Life Insurance

Mortgage life insurance is a specialized insurance policy that is designed to pay off a mortgage loan should the borrower die before it is paid in full. Typically mortgage insurance and other types of credit insurance such as unemployment or disability insurance do not require the same level of physical examinations or other application measures that a private life insurance policy would need. However, they have no cash value and only insure the balance on the loan.

The scorched earth policy basically states that a retreating military army should destroy any food or supplies that would be useful to the opposing side when retreating. The scorched earth policy not affects armies but civilians as well.

Insurable interest is when a person receives a financial or other type of benefit from the continuous existence of the object that is insured. When dealing with property a person is entitled to insurable interest of the property up to the value of the property but not over the value of the property.

Is a policy for Equitable Life Assurance Society of the United States still valid:

Insured: Phillip Swanson

Policy # SU 77 389 758

IT IS REDUCED TO THE AMOUNT OF WHAT THE CASH VALUE WOULD BUY AS A SINGLE PREMIUM

Unlikely as the term polcy is for specific termand whole life pays out on death. The actuaries who set the premiums at the outset of the policy use mortality rates when the policy is taken out. To convert to a whole life policy would mean ia complete reevaluation which is not cost effective for the insurer. You could make term policy paid up and take out whole life policy but its best to take independent advice.

One can purchase life insurance from a number of different companies. One can purchase life insurance from companies such as Aflac, Liberty Mutual, and American Family Life Insurance.

The basic difference between long term life insurance and whole life insurance is that a term policy is life coverage only and this is also considered an advantage. One can buy a long term life insurance for periods of one year to 30 years, whereas whole life insurance is a combination of a term policy with an investment component.

Usually within sixty days after receiving the death certificate.

There are seven different types of whole life assurance policies. These whole life assurance policies include non-participating, participating, indeterminate premium, economic, limited pay, single premium, and interest sensitive.

What you may be referring to is a disability waiver of premium. This is a provision that is generally available, for an additional premium, that waives the payment of premiums upon the disability of the person who is responsible for the payment of premiums.

The disability waiver is, as stated, an option that is usually selected at the inception of the policy. In direct answer to your question, not all policies have them.

Someone taking out a life insurance policy is a private issue and is not the concern of someone else. If you are concerned that someone took out a policy on you without your knowledge that is very unlikely as you would have to sign the application normally in front of the insurance agent who will have to witness that they saw you sign it. The only case that the insured doesn't have to sign is if they are a minor at the time the policy taken out.

In addition to the foregoing is the concept of "insurable interest". This applies to all kinds of insurance. Essentially, it means that in order to insure something, the person or entity buying the insurance must have a "stake" in or something to lose if the casualty insured against befalls the person or property that is insured.

With respect to life insurance, one always has an insurable interest in his/her own life. In addition, one generally has an insurable interest in a person who provides monetary or emotional support, such as a parent. Sometimes, the "love and affection" aspect of insurable interest extends as far out as grandparents, but that depends upon the state in which the insurance is issued and the insurer.

An "open verdict" is a term used in a coroner's inquest to determine a cause of death. Possible outcomes can be natural causes, murder, suicide, or another cause.

If dealth is by natural causes, barring anything odd, life insurance should pay without question. Likewise as to murder, although there may be an investigation regarding its circumstances--such as whether the person murdered was the aggressor, or if the beneficiary of the policy was the murderer.

Suicide presents a different situation. Most life insurance policies exclude suicide as a payable cause of death during the early years of coverage. The policy terms will specify how long. Once that period has passed there should not be a problem with payment.

The owner of a life insurance policy is most frequently, but not always, the insured. If the insured is not the owner, and is still alive, he/she can contact the consurance company or the agent and designate another person as the owner.

Generally, the criteria for obtaining an insurance license involves an intense pre-licensing course of study, a criminal background check and specific educational requirements. I've never heard of a Department of Insurance running a credit check (or declining a license on this criteria), but it's unlikely that top-flight carriers would be very interested in hiring someone with poor credit.

Have you tried asking her about it? A life insurance policy is just like a bank account or any other financial product. You cannot call all the banks in you area to see if your Mom has an account with them and what the balance is. The same privacy laws pertain to life insurance contracts or any other insurance products. Unless she tells you what you want to know you cannot find out this personal information.

That said, if you assist her with her finances in any way, such as by balancing her checking account, any debits for the payment of insurance premiums would likely appear.

If the policy does not belong to you then you cannot get this information. Only the policyowner has the ability to do anything with a policy.

Usually an insurance policy lapses when there is not enough premium paid or not enough cash value to keep the policy in force. So, if the policy lapsed, there is no refund owed to the policy owner if the policy had no "Return of Premium" or any cash value left. The premiums already paid into the policy were used to cover for the amount of time since policy issue until the moment it lapsed.

There exists an operating company called National Life Insurance Company. It is part of the National Life Group and has its home office in Vermont.

You should read the policy over. If you do not understand it, you may contact your agent, a financial advisor or a lawyer. Usually, you will receive updates about your policy (depending on what kind it is) through the mail every three months, six months or annually. If you have a good agent, they would contact you, at the very least, every six months to update your policy status to make sure what you have still fits your needs.

There are a number of websites that rank the top 10 best life insurance companies. Some of these websites include 'Money', 'The Top Tens' and 'Best Life Insurers'.

Your question is a little unclear. However, I assume that by "your former company" you are referring to your former employer which was deducting full or partial insurance premiums from your paycheck. If that is the case, your best bet would be to approach the Human Resources Department and request an accounting of all insurance in force and how much was deducted from your pay.

Additionally, you were likely given a certificate of insurance evidencing the name of the insurer and the amount of coverage. You are free to contact the insurer. In fact, you must contact the company to make other premium payment arrangements if you will no longer be employed and therefore, the employer is no longer making premium payments on your behalf. The insurer will also be able to give you are breakdown of all premium payments made while the policy has been in force.

You will have to call the insurance company in order to find out if the policy is in force. You will also have to be the owner of the policy or the administrator or executor of the estate of the insured to find out. Otherwise it is against the privacy laws for you to inquire about another persons financial affairs.

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.