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What else can I help you with?
Can you take out a loan from all life insurance policies?
No. Only whole life insurance policies (sometimes called "permanent insurance") accumulate cash value. Policy loans are generally available from the accrued cash value. Since term insurance does not gather cash value, policy loans are unavailable.
Difference between Insurance reinstatement and indemnity?
Also known as the Reinstatement Cover and the Indemnity cover, the reinstatement cover means that the insurers will pay to replace the item with a new one which is equal to but not better than the item lost or damaged. This is usually the basis of cover under the Event Assured "all risks" cover, provide the sum insured represent the full replacement cost. Indemnity basis means that the insurance will only pay for the second hand value of the item i.e. what you might get if you sold it. This is its market value, not the written down value, nor what it would cost to replace, and so may be inadequate, particularly if the item is hired and the owner wants a replacement.
Does a renewable and convertible term life insurance policy have a cash value?
No, generally speaking, no term life insurance policies have cash value.
You have two life insurance companies coverage one is 20000 the other is 10000 how much is my total coverage?
If they are both term life insurance policies, your total coverage would be $30,000. If one, or both are permanent life insurance policies, there may be cash value inside the policies that adds to the payout from the life insurance policies, so there may actually be more than $30,000, if you include the cash value inside the policies.
Can you borrow money against your life policy?
Yes, if your life insurance policy has accumulated cash value. Not all life insurance policies will accumulate cash value: for example, term life insurance policies will not accumulate any cash value. Whole Life and Universal life policies can accumulate cash value and the policy owner can take loans in the limit of the cash value (some companies limit loans to 70 - 80% of the cash value).
Can you borrow money against your policy?
Yes, if your life insurance policy has accumulated cash value. Not all life insurance policies will accumulate cash value: for example, term life insurance policies will not accumulate any cash value. Whole Life and Universal life policies can accumulate cash value and the policy owner can take loans in the limit of the cash value (some companies limit loans to 70 - 80% of the cash value).
What is reinstatement value?
Reinstatement Value is defined as the replacement price of the comodity / structure as on the date of valuation without depreciation. - SANDIP KUMAR DEB MRICS, sandip@valuerdeb.com
What is unique about interest sensitive whole life insurance?
Unlike most insurance policies that have a fixed value, the value of interest sensitive whole life insurance increases at a rate indexed to some value, such as Treasury Bills.
What is surrender value?
The sum of money an insurance company will pay to the policyholder or annuity holder in the event his or her policy is voluntarily terminated before its maturity or the insured event occurs. This cash value is the savings component of most permanent life insurance policies, particularly whole life insurance policies. Also known as "cash value", "surrender value" and "policyholder's equity".
What is course of construction insurance?
COC Insurance, Also known as builders risk, covers the property value of the project while under construction. Normal commercial property or homeowners policies will not apply to buildings under construction so COC/ Builders Risk is written instead. Make sure you work with an experienced course of construction broker, since the policies can be very complicated. Chris Larmore - Parenti Insurance
What is the best way for one to purchase life insurance?
There are two different types of life insurance policies: Term life insurance and cash-value life insurance. Term life insurance covers the owner of a set period of time, while cash-value policies can be used to build up cash value as an investment. Before signing on the dotted line, speak to a a representative who can guide you through the fine print.
What are some life insurance coverage characteristics?
Life Insurance policies are of various kinds. There exist term policies, whole life insurance policies. endowment policies, universal life insurance policies. Each type has its own characteristics. In general, life insurance policies are contracts that pay a specified amount (the proceeds) upon the death of the insured. Term insurance is sometimes characterized as "pure protection" in that it does not contain within it an element of "savings" or accumulated value. In contrast, whole life, in addition to the death benefit, accumulates value as premiums are paid, which can br borrowed. If the loan is not repaid, the balance, plus the contract rate of interest, will be deducted from the death benefit.
