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What insurance provision prevents the beneficiary from changing or borrowing from the planned installments?
The insurance provision that prevents the beneficiary from changing or borrowing against planned installments is typically known as a "non-participating" or "non-assignable" clause. This clause restricts the beneficiary's ability to modify the terms or access the policy's cash value, ensuring that the installments are paid out as originally intended. Such provisions are designed to protect the policy's original purpose and prevent unauthorized alterations by the beneficiary.
What else can I help you with?
What does insurance provision mean?
Insurance provision means the conditionality to be adhered to by both the insured and the insurer,as embedded in an insurance policy bond.
Can a spendthrift trust be used to purchase property?
Yes, a spendthrift trust can be used to purchase property. The trust holds assets for the benefit of a beneficiary while protecting those assets from the beneficiary's creditors and from the beneficiary's own financial mismanagement. The trustee can acquire property on behalf of the trust, and the property will be owned by the trust rather than the beneficiary directly, ensuring it remains protected under the terms of the spendthrift provision.
What is offset clause?
Offset clause is a provision in an agreement which allows for debits to be balanced against credits. This is most often found in insurance policies.
Is a beneficiary of a trust responsible for trust expenses?
You need to examine the trust instrument for any provisions that may address your question but generally the trust pays trust expenses. Those expenses should come out of the trust funds before the beneficiary is paid. You need to review the document that created the trust is order to determine what the provision are, how the trust is managed and the powers of the trustee.
Wash loan provision for insurance policy?
Not quite sure but I believe a wash loan is when you take a loan from your cash value life policy and pay it back with interest, most of the interest goes back into your own account with the insurance company taking a very small percentage.
Who is the beneficiary in a life insurance contract?
The beneficiary is the person to receive the coverage amount when the person covered by the policy dies. In the first instance, the beneficiary is named by the applicant when application for the insurance policy is made. Unless the beneficiary designation is made irrevocable, the insured is free to change the beneficiary at any time until his/her death. Unless some provision of law or contract renders the designation of beneficiary irrevocable, the beneficiary does not have a right to remain as beneficiary and ordinarily cannot contest a subsequent change.
What type of policy can a owner and beneficiary be the same?
In any life insurance policy, though there is provision for appointment of nominee, on maturity the proceeds will be payable to the policy holder if he/she is alive. By this way, the owner of the policy and the beneficiary is the same person.
What does insurance provision mean?
Insurance provision means the conditionality to be adhered to by both the insured and the insurer,as embedded in an insurance policy bond.
Is an irrevocable trust terminated if beneficiary dies before the trustor?
You need to review the terms of the trust to determine how it must be managed. A well drafted trust will include a provision for an alternate beneficiary if the primary beneficiary dies or it will include a provision for the termination of the trust and distribution of any remaining trust property.
What happens if sole beneficiary dies before estate is settled?
If the beneficiary died after the testator you must review the will to make certain there is no set time period the beneficiary must survive the testator. If there is no such provision then the gift becomes part of the beneficiary's estate.
What are the provisions of an insurance policy called?
A provision of an insurance company is often called an automatic premium loan. A provision is often added to life insurance policies as a rider on an insurance policy that has a cash value.
Insurance policy containing a provision for bodily injury?
Damaged
Can life insurance proceeds be taken away if the beneficiary has judgments against them?
Generally, almost any property can be reached by a creditor if they can find it. There is usually a statutory provision that allows a creditor to attach property of a debtor that is in the hands of some third party. In Massachusetts it's called trustee process.
The entire life insurance contract provision is not complete without a copy of?
Application
Can a spendthrift trust be used to purchase property?
Yes, a spendthrift trust can be used to purchase property. The trust holds assets for the benefit of a beneficiary while protecting those assets from the beneficiary's creditors and from the beneficiary's own financial mismanagement. The trustee can acquire property on behalf of the trust, and the property will be owned by the trust rather than the beneficiary directly, ensuring it remains protected under the terms of the spendthrift provision.
What is restoration of benefits provision in health insurance?
its a provision that allows an insured to restore a certain amount each year for coverage limits lost due to previous claim payments.
What has the author Ana Rute Cardoso written?
Ana Rute Cardoso has written: 'The provision of wage insurance by the firm' -- subject(s): Unemployment Insurance
