A Hospital Indemnity policy pays a fixed amount each day the insured is hospitalized, unrelated to medical expenses.
an indemnity policy will do that AFLAC is such a company that provides this
If you are the "insured" or the person that is listed on the life policy for whom the premium is being collected, your "benficiary" that is predetermined by you will be paid the amount of the policy upon your death. If you are a beneficiary, then you will receive the policy amount upon the death of the insured.
Broadly, a liability insurance policy provides a source of recovery for a third party who or which is injured or sustains monetary damages due to the negligent act or omission of the insured. The corollary is that a liability inurance policy provides protection to the insured for the risk of financial loss to a third party as a result of the insured's negligence. Assuming that tje damages sustained by the third-party results from a covered cause of loss, the policy will answer for the damages which would otherwise payable by the insured, up to the coverage limit. That is, there may be some amount that the insurer will not pay if that amount exceeds the policy limits.Another very important benefit of a liability policy is that if the insured is sued for an occurrence that is covered by the policy, the insurer will hire a lawyer, at its own expense, to defend the insured, and will pay costs related to that defense. In some forms of liability policies, such as professional liability policies (those issued to physicians, lawyers and some other categories of professionals), the amount paid by the insurer toward the conduct of the defense reduces the amount available for the indemnity payment.
You can opt for another policy as increase in amount of a life insurance policy is not allowed, though there is option for reduction in sum insured in few policies.
the limit of a loan against the policy is the amount of net cash value you have on the life insurance policy. Up to 75% of the paid up value of the life insurance policy, irrespective of the sum insured amount.
A matured endowment is a life insurance policy where the current cash value has become equal to the face amount of the policy. The policy is mature. So, the insurance company issues the insured a check for the face amount (death benefit) even though the insured is still alive.
Upon death of the first insured
An insurance policy is a contract between an insurance company and the person purchasing the policy (or the insured). The policy costs a specified amount and if all premiums are paid in a timely manner, once the insured has died, their beneficiary (who whomever they name) will be paid a sum of money.
No. You do not own the policy. You will only receive the policy proceeds after the insured person dies.
face amount reduces and the policy is made for paid-up value
deductible
An insurance policy is a contract between an insurance company and the person purchasing the policy (or the insured). The policy costs a specified amount and if all premiums are paid in a timely manner, once the insured has died, their beneficiary (who whomever they name) will be paid a sum of money.