When is a policy paid out?

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2009-11-19 19:43:10

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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

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2009-11-19 19:43:10
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Q: When is a policy paid out?
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You can contact the insurance company for a status paper of the policy to find out whether the policy was paid out or not.

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Can you re-phrase this question? After the policy has been paid (to the beneficiary), there is no amount left.

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The deductible in a person's health insurance policy is paid by the owner of the policy. This means that the person who purchases the policy is responsible for the deductible fees.

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A life insurance policy becomes paid up when all premiums as defined in the policy bond have been paid in full.A life insurance policy ought to be paid up before maturity for smooth disposal of maturity amount to the policy holder or its nominee. Premiums for a life insurance policy should be paid up for a minimum period of 3 years to attract surrender value.

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This type of policy is also referred to as a limited pay life insurance policy. Life insurance premiums are paid for 20 years then the policy is paid in full and no futher payments are required. The policy remains active until it is paid out or cashed in.

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What is a fully paid up policy?

A fully paid policy is a limited pay whole life policy under which all premium payments have been made. For example, a 20 pay policy is completely paid for after 20 payments. No future premiums have to be made, and the policy remains in full force for the life of the insured.

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How do you find information on an existing policy?

I have a paid up life insurance policy. How do I find info on the policy.

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