Family Maintenance Policy
Definition of "Family maintenance policy"
Combination of whole life and level term that provides income to a beneficiary for a selected period of time (e.g., 20 years) if an insured dies during that period. At the end of the income-paying period the beneficiary also receives the entire face amount of the policy. If an insured dies after the end of the selected period, the beneficiary receives only the face value of the policy. The remainder of the benefits are the same as under the family income policy.
Popular Insurance Terms
Management of premium inflow and benefit outflow. ...
Act passed by Congress in 1991, the purpose of which is to make it easier for consumers to compare deposit accounts among savings institutions (SI). Some of the act's more important ...
Record of losses, whether or not insured. This record is used in predicting future losses and in developing premium rates based on expectation of insured losses. ...
Covers all employees of a business on a blanket basis with the maximum limit of coverage applied separately to each employee guilty of a crime. ...
Dividend in a participating policy paid after the death of an insured, representing dividends earned between the last dividend date and the insured's death. ...
Federal agency that regulates the securities markets. The independent, five-member commission was created under the Securities Exchange Act of 1934 to enforce the securities act of 1933. ...
Medical check of an applicant for life or health insurance by a medical professional who is not a physician. ...
Same as term Morbidity Table: umber of individuals exposed to the risk of illness, sickness, and disease at each age, and the actual number of individuals who incurred an illness, sickness, ...
Endorsement to owners, landlords, and tenants LIABILITY POLICY, MANUFACTURERS AND CONTRACTORS LIABILITY INSURANCE, or other liability policies for business firms that provides liability ...
Have a question or comment?
We're here to help.