have a life insurance policy on you without your knowledge. You would have to sign off on the policy before they could get it.
A fire insurance policy had an annual premium of 780 What is the regular refund if the policy is cancelled by the insurance company after 5 months?
You are due a refund of of all unearned premium. Associated policy production fees are nonrefundable.
I have a question about auto insurance Would the policy holder get their money back be reimbursed if they added 1 person to their insurance policy and then took them off right away?
No, the person will not be reimbursed for taking someone off their insurance immediately.
A fire insurance policy has an annual premium of 780 what is the regular refund if the policy si canceled by the insurance company after five months?
Premium = insured value / $100 * Rate
Key person insurance is an important form of business insurance. In general, key person insurance can be described as an insurance policy that is taken out by a business to remunerate that business for financial losses.
Anyone can buy a life insurance policy on anyone, but the insurance company may request a medical examination of the person.
All individual health plans are renewable after 12 months or once a year. It's your option to renew it for further 12 months or not to continue the same. After renewal of the policy by paying renewal premium, fresh renewed policy is issued by the insurance company to the insured person.
The new owner of a life insurance policy if the original owner dies before the insured.
Yes, one person can obtain a life insurance policy on another as long as the policy owner has an insurable, financial interest in the life of the insured.
Yes, but the person who is the registered owner of the car will have to be included on the policy, unless they have their own coverage. Answer Yes. I was able to put insurance on my car after I got it before the title was in my name. Even with the VIN, my insurance company was able to put the car on my policy.
Depending on the benefits schedule on your disability insurance policy. A short-term disability policy can pay from 3 months to 24 months benefit period, and long-term disability policies have benefit periods from 24 months to 5 years, 10 years or to age 65, 67 or 70. You choose the benefit period when you purchase the disability insurance policy, through your employer or individually.
Can a power of attorney change a person beneficary on their life insurance policy?
It is called in insurance policy.
If you mean "cancel", then yes you can. Just call the company or your insurance agent. More info: If you cancel your policies before the end of the policy expiration/renewal date, then you will also get a refund on what you paid. They wil pro-rate how much is owed to you based on how many days or months you had already paid for, and how many were still left for that policy period. But before… Read More
This will depend on some factors. Who is the policy-owner? The policy-owner is the only person who can cancel the insurance policy,
the person who purchases it.
Do you need power of attorney to surrender to surrender a family members life insurance when it costs more than the insurance is worth?
The owner of the policy is the only person who can surrender a life insurance policy. Most of the time the insured is the owner but not always. You might want to speak with a tax professional before cashing in the policy as income taxes will be due on benefits but if the policy pays out at death it is tax free. Unless the policy is very very old the death benefit may be much… Read More
No. Title insurance only covers the person who purchased the policy. You would need to purchase your own title insurance policy.
What are common questions about life insurance that one should ask the life insurance agents before buying a policy?
Common questions about life insurance that one should ask the life insurance agents before buying a policy are if it is term or whole life insurance and how much it cost.
The insured is the person or entity who is covered by the insurance policy. The insurer is the entity (insurance company)that pays to, or on behalf, of the insured for a covered loss. That which is covered by the policy is set forth in the insurance policy.
Can anyone but the insured of a life insurance policy change the beneficary on a life insurance policy?
Yes, the policy owner can change the beneficiary. Sometimes, the person insured and the policy owner are not the same person, if someone else pays the premium for the insurance policy. For example, a parent or guardian taking an insurance policy on spouse or children. Some insurance policies are assigned to cover bank loans, and even if the insured may pay the premium, the bank can be assigned as the owner of the policy; in… Read More
When a insured person is not able to pay his/ her premium on time then his/her policy got surrendered by the insurance company. If after some time that insured person comes to company and ask to revive the policy then this revival/ reactivation is called reinstatement of the policy.
How can a person be a beneficiary of a life insurance policy if the spouse of the deceased is still alive?
In rare cases, a person will make a close friend or relative the beneficiary of their life insurance policy instead of their spouse.
It relates to the time period before an insurance policy for instance runs out....you usually get 2-4 weeks, to pay your renewal sum The renewal period of a life insurance policy falls due on quarterly,half yearly or yearly intervals,though a grace period of 30 days is allowed. Where as in medial insurance, renewal period is calculated 12 months from the date of inception. Here renewal date is vital since it can not be extended by… Read More
The proceeds of a life insurance policy are paid directly to the beneficiaries without going into the estate of the person. The only way that life insurance proceeds become part of an estate is if the the beneficiary is listed as "Estate of the Insured". In this case any expenses of the estate are to be paid out before the heirs receive a share. If there are beneficiaries on the policy, the life insurance company… Read More
A property insurance policy has an annual premium of 780 What is the regular refund if the policy is canceled by the insurance company after five months?
They are required to refund any unearned premium portion. Policy fees and the like are considered fully earned.