Insurance
Life Insurance

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?

012

Top Answer
User Avatar
Wiki User
Answered
2012-03-14 10:20:02
2012-03-14 10:20:02

face amount reduces and the policy is made for paid-up value

001
๐ŸŽƒ
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0
User Avatar

Related Questions


maybe if you use your car to travel, and then the insurance is cancelled they arrest the owner of the car.......


What happens is that you get a new insurance policy, possibly with another insurer. Any unearned premium will be returned to you by your insurer.


Most people just buy another insurance policy somewhere else. That is usually what happens.



The claim would still be processed - as you were still insured at the time of the incident !


If you purchase a product or service through amazon.com they do offer insurance to cover your item in case something happens. You may add this on to your cart at the end of the purchase.


If the policy was "pending cancellation" and had not yet cancelled there is no problem as far as coverage. If the policy was in effect at the date and time of the accident then the company will pay the claim. If it had already cancelled you are in serious trouble.


You will still have to pay the tickets. I just went through this. Your licnese will get suspended and you will have to pay 375 to reinstate it and 250 for having no insurance. they will call your insurance agent and get the time you got your insurance.


Catastrophic medical insurance is insurance only for large payments when something major happens to you. If you have regular health insurance, you do not need to purchase catastrophic insurance as well.


Well, you may indeed, but you are in responsibility! Whatever happens to the car, you will have to face the consequence!


Ask the Insurance Company if there is anyway they will reinstate and see what happens. Check your ACTUAL policy and see if you have any protections or guarantees.



One would wish to purchase travel insurance for many reasons including refund of prepaid vacation should something happen to keep you from going, baggage loss, and medical expenses. Travel insurance can be a big help when the unexpected happens.


If you need to have something shipped that is expensive you can purchase shipping insurance. The insurance will be offered when you mail the package and if something happens to it the postal carrier would have to pay for it.



You are responsible for the damages..that is why they ask do you want to purchase their insurance or if your car insurance will cover the rental...And once you sign the papers you have agreed to the terms and conditions..


You can lose your license if you were at fault. If you were not at fault you would be required to purchase insurace with the SR-55 form. This means you will pay higher insurance and will have to do so for three years. (The rules may have changed over the years.) After you have had 3 years of no accidents and no lapses in insurance then you would get another form from the DMV and you could purchase a lower cost policy. In California you can purchase liablity only insurance.


If you rear end someone in Illinois and your auto insurance has been canceled for non payment, it is likely that you will get sued. The person you hit can take you to court for compensation which will come out of your own pocket.


When this happens, your Insurance company pays for damages. If the accident is your fault, your insurance rates can go up.


Yes, everyone should have umbrella insurance. It will help cover you if an accident happens on your property and it is deemed your fault. Normal insurance has liability limits and it will keep you from going bankrupt after a lawsuit.


"Mortgage payment protection insurance is essentially a form of life insurance. If something happens to you, your mortgage payments will be covered under the terms of your insurance plan. This insurance is definitely not necessary, and, in fact, a more standard plan like term life insurance may get you a better value for your dollar."


If you don't pay the premium the policy will be cancelled.If you don't pay the premium the policy will be cancelled.If you don't pay the premium the policy will be cancelled.If you don't pay the premium the policy will be cancelled.


When you book a cruise, it is important to purchase cruise insurance. If you do not have cruise insurance and something happens to your luggage or belongings, there is no way to have it replaced. In the event that something is lost or damaged and you do have insurance, the cruise line will be able to either replace the item or give you the money for it.



you will have to pay a debt and GET CAR INSURANCE



Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.