Every small or mid-size business typically has a key person or persons that are responsible for producing a majority of the revenue. Service businesses are typically dependent on a key person who regularly delivers revenue from their coveted client list. Should the business lose one or more key persons because of an unexpected death, the […]
In life insurance, the face amount, as stated in the policy, to be paid upon proof of death of the insured.
Decreasing term life insurance:
Term life insurance on which the face value slowly decreases in scheduled steps from the date the policy comes into force to the date the policy expires, while the premium remains level.
Delivery of policy:
The presentation of an insurance policy to the insured.
In insurance, a receipt signed by the policyowner, stating that he or she has received the policy.
A rider in a life insurance policy that, in the event of an insured’s total disability, the insurer will waive payment of premiums falling due during the period of disability. Also known as waiver of premium.
In a participating whole life insurance policy, the refund of that part of the premium paid at the beginning of the year which still remains after the company has set aside the necessary reserve and made deductions for claims and expenses. The dividend may also include a share in the company’s investments, mortality and operating profits.
In a whole life insurance policy, paid-up additional insurance purchased with the dividends on existing policies. Participating policies provide that their dividends may be used as single premiums at the insured’s attained age to purchased paid-up insurance as additions to the amount of insurance specified on the face of the contract. Also known as Paid up additions.
In a participating whole life insurance policy, the different ways in which the insured may elect to receive surplus earnings: In cash; as a reduction of premium; as additional paid-up insurance; left on deposit at interest; or as additional term insurance.
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Many people are under the impression that you cannot buy life insurance for marijuana users. In fact, many applicants lie about their usage and then are denied coverage, not because they use marijuana, but because they lied about it. Insurance companies refer to this as misrepresentation. The truth of the matter is using marijuana does […]
When we consider using life insurance as an investment, there are as many people in favor of it as there are opposed. Certainly, financial gurus like Dave Ramsey and Suze Orman are against life insurance for any reason other than a death benefit, but remember, while speaking out against most life insurance products, they are […]