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The Insured of the policy is obviously the Principal in a life insurance contract.
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∙ 7y ago
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Why Life insurance contract is not a contract of indemnity?
is fire insurance or medi claim (health ins) or motor insurance or life insurance which of them is a contract of indemnity
How long before you are vested for life insurance?
Your life insurance policy would pay out immediately after ratifying the contract
Is life insurance pay out taxable?
No it is not assuming the policy isn't a Modified Endowment Contract.
Can you take out a life insurance policy on a stepparent?
Only if you get written permission from them in a well stated contract.
What is importance of life insurance?
The importance of life insurance is that it provides financial security for the future of those you name as beneficiary on your life insurance policy. Life insurance is a contract that pays out a life isnruance death benefit in return for the premium payments, subject to the terms, conditions, and exclusions in the contract. The life insurance proceeds can be used by the beneficiary for any reason they choose. That means you can name your family members as beneficiaries to your life insurance policy and they could receive the proceeds upon your death, if the life insurance policy is still "In Force". The proceeds from a life insurance policy may be used for any number of reasons including, paying off a mortgage, paying college tuition for your kids, providing funds for your spouse's retirement, paying for your final expenses, or providing money for your family to continue their current lifestyle. Life insurance provides the financial means for your beneficiaries to have a financially secure future if you are no longer there to provide for them.
Why Life insurance contract is not a contract of indemnity?
is fire insurance or medi claim (health ins) or motor insurance or life insurance which of them is a contract of indemnity
What are the roles of the principal and the obligee under surety insurance?
The principal is the party who agrees to perform an obligation. For example, a builder may contract to construct a building. The obligee expects the principal to fulfill a contract
How far contract of insurance are contract of indemnity?
all types of insurance is not a contract of indemnity because life insurance cannot b measured in terms of money , that is why it is not a contract of indemnity
What is the role of the surety in a surety insurance contract?
The surety, then, is the party which guarantees that either the principal will perform adequately or the obligee will be compensated for the principal's failure.
Are you covered By principal mutual life insurance?
yes
Who can legally change the beneficiary on a life insurance policy?
The Insured can change the beneficiary on a life insurance contract.
What must the language in a life insurance contract be?
English
Which holds precedence a will or the beneficiary on the life insurance and the IRA's?
A life insurance policy and IRA's are contract documents and are not subject to the will.
How long before you are vested for life insurance?
Your life insurance policy would pay out immediately after ratifying the contract
Is inherited life insurance taxible?
The death benefit for life insurance is not taxable assuming it is not a Modified Endowment Contract.
What are liquid resources in a life insurance contract?
The Cash value
Who receives the death benefit on a life insurance contract?
The beneficiary.
