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Life Insurance
Life insurance refers to a contract between the insured and the insurer, where the latter agrees to pay a beneficiary a specific amount of money upon the death of the insured.
5,531 Questions
Where is Columbian Mutual Life Insurance Company?
Their home office is in Binghamton, New York and their products are available through many life insurance agents throughout the country.
Is a life insurance company an example of financial intermediaries?
Though Life Insurance Company plays the role of financial intermediary, technically an Insurer is governed by Insurance Regulator of the country and has got separate entity of its own.
Which type of life insurance is considered to be more risky based on its investment component?
This sounds like a question on a continuing education test. That said, there are 2 types of life insurance that rely on an investment component. The most common thought of would be variable life which uses stocks to increase or decrease the cash value, The other type uses 1 or more indexes which capture gains, usually with a cap on earnings within a given year.
How do you change ownership of a life insurance policy if the old owner died?
Change of ownership is not allowed in life insurance policy. Once the policy holder dies, accrued sum is payable to the nominee and the matter ends there. In that case, you are to take policy afresh.
Who receives the proceeds of a life insurance policy if the insures person dies?
The person or legal entity (such as a corporation or partnership) that is named as the "beneficiary" receives the proceeds. Ordinarily, the owner of the policy is the applicant, and he/she designates the beneficiary upon application for the insurance. During the period of the insured's life, he/she normally has the power to change the beneficiary(ies).
What insurance policy requires payment of premiums to be paid for a specific time period?
They are called 'Limited Payment Life Insurance Policy' where premium has to be paid for a specific time period.
What are the dividends paid on life insurance policies considered to be?
The dividends paid on life insurance policies by the insurer are called reversionary bonus which varies yoy.
WHAT HAPPENED TO REPUBLIC NATIONAL LIFE INSURANCE COMPANY?
Republic National Life Insurance Company, once a prominent insurer, faced significant financial difficulties in the late 20th century. It was ultimately placed into receivership in the early 1990s due to insolvency issues, leading to the liquidation of its assets. The company's policies and liabilities were assumed by other insurance entities, and as a result, it ceased operations.
Check with A.M. Best Company to find the history or current status of any insurance company.
Do you need a copy of your life insurance policy to file your claim?
No. Though you will have to provide certain details and it will take longer to process your claim
What company took over Montgomery Ward Life?
Montgomery Ward Life Insurance merged into Union Fidelity Life in 1999. The phone number you can call during working hours is 1-800-621-0393. They are located at 200 North Martingale Road Schaumburg IL 60173-2096.
HOW TO FIND OUT IF AN INSURANCE POLICY WAS PAID OUT?
You can contact the insurance company for a status paper of the policy to find out whether the policy was paid out or not.
Is there a life insurance policy attached to the pension?
In India, there are a number of Pension Policies in the life insurance segment like Jeevan Akshoy, Jeevan Nidhi.
Who receives the benefits or money from a life policy upon the death of the insured?
Normally, the insured's appointed Nominee is entitled to receive the benefits or money upon his death. However, if there are other legal heirs, the money is to be distributed among them by the nominee as per law of the land.
Does union fidelity cover both accident insurance and life insurance or life insurance only?
yes it do cover life insurance not health insurance.
Fixed Amount
What is a unique benefit life insurance has?
The unique benefit the life insurance policy provides is that though life cannot be substituted by monetary considerations, but the former plays a pivotal role in the event of the crisis period when the main bread winner of the family passes away.
What does life insurance mean?
Life Insurance means protection in the event of loss of life of the main bread winners of the family, so that the family is not washed away by the eventuality .
Which statements best explains why some people get life insurance and others don't?
people are willing to face different kinds of risks.
What happened to Laymen Life Insurance Company Anderson Indiana?
Laymen Life Insurance Company, based in Anderson, Indiana, faced financial difficulties leading to its liquidation in the early 2000s. The company struggled with undercapitalization and regulatory compliance issues, ultimately resulting in its closure. The Indiana Department of Insurance took steps to protect policyholders and manage the company's dissolution, ensuring claims were processed as part of the liquidation process.
Life insurance companies typically hold unclaimed death benefits for a period of time specified by state laws, which can range from 3 to 5 years. If the benefits remain unclaimed after this period, the company is generally required to turn the funds over to the state’s unclaimed property division. The exact duration and process can vary by state, so it's important for beneficiaries to check their local regulations.
