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 […]
Termination of a policy due to nonpayment of premiums.
A policy terminated because of nonpayment of premiums.
Level premium term life insurance policy:
A term life insurance policy in which the premium remains unchanged throughout the life of the policy (the term).
Debts and obligations.
With respect to insurance, certification issued by the appropriate state department(s) of insurance that an individual is qualified to solicit insurance applications for the period of time covered. Usually issued for a period of one or two years, renewable upon application, without the necessity of the applicant’s undergoing the original qualifying requirements. However, proof of completion of continuing education courses is typically required by most states at renewal time.
The average duration of the life remaining to a number of persons of a given age, according to a given mortality table.
Insurance in which the risk insured against is the death of a particular person (known as the insured), upon whose death within a stated term (for term insurance), or whenever death occurs (for permanent insurance), the insurance company agrees to pay a stated sum or income to the beneficiary.
Life insurance trust:
A trust for the purpose of distributing life insurance proceeds. Life insurance companies usually cannot act as trustees or guardians, nor exercise discretion in making payments to beneficiaries. In some cases, it is advisable to have the policy proceeds paid into a trust and distributed under the terms of a trust agreement, thereby permitting greater flexibility in the distribution of the proceeds.
A trust created to take effect during the lifetime of the grantor.
Payment of the entire proceeds of a life insurance policy in one sum. The method of settlement provided by most policies unless an alternate settlement is elected by the policyowner before the insured’s death or thereafter by the beneficiary before receiving the payment.
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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 […]