endowment insurance- life insurance for a specified amount which is payable to the insured person at the expiration of a certain period of time or to a designated beneficiary immediately upon the death of the insured tontine,tontine insurance- a form of life insurance whereby on the death or de...
Yet another traditional life insurance plan, it is similar to term policies in terms of it being payable to the beneficiary only on the death of the policyholder. The difference from term life insurance policies lies in the fact that the policyholder is eligible to receive a lump sum on his...
Generally, the death benefits you receive as a beneficiary are not taxable. However, depending on the amount of the benefit and whether it accrues interest, there may be some circumstances where tax is payable. Some individual states also require estate taxes, especially on higher amounts. It’...
The insurance plan is a product of FWD but not the Bank. All benefits payable under the insurance plan are subject to the credit risk of FWD. Part of the premium pays for the insurance and the related costs. If you discontinue and/or surrender your policy in the early policy years or...
Life insurance includes two forms of insurance contracts: (1) life annuities paying fixed amounts at specific dates, provided that the recipient is alive, and (2) life insurances paying a fixed amount at the death of the insured. All life insurance contracts on the life of one person can ...
SQA-保险原理Principles of Insurance-Section3 Life Insurance
In the event of your death, life insurance provides a death benefit payment to your designated beneficiaries, which they can use to help cover any of your family’s financial obligations. Your designated beneficiaries can use the money however they wish, for example: Paying for your funeral expe...
Though life insurance policies are designed to pay out on your death, most include terminal illness cover as standard which will pay out your lump sum early if you’re diagnosed with a terminal illness and your doctor says you’re likely to die from it within a year. The money can help ...
1. Claims: Claim is the amount payable by the insurance company to the insured, or his nominee on the policy. In the case of an endowment policy the claim arises either on the death or on the policy holder reaching a stipulated age, whichever is earlier. In the case of a whole li...
Do You Get Your Money Back at the End of a Term Life Insurance Policy? If you're alive when the term expires, you get nothing back from your term life insurance policy. The death benefit is only payable to your beneficiaries if you die. That is the reason why term life insurance is ...