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What is the periodic payments made to keep an insurance policy in effect called?
premium
What is the difference between home insurance and mortgage insurance?
Home insurance is a policy that protects your home and belongings from damage or theft, while mortgage insurance is a policy that protects the lender in case you default on your mortgage payments.
What life insurance policy allows you to skip premium payments?
A life insurance policy that allows you to skip premium payments is typically a whole life insurance policy with a cash value component. Policyholders can utilize the cash value to cover premiums through a feature known as "premium offset" or by taking a policy loan against the cash value. However, it's important to note that skipping premium payments may reduce the death benefit or affect the policy's cash value. Always consult with a financial advisor or insurance agent to understand the implications of this option.
What is a life insurance policy dividend?
It's a payment made to the policy owner by the mutual insurance company when there is a profit. The policyholders are the owners of a mutual life insurance company and they share in the profits by receiving dividend payments from the insurance company.
What are the costs associated with a life insurance policy?
periodic premiums, which unlike investments can't be withdrawn
What is the periodic payments made to keep an insurance policy in effect called?
premium
What type of insurance contract requires a lump some or periodic payment in exchange for receiving periodic payments from the insurance company?
That could be an annuity, or a permanent life insurance policy.
What is a paid up insurance policy?
A paid up insurance policy is a life insurance policy under which all life insurance premiums have already been paid, with no further premium payments due on the policy.
Which type of insurance contract requires a lump sum or periodic payment in exchange for receiving periodic payments from the insurance company?
As you have described it, this sounds very similar to an annuity.
What is the term for periodic payment to keep insurance policy in force?
premium
What is paid up contract in Insurance?
A paid-up policy is a whole life insurance policy for which no additional premium / payments are required to keep it in force.
Which type of insurance contract requires a lumps or periodic payment in exchange for receiving periodic payments from the insurance payment?
Whole Life, Universal Life, as well as Annuities can be used for this purpose.
When does long term care insurance begin?
Long term care insurance typically begins once the policy is in effect, which is usually after the premium payments have been made and the policy has been issued. The specific start date can vary depending on the insurance company and the terms of the policy, so it's important to check the policy documentation or consult with the insurance provider for the exact details.
What is the difference between home insurance and mortgage insurance?
Home insurance is a policy that protects your home and belongings from damage or theft, while mortgage insurance is a policy that protects the lender in case you default on your mortgage payments.
Which type of insurance contract requires a lump-sum or periodic payment in exchange for receiving periodic payments from the insurance payment?
Whole Life, Universal Life, as well as Annuities can be used for this purpose.
Which type of insurance contract requires a lump-sum or periodic payment in exchange for receiving periodic payments from the insurance company?
Whole Life, Universal Life, as well as Annuities can be used for this purpose.
What is special about a universal insurance?
Universal life insurance is special in that it allows the policy owner to alter the time period and amount of premium payments as well as the death benefit and you can do this while the policy is in effect. However the altered payments must be with limitations of the company you are getting the insurance through.
