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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
Who is the principal in a life insurance contract?
The Insured of the policy is obviously the Principal in a life insurance 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
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
Is inherited life insurance taxible?
The death benefit for life insurance is not taxable assuming it is not a Modified Endowment Contract.
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
Who receives the death benefit on a life insurance contract?
The beneficiary.
What are liquid resources in a life insurance contract?
The Cash value
Does a Will supersede A Life insurance beneficiary clause?
No, They are two separate legal documents with entirely different purposes. An insurance policy is a contract between the insured and the Insurance company. The insurance company is bound by the contract to pay the beneficiary designated by the insured policy owner. Life insurance proceeds are for the designated beneficiary. Heirs in a will are designated inheritance of estate by the will. A will is not a contract, it is a document of assignment.
What Life insurance companies are issuing Guaranteed investment contract?
fixed
