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 […]
Value of a business (or individual) calculated by subtracting its total liabilities from its total assets.
No-lapse guarantee rider:
A rider sometimes offered with a universal life insurance policy that guarantees that the policy will never lapse, and the death benefit and premiums will never rise, even if the cash value of the policy falls to zero, provided that premiums are paid when due. Also know as lapse protection.
Life insurance issued without requiring the applicant to submit to a regular medical examination. In passing on the risk, the insurance company relies on the applicant’s own answers to questions regarding his or her physical condition, and on personal references and inspection reports. Because of the limited underwriting, this type of policy usually has much higher premiums than fully underwritten policies.
A life insurance policy which does not pay policy dividends and under which the insured is note entitled to share in any divisible surplus of the company. Any profits from the excess of the premium over the cost of insurance revert to stockholder.
Notice of cancellation:
A written notice from the insurance company to the insured, notifying the policyowner of cancellation of the policy.
A policy that has been issued, but not accepted and paid for by the prospective policyowner and, therefore, is returned to the company without ever having been in force.
A danger inherent in the insured’s line of work. This often results in higher premiums.
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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 […]
Life insurance provides your family and loved ones with a vital financial safety net in the event of your death. But with a variety of life insurance policy options available, many people wonder exactly how to handle their policies when it comes to filing taxes. The good news is that in most cases, you do […]